The Future of Philanthropy in Los Angeles: A Wealth of Opportunity report is a new study commissioned by CCF on the diverse and growing wealth of L.A..
The report explores and analyzes the record-setting transfer of wealth (TOW) currently taking place in the county. It states that despite the recession, L.A. County residents had an estimated networth of almost$1.3 trillion in 2010.
By 2060, an estimated $1.4 trillion is expected to be transferred between generations.
What does this mean for philanthropy?
According to the report, if nonprofits could capture 5% of the TOW taking place, $5 Billion can be used for philanthropy by 2020.
$5 Billion would fund all of the operating expenses of 75% of L.A.'s active nonprofits.