Morgan Stanley Wealth Management Australia has released The Future of Giving: How Australia’s Next Generation is Redefining Philanthropy, a new research report examining how Australia’s largest ever intergenerational wealth transfer is transforming not just who controls capital, but how it is deployed for social impact.
The research estimates that by 2040, more than $2.3 trillion will move into the control or influence of Australians under the age of 50, unlocking over $100 billion in philanthropic giving. This generational shift is reshaping philanthropy as next-gen high‑net‑worth Australians step into stewardship roles earlier and bring new expectations around purpose, transparency and impact.
Produced in collaboration with independent consultancy CoreData, the report draws on survey responses from more than 140 high‑net‑worth Australians, alongside in‑depth interviews with active philanthropists.
A turning point for philanthropy in Australia
Australia’s significant intergenerational wealth transfer represents a structural turning point for philanthropy. As wealth transitions earlier and more deliberately, the next generation is increasingly involved in decision‑making at both family and governance levels.
The research shows that under‑50s are significantly more likely than older generations to feel a personal responsibility to use wealth for social good, with four in five Australians surveyed believing wealth comes with an obligation to foster positive impact.
“The next generation is moving beyond one‑off donations toward participation — combining capital with time, skills and long‑term engagement,” says Clementine Lucas, Head of Not‑for‑Profit and Philanthropic Services at Morgan Stanley Wealth Management Australia. “They want to understand where their money is going, how it is governed, and what outcomes it is creating.”
Next-gen donors are also increasingly directing capital toward causes shaped by lived experience and broader societal change, including mental health and wellbeing, environmental initiatives and social inequality — alongside long‑standing priorities such as poverty and disadvantage.
From giving quietly to giving with intention
While giving in Australia has traditionally been practised quietly, the report suggests that this cultural norm is beginning to shift. Next-gen donors are more open to sharing their philanthropic journeys and recognise that visibility can help normalise giving and encourage participation.
Although 86 per cent of high‑net‑worth Australians surveyed reported donating in the past 12 months, most giving remains modest relative to income — highlighting the potential for philanthropy to scale as structures, governance and confidence increase.
“Clear visibility of impact is critical,” Clementine says. “Our research shows that more than half of respondents would give more if they had clearer insight into outcomes. Transparency helps unlock deeper and more sustained giving.”
The role of structure in next‑generation philanthropy
A key finding of the report is the growing role of structured giving vehicles, such as Private and Public Ancillary Funds, in enabling more strategic, sustained and intergenerational philanthropy.
Donors using formal structures are significantly more likely to give at scale and maintain philanthropic activity over time. These vehicles are increasingly viewed not just as funding mechanisms, but as platforms for governance, family engagement and values‑based decision‑making.
Supporting clients through generational change
At Morgan Stanley Wealth Management Australia, philanthropy forms part of a broader approach to supporting clients through moments of transition, whether wealth is being created, transferred or re‑examined.
The Future of Giving reflects the firm’s commitment to its philanthropic and not‑for‑profit clients, and its focus on helping individuals and families align financial success with long‑term social impact.
Download the report
The Future of Giving: How Australia’s Next Generation is Redefining Philanthropy is now available to download.
