New Report Forecasts $1.4 Trillion to be Transferred Between Generations in Los Angeles by 2060
California Community Foundation Launches Blog on Charitable Giving in L.A. County
LOS ANGELES – December 12, 2011 – A new report projects $114 billion will be transferred by 2020 between generations of people living and working in Los Angeles County, with a staggering $1.4 trillion changing hands by 2060. The report, The Future of Philanthropy in Los Angeles: A Wealth of Opportunity, is based on a study commissioned by the California Community Foundation (CCF), and includes assessments of personal wealth and forecasts of wealth transfers in eight geographic areas of the county.
The CCF report reveals that Los Angeles is already starting to experience one of the largest transfers of wealth of any major metropolitan area in the country, and identifies two key drivers for ongoing growth in personal assets among households in the county: entrepreneurs and immigrants.
Conducted for CCF by the RUPRI Center for Rural Entrepreneurship, the study noted the divide between wealth and poverty is also expected to grow. Currently, 38 percent of households in the county have zero or negative transferrable net worth.
“We hope our report starts constructive conversations that lead to concrete action across Los Angeles County,” said John Kobara, executive vice president and COO of the community foundation. “We hope that together with our new blog, we increase philanthropy that benefits the L.A. community by households and businesses, generate more attention for local challenges and issues, and improve fundraising by nonprofit organizations.”
California Community Foundation (CCF) is a public, charitable organization serving Los Angeles County since 1915. It encourages philanthropy by individuals, families, companies and organizations, and serves as a steward of their charitable funds and legacies. It also makes grants to nonprofits and collaborates in addressing the needs of vulnerable members of the community. In addition, it engages in community problem solving with business, civic, government and other organizations. For more information, visit www.calfund.org or follow us on Facebook at www.facebook.com/calfund.