As the summer winds down, I'm reflecting on a whirlwind of energizing conversations, learning experiences, and connections that the GPP team has made over the past few months.
In July, I met with changemakers across India who are addressing the need for digital public infrastructure. And even more recently, I visited Rwanda, where local innovators presented cutting-edge agricultural solutions that aim to increase farmer yields and make farming climate resilient.
These experiences offer an exciting glimpse into the critical projects that philanthropy can help make possible. I’ve also found myself transfixed by the new movements and discussions happening across the philanthropic world throughout this season.
Here are a few of the most compelling trends from this past summer and what they can hopefully tell us about what’s to come...
The continued rise of women philanthropists
The power of women donors—and their unique approaches to trust-based giving—continues to take center stage. Throughout the summer, changemakers and nonprofits across the U.S. and beyond reacted to both Melinda French Gates and MacKenzie Scott’s historic donations to advance issues ranging from women’s rights to public health to equitable housing.
Women's Philanthropy Institute (WPI) interim director, Jacqueline Ackerman told the Chronicle of Philanthropy: “The important thing is that they are practicing what we see as trust-based philanthropy [...] that moves some of the power from the donor to the recipient and to the folks who are most impacted by the issues that these women are seeking to change.”
In Fortune, Sara Lomelin, CEO of Philanthropy Together, penned her take on Melinda and MacKenzie’s respective approaches, pointing to new research about how funding priorities are being affected as well: "With women influencing funding priorities in collective giving, the In Abundance report shows that one in five groups designed their giving processes explicitly to promote gender equity and justice.”
What am I most excited about? The historic—truly, incredibly, unbelievably historic—fact that women will be the beneficiaries of the biggest wealth transfer in history over the next generation. If Melinda and MacKenzie are any indication of what’s to come, the world is in for a tectonic shift in giving thanks to women.
The promise of young donors
The impending transfer of wealth to younger generations also promises to bring fresh perspectives and priorities to philanthropy.
In June, Altrata and WealthX released the Family Wealth Transfer 2024, which found that Gen Xers will be first in line to receive an estimated $31 trillion in inheritance over the next decade—representing a monumental “change of the guard” for donor communities.
When looking even farther into the future, Dianne Chipps Bailey, national philanthropic strategy executive at Bank of America Private Bank, explained to the Financial Times that much younger generations may take a more active, entrepreneurial approach to giving. Today, millennials and Gen Zs in the U.S. are already more likely to give their time, including mentoring and fundraising for nonprofits, compared to their older counterparts.
Growing global awareness of black philanthropy’s impact
August is Black Philanthropy Month, a global movement to celebrate African-descent giving and funding equity. BPM itself has grown from 8 million in 20 countries less than 20 years ago to more than 19 million engaged across 60 countries today.
This year’s theme is Afro-Futures of Giving, and I’ve enjoyed following along in social media at #BPM2024. And from the Seattle Seahawks football team shining a spotlight on the impact of local Black-owned businesses to guest essays from Black women leaders in publications like Nonprofit Quarterly, it’s been hard to miss. Inside Philanthropy has its own take on three trends to watch coming out of this important month – definitely worth a read!
A spotlight on education & healthcare
The intersection of education and healthcare has been another focal point for American philanthropists. As many of us recall earlier this year, long-time educator Ruth Gottesman gave $1 billion to provide free college tuition for all current and future students at the Albert Einstein College of Medicine.
Bloomberg Philanthropies continued this momentum by announcing a $1 billion commitment to Johns Hopkins University that will cover the full tuition for most of its current and future medical students. In August, they announced the largest-ever donation to the nation’s four historically Black medical schools: Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine (another milestone to celebrate during Black Philanthropy Month!) “This gift from Bloomberg Philanthropies is the first stone dropped into a calm lake of opportunity and promise,” said Dr. Wayne A. I. Frederick, president of Howard University. “The ripple effects that it will have on the lives of our students and our programs will carry on for generations.”
Looking ahead
As we head into the fall and beyond, these trends tell us an exciting story about what's to come. From new faces entering the arena to disruptions in usual approaches to giving, these shifts offer new hope for a more responsive, inclusive, and active form of philanthropy.
For more on my musings about philanthropy trends and our work at GPP, please follow me on LinkedIn so that we can continue these critical conversations together.
