Despite an enormous loss of wealth during the Great Recession, Boston-area families and estates are expected to donate a massive sum to charities over the next half century, perhaps eclipsing $1 trillion, according to a new study commissioned by the Boston Foundation.
The report, based on research by Boston College’s Center on Wealth and Philanthropy, found that the recent recession erased about $350 billion in assets that were likely to flow to charities by 2061.
Comments
Not me, boy, I'm going to spend it all, mostly on wine, women and song. The rest I'll probably waste.
Me, I think I'll buy some politicians or judges. On second thought maybe I'll stick to few selectmen 'cause they cost less.
I think I accidentally dropped a $5 in the plumbing isle of Lowes the other day. I'm tapped out.
Abundance!
“The hardest hit were the 41 percent of households in Greater Boston with a net worth of less than $100,000. Those 700,000 households saw their collective wealth plummet 76 percent in the recession, to $3.3 billion.”
“The number of Boston-area households with a net worth of zero or negative swelled by 48 percent, to 244,043 in 2010, according to the study. Nationally, the number grew 41 percent, to 17.1 million.”
“The 14 percent of Greater Boston households worth $1 million or more (238,887 households) lost only about 16 percent of their wealth from 2007 to 2009, the Boston College study found.”
It would have been insightful if Boston College’s Center on Wealth and Philanthropy stuy explained the huge disparity between the wealth lost between the rich and the middle class/poor.
"Boston's rich expected to donate large sums" TO THE GOVERNMENT in higher taxes.