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If you're a millionaire under the age of 43, you might want to think twice about giving to a charitybecause you're more likely to volunteer, fundraise, and act as a mentor than you are to give money, according to a new survey from Bank of America Private Bank.
"They've already got these complex [giving] vehicles at the ready, so the education piece is critical both for nonprofits and for the advisors," the bank's head of philanthropic research tells CNBC.
With charity increasingly dominated by wealthy donors, and with the next generations expected to inherited over $80 trillion in the coming decades, courting the young rich will be critical.
"You need their perspective and you're going to need their money," the bank's head of philanthropic research says.
"Advisors to the young rich also need to be generous with their praise."
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Philanthropy Shaping A New Miami
Many people, organizations and businesses in Miami are actively committed to philanthropy. As Javier Alberto Soto, president and CEO of the Miami Foundation, puts it, “Miami is home to a young, diverse demographic that’s looking for ways to get involved, ways to improve our community that aren’t traditional, like a formal gala.”
