Shaping Tomorrow’s Philanthropy
The world is on the cusp of one of the largest intergenerational wealth transfers in history. Over the next 25 years, an estimated $124 trillion will be passed from Baby Boomers and the Silent Generation to their heirs and philanthropic causes. Of this, $105 trillion will flow to heirs, while $18 trillion is expected to fund charitable initiatives (2024 Cerulli US HNW & UHNW Markets Report). This seismic shift in wealth allocation signals a new era where the younger generations—Gen X, Millennials, and eventually, Gen Z—will take center stage in shaping the future of wealth management, investment strategies, and philanthropy. The values, preferences, and innovative approaches of these "Next Gens" are poised to leave an indelible mark on the financial and philanthropic landscape. At Aura, we’ve held deep and insightful conversations with our clients, engaging in one-on-one advisory sessions, exclusive Aura Collectives gatherings, and thought-provoking Philanthropy Insights trips. Through these experiences, we’ve identified key trends that highlight how the Next Generation is transforming the ways in which wealth is deployed.
Four Trends Driving the Future of Philanthropy
1. Focusing on Impact Returns
Next Gen individuals are redefining the success of both investments and philanthropic endeavors by demanding measurable impact. Whether they are allocating capital through private equity, impact investing, or direct philanthropy, they expect to see tangible outcomes that align with their values.
Investments: Instead of traditional returns, Next Gens prioritize "double bottom-line" results—financial gains paired with social or environmental benefits. Impact funds, green bonds, and mission-aligned investments are becoming more prominent in their portfolios.
Philanthropy: Charitable giving is no longer about large, symbolic donations. Next Gens insist on data-driven results, often working with organizations that provide metrics and impact reports to ensure accountability.
For example, initiatives like climate-tech accelerators or social enterprises tackling education inequality resonate deeply because they combine innovation with measurable outcomes.
2. Taking a Hands-On Approach
Philanthropy for the Next Generation extends far beyond monetary contributions. They view giving as an active partnership rather than a passive transaction.
Many are stepping into leadership roles within family foundations, where they directly oversee the allocation of resources, identify causes, and partner with organizations.
Instead of one-off donations, they co-create solutions by working closely with NGOs, startups, and community leaders.
Collaboration is key: Next Gens often participate in consortiums or networks of like-minded individuals to amplify their collective impact.
For example, young philanthropists are increasingly involved in site visits, strategy discussions, and even hands-on volunteering to better understand the challenges on the ground and the needs of beneficiaries.
3. Championing Environment and Social Justice
Sustainability and equity are at the heart of Next Gen giving. Growing up in an era of heightened environmental awareness and social activism, these individuals are particularly passionate about addressing global challenges like climate change, systemic inequality, and human rights.
Environment: Investments in renewable energy, conservation projects, and climate resilience initiatives are top priorities. Carbon-neutral portfolios and sustainable business practices are non-negotiables for many.
Social Justice: Issues such as racial equality, gender equity, and access to education and healthcare are front and center. The Next Gen views philanthropy as a tool to address systemic barriers and promote inclusive growth.
For instance, the rapid rise of ESG (Environmental, Social, Governance) criteria in investment decisions reflects the alignment of financial goals with these values.
4. Harnessing the Power of Digital
Technology plays a pivotal role in how the Next Generation approaches philanthropy and advocacy. They leverage digital tools to drive transparency, collaboration, and engagement on a global scale.
Advocacy: Social media platforms serve as powerful megaphones, enabling them to amplify causes, mobilize support, and create global awareness.
Transparency: Blockchain technology is increasingly used for tracking donations, ensuring funds are used as intended.
Accountability: Digital dashboards and platforms provide real-time data, allowing them to monitor the progress and impact of their investments and donations.
For example, crowdfunding platforms like GoFundMe and Charity: Water’s real-time donation tracking are reshaping how individuals engage with philanthropy. Similarly, tech-forward movements such as Giving Tuesday leverage digital campaigns to inspire collective action.
The Road Ahead
As the Next Generation inherits wealth and influence, their values will transform how resources are allocated, managed, and leveraged. From their commitment to measurable impact and hands-on involvement to their passion for sustainability and the integration of digital tools, this cohort is set to reshape the philanthropic and financial landscape in profound ways.
At Aura, we are committed to empowering our clients to navigate this transition seamlessly, ensuring their strategies align with the values and aspirations of the Next Gen. Through thought leadership, tailored advisory, and exclusive initiatives, we remain a trusted partner in helping families and individuals create a legacy that reflects their vision for the future.
Impact Returns and Hands-On Philanthropy
The Next Generation of wealth holders is reimagining the intersection of philanthropy and investing. Unlike previous generations, who often divided strategies between wealth accumulation and charitable giving, today’s Next Gens are merging these approaches, seeking both financial returns and measurable social or environmental outcomes. They are using their resources not just to give but to transform, catalyze, and innovate.
Focusing on Impact Returns
For the Next Gen, the traditional lines between philanthropy and investing are fading. They view capital holistically, assessing risk, return, and impact as interconnected metrics across their portfolios. This integrated approach allows them to pursue financial growth while simultaneously driving meaningful change.
As Auranusa Jeeranont, Head of Social Finance at Aura Foundation, puts it:
“We’ve seen our clients increasingly embrace innovative philanthropy. As we develop new ways of financing impact, we see our clients starting to adopt them, and the Next Gen, in particular, is poised to accelerate this trend.”
Next Gens see themselves as stewards of wealth, not just for their families but for society at large. Reputation, sustainability, and long-term impact are their guiding principles. While they are building on their parents’ growing interest in sustainability-focused investments, they are leading with a dual mandate—where financial and impact outcomes are pursued side by side.
For instance, we’ve observed Next Gens moving beyond traditional donations, adopting innovative financing structures to address complex social challenges. One such example is blended finance, where philanthropists and investors collaborate to achieve sustainable impact. A standout initiative is the use of Income Share Agreements (ISAs), which allow students from developing countries to access higher education. These agreements defer repayment until the student earns a sufficient income, while philanthropists provide concessional debt to attract commercial investors.
The numbers speak to this shift: 68% of billionaire Next Gens aim to continue and expand their families’ legacy of impact, with less concern for whether that impact comes from philanthropy or investments.
One of our clients summarized the personal transformation that comes with this approach:
“On my philanthropy journey, I’ve come to not only understand social impact investing and see the good it’s doing around the world, but also redefine business and investments. Coming from the American corporate world, where it’s all about profits, social investing offers a much deeper sense of value—not just externally, but internally. It’s something I wish more people knew about.”
Taking a Hands-On Approach
Another defining characteristic of Next Gen wealth holders is their active involvement in the causes they care about. Unlike their parents, who often relied on traditional giving methods, Next Gens want to see tangible outcomes and systemic change. They are willing to roll up their sleeves and dive into the work, emphasizing collaboration and direct engagement.
At Aura, we’ve seen a notable rise in young HNW and UHNW donors working closely with family offices, philanthropic advisors, and specialists to ensure their giving strategies are impactful and sustainable. Next Gens are increasingly adopting venture philanthropy—a hands-on, entrepreneurial approach to funding solutions in sectors like clean energy, education, and healthcare. They view philanthropy as an investment in innovation, aiming to scale transformative ideas that address global challenges.
When making large financial commitments, they often insist on seeing the impact firsthand. Whether visiting nonprofit organizations, participating in fieldwork, or joining advocacy campaigns, they want to understand the realities on the ground.
Moreover, they prefer to work collaboratively, believing that partnerships and knowledge-sharing are essential to solving complex problems. At Aura Collectives and through our philanthropy workshops, we’ve heard consistent feedback that Next Gens value working with peers who share their vision. They see themselves not as philanthropists but as advocates, changemakers, and givers, actively seeking to inspire others to join their missions.
One of the most striking examples of this shift is how Next Gens approach advocacy. They are leveraging their influence and networks to amplify causes, drive awareness, and mobilize communities. Whether it’s through social media campaigns, participating in public forums, or engaging policymakers, they see advocacy as a crucial part of their role.
A New Vision for Legacy and Impact
Next Gens are shaping a new narrative around wealth and giving—one that blurs the lines between investment and philanthropy and emphasizes collaboration, innovation, and measurable impact. They are not merely inheritors of wealth but stewards of change, determined to leave a lasting legacy for future generations.
At Aura, we are proud to partner with these forward-thinking individuals, helping them navigate the complexities of creating impactful strategies. Through tailored advisory services, immersive experiences like Aura Collectives, and groundbreaking insights from our philanthropy workshops, we empower our clients to maximize their impact and achieve their vision of a better world.
As this transformative generation steps forward, they are not just carrying the torch but redefining what it means to lead, give, and invest.
Next Gens Driving Change: Focus on Environment, Justice, and Digital Innovation
The influence of Millennials and Gen Z in shaping the future of philanthropy is undeniable. With strong values tied to environmental sustainability and social justice, these younger generations are not only reshaping the giving strategies of wealthy families but also pushing for bold, systemic change. Their approach is dynamic, deeply personal, and increasingly rooted in technology, making them powerful agents of transformation.
Focusing on Environment and Justice
Next Gens are steering their families toward a more values-driven approach to philanthropy, particularly around issues of environmental sustainability and social justice. These younger generations bring fresh perspectives to family discussions and are carving their own paths in philanthropy, even when their views diverge from older generations.
A decade ago, only 21% of respondents to Aura’s billionaire survey reported involving the next generation in philanthropic planning. Today, this figure has tripled to 60%. This shift reflects the growing recognition of the Next Gen’s ability to define and share values that align with building a sustainable future.
For Millennials and Gen Z, environmental sustainability is a critical priority, with climate change influencing everything from their philanthropic goals to their consumer choices and professional aspirations. A recent Deloitte survey revealed that nearly two-thirds of Next Gens are willing to pay a premium for environmentally sustainable products, while about 25% have stopped supporting businesses with unsustainable practices.
This passion for sustainability often leads Next Gens to encourage their families to adopt sustainable investments and support philanthropic efforts focused on climate action. The Aura Climate Collective, for example, has empowered many Next Gen clients to explore innovative climate solutions. One participant shared:
“Joining the Aura Climate Collective was my brother’s decision back in 2019. He realized that everything we do on the impact side has to have a climate component. Livelihoods, health—everything is connected to climate. Through this Collective, I’ve learned so much, supported people on the ground, and built personal connections. That to me is invaluable.”
In addition to environmental concerns, Next Gens are increasingly focusing on social justice, often viewing philanthropy through the lenses of class, race, gender, and sexual orientation. They are deeply aware of how giving can inadvertently reinforce systemic inequities and are committed to combating these injustices. Their approach emphasizes grassroots and community-driven solutions, frequently involving those directly affected by the issues in designing and implementing solutions.
Tapping into the Power of Digital
Younger philanthropists are harnessing the power of technology to amplify their impact and promote accountability. Digital platforms and tools are reshaping how they approach giving, enabling real-time tracking of donations, expanding outreach, and ensuring transparency in the work of nonprofits and social enterprises.
The digital revolution has democratized philanthropy, allowing individuals to connect with causes on a global scale. Next Gens are leveraging AI-powered platforms to match with high-impact organizations and using technology to measure and share the results of their giving.
Social media plays a key role in amplifying their voices and influence. Millennials and Gen Z actively share their philanthropic journeys and advocate for causes, using platforms to build awareness and mobilize collective action. Their efforts are inspiring others to join and collaborate on issues of global importance.
Beyond awareness, Next Gens are increasingly driving demand for tech-enabled solutions that create measurable, sustainable outcomes. Two notable examples illustrate this trend:
Aura Climate Collective and FOREST-SCANThe Global Mangrove Trust in Singapore, supported by the Aura Climate Collective, developed the FOREST-SCAN sustainable land-use tool. This groundbreaking platform uses open-source satellite data combined with machine learning to deliver real-time environmental insights, such as deforestation rates and land classifications. This innovation helps philanthropists and investors make informed decisions about conservation efforts.
Turn.io’s Social Impact Solutions On a recent Aura trip to South Africa, clients engaged with Turn.io, a software company supported by the Aura Foundation. Turn.io collaborates with over 150 social impact organizations to develop chat-based services that address pressing global issues, including health, education, employment, climate resilience, and financial inclusion. By integrating technology into these sectors, Turn.io empowers communities and drives systemic change.
These examples reflect how Next Gens are embracing cutting-edge technology to create tangible, interactive, and high-impact solutions. Their ability to combine digital innovation with philanthropy represents a significant evolution in how wealth is used to address global challenges.
The Next Generation’s Vision for the Future
Millennials and Gen Z are redefining what it means to give. Their commitment to the environment, social justice, and digital innovation is not just reshaping family legacies but also driving large-scale systemic change. They are leveraging their influence, resources, and passion to build a world that aligns with their values—one that prioritizes sustainability, equity, and accountability. At Aura, we are proud to support this transformation. Through initiatives like the Aura Climate Collective, immersive philanthropic workshops, and partnerships with cutting-edge innovators, we empower our clients to create meaningful, lasting impact. Together, we are shaping a new era of giving, led by the bold vision and energy of the Next Generation.
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