Thirty-three of West Virginia’s 55 counties have studies that show how the transfer of wealth could impact their communities over the next 10 to 50 years by creating a permanent source of funding to address local needs.
The combined net worth of those 33 counties in 2010 was $89.2 billion. Over 10 years, more than $28 billion will be handed down. If just 5% of that wealth is engaged in permanent charitable giving, it will yield an estimated $70 million annually.
Over 50 years, those 33 counties will see more than $200 billion in wealth transfers. The 5% annual payout in 50 years could exceed $500 million.
Imagine if West Virginia had an additional half-billion-dollars in philanthropic resources for communities. And think about how that figure will grow as other counties conduct TOW assessments. The time is NOW to become part of that future.
Here are some examples of what these permanent charitable funds could be used for:
- Economic Development
- Youth and Family Services
- Senior Citizen Services
- Community Revitilization
- Roads and Infrastructure
- Health and Human Services
- Quality of Life Amenities
- Arts and Culture
- And more!
By leveraging the expertise and experience at local community foundations, West Virginians can harness the power of 5% of wealth transfers and create a better, brighter future for tomorrow.