It is estimated* that 31 trillion dollars, that’s 31 thousand billion dollars, worldwide will be transferred by baby boomers over the next 10 years to the next generations. So to the Generation X, usually considered as people born between 1965 and 1980, Generation Y, born between 1981 and 1996, more commonly known as Millennials, and Gen Z born between 1997 to 2012.
How will these generations manage their newly acquired wealth? Will they have similar or different goals as their relatives? And will their decisions adhere to their family’s values?
In this new Wealth Solution, Nathalie Sauvanet and Sophie Lacoste-Dournel discuss how Philanthropy can be a vector of family cohesion and a practical tool for passing on values to future generations.
BNP Paribas Wealth Management's philanthropy advisory service
BNP Paribas Wealth Management's philanthropy advisory service is all about guiding clients at every stage of their philanthropic journey.
BNP Paribas Wealth Management's clients frequently ask us to explain the advantages of setting up a philanthropic vehicle for their philanthropic work. We also guide them in their reflection of themes, and the criteria for selecting organizations or a project. Clients often ask us to review their existing philanthropic strategy, challenge it and help to fine-tune it.
When it comes to a family philanthropic project, we offer expertise in three specific areas:
- Firstly, the choice of themes for a project that every family member can identify with.
- Secondly, shared values and the involvement of each family member based on their level of commitment.
- Thirdly, the necessary ingredients of family cohesion to allow the family adventure to continue.
For example, our European clients particularly like discussions about best practises and examples in order to interest younger family members.
My whole team of philanthropy experts, in Europe and Asia, is available to accompany you on your philanthropic journey, every step of the way.
*Source : Family Wealth Transfer 2024. Report by Altrata