{"id":2367,"date":"2026-06-27T10:40:09","date_gmt":"2026-06-27T10:40:09","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=2367"},"modified":"2026-06-27T10:40:09","modified_gmt":"2026-06-27T10:40:09","slug":"philanthropy-leader-at-warren-buffett-and-bill-gates-giving-pledge-says-children-of-billionaires-are-pushing-them-to-give-their-wealth-away-faster","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=2367","title":{"rendered":"Philanthropy leader at Warren Buffett and Bill Gates\u2019 Giving Pledge says children of billionaires are pushing them to give their wealth away faster"},"content":{"rendered":"
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According to a new report from the Milken Institute about the shifting dynamics of philanthropy, the tension is setting the stage for a \u201creckoning\u201d in the sector as younger generations gain more influence over family checkbooks.<\/p>\n

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\u201cWealth inequalities have never been greater than they are right now, and we have this sharper eye on the wealthy,\u201d said Melissa Stevens, the executive vice president of Milken Institute Strategic Philanthropy and report\u2019s co-author. \u201cIt has raised the stakes.\u201d<\/p>\n

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For decades, philanthropy has centered on legacy-building and long-term giving, and some of the world\u2019s wealthiest families have already committed to giving away much of their fortunes through initiatives like the Giving Pledge, launched by Warren Buffett, Bill Gates, and Melinda French Gates in 2010. But as scrutiny over ultra wealth has intensified, many younger heirs have realized their family commitments haven\u2019t always moved fast enough.<\/p>\n

Katherine Lorenz, leader of The Giving Pledge\u2019s Next Gen group\u2014a network of heirs and family members involved in shaping philanthropic strategy\u2014said she\u2019s already seeing that shift take hold. Rather than waiting decades for wealth to be distributed, many children and grandchildren of wealthy families are urging older generations to move faster, take more risks, and place more trust in the communities they hope to help.\u00a0<\/p>\n

\u201cI see more younger generation folks pushing on their parents to give more,\u201d Lorenz told Fortune<\/em>. \u201c[They\u2019re saying], \u2018you made enough money, mom and dad, it\u2019s time to give it away and to give it away faster.\u2019\u201d<\/p>\n

\u201cMany of them are ready to deploy the capital faster,\u201d she added. \u201cSometimes the barrier is the older generation.\u201d<\/p>\n

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Younger heirs are rewriting the rules of philanthropy<\/h2>\n

Wealth among the top 1% has been on an historic rise over the last few years. According to Oxfam, billionaire wealth jumped by more than 16% last year alone, to a record high of $18.3 trillion. And it\u2019s only fueled increasing apoplectic feelings\u2014especially among young people.<\/p>\n

Nearly one-third of adults ages 18 to 29 say they believe it is morally wrong to be \u201cextremely rich,\u201d according to a 2026 Pew survey, compared with just 10% of adults ages 65 and older. While some of that divide may reflect the economic realities facing younger Americans\u2014from soaring housing costs to student debt and the rising cost of everyday necessities\u2014it has also shaped how many heirs view their responsibility to use wealth more urgently\u2014and more strategically.<\/p>\n

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\u201cThey\u2019re not thinking necessarily of themselves as philanthropists,\u201d Stevens said. \u201cThey\u2019re thinking of themselves as their angel investors, impact investors, change makers, [and] advocates.\u201d<\/p>\n

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Instead of simply writing checks to grant award winners, the younger generation is increasingly focused on funding systemic change through impact investing, advocacy, and venture-style philanthropy, Stevens said. Many are prioritizing causes such as climate change, racial justice, and gender equity over other generations\u2019 broader focus on topics like health and education.<\/p>\n

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Lorenz also said there\u2019s an increased interest in addressing the systems that have caused harm\u2014rather than just putting \u201cband aids on a gaping wound.\u201d She used housing issues as an example. While it\u2019s important to worry about whether or not you can help people not sleep on the street tonight, it\u2019s just as important to ask questions like, \u201cWhy do we have so many unhoused people? What is happening, and how do we get fewer people in this situation?\u201d<\/p>\n

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One of the most prominent examples of the shifting philanthropic dynamics has been MacKenzie Scott. The 56-year-old former wife of Amazon founder Jeff Bezos has distributed some $26 billion over the last six years, largely in unrestricted gifts, allowing recipients\u2014such as HBCUs, DEI groups, and disaster relief\u2014to determine how the money can best be used.<\/p>\n

\u201cShe is just an exemplar of trust-based philanthropy,\u201d Stevens said. \u201c[It\u2019s] really leaning into that partnership with community in terms of learning from, listening to, and creating with those communities, rather than coming in with some predetermined solution.\u201d<\/p>\n

Women, in particular, are expected to play an increasingly influential role in the philanthropic transformation. By 2048, they are projected to inherit roughly $47 trillion\u2014about 56% of all inherited wealth globally. Stevens expects more will likely follow the example of Scott and work together with communities to bring solutions-based impact with their giving.<\/p>\n

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From oil tycoon family to nearly $1 billion in philanthropy\u00a0<\/h2>\n

Lorenz understands the rising tension personally growing up in an ultra-high net worth family:\u00a0 Her grandfather, George Mitchell, was an oil and real estate tycoon. His company Mitchell Energy & Development Corp was No. 811 on the Fortune 1000 list in 2001, and that same year, it was purchased by Devon Energy Corp. for $3.1 billion.<\/p>\n

From an early age, Lorenz was drawn to the question of how to put wealth to use. After graduating from North Carolina\u2019s Davidson College in 2001, she spent time in Nicaragua and then Oaxaca, Mexico, where she stayed for about six years and started a nonprofit serving rural Indigenous communities. But it was abroad, she said, that she confronted a central paradox of global philanthropy: the assumption that wealth and expertise naturally translate into solutions.<\/p>\n

\u201cYou think you have the answer, and you come into communities and realize actually they have more answers than you have,\u201d the now 47-year-old said. \u201cYou learn more from them than they learn from you. I had many years of that eye-opening [experience]\u2014 thinking I\u2019m coming to help, but really I\u2019m not adding much at all.\u201d<\/p>\n

By age 25, she began working at her family\u2019s foundation, the Cynthia and George Mitchell Foundation, where she began applying those lessons\u2014simplifying grantmaking processes and shifting more decision-making power toward local communities.\u00a0<\/p>\n

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After her grandfather signed the Giving Pledge in 2010, Lorenz took the helm of the foundation the following year. Then, in 2013, he died, leaving behind 10 children, 27 grandchildren, and a philanthropic legacy that had become much more complicated to steward.<\/p>\n

\u201cIt doesn\u2019t matter how much you professionalize, how many policies you put in place, how many structures are there,\u201d Lorenz said. \u201cIn the end, I would just say family dynamics kind of trump all, in both good ways and bad ways.\u201d<\/p>\n

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In total, through the foundation\u2019s nearly five decades, it has given away nearly $1 billion to causes mostly around sustainability\u2014including land, water, and energy\u2014as well as education. For Lorenz, the work is just as much about preserving her grandfather\u2019s legacy as accelerating it\u2014a mindset, she hopes, more heirs continue to share.<\/p>\n

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A historic $124 trillion wealth transfer is underway, and many heirs are using their influence to pressure older generations to spend down fortunes faster.<\/p>\n","protected":false},"author":1,"featured_media":2366,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-2367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth"],"yoast_head":"\nPhilanthropy leader at Warren Buffett and Bill Gates\u2019 Giving Pledge says children of billionaires are pushing them to give their wealth away faster - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=2367\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philanthropy leader at Warren Buffett and Bill Gates\u2019 Giving Pledge says children of billionaires are pushing them to give their wealth away faster - 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