Since 1970, Florida’s rapid growth has generated enormous individual wealth. Even after the Great Recession, in 2010 the net worth of Florida households exceeded $1.4 trillion – about $21.75 million (or $340,300 per household) in Martin County alone.
In 2012, Florida Philanthropic Network, in partnership with several of its Community Foundation members, commissioned a “Transfer of Wealth” study to understand what might happen to wealth as Baby Boomers begin to retire and pass their assets on to the next generation.
The study revealed a possible transfer of $51 billion in Martin County in the next 50 years. Over the next 10 years, we could see a transfer of $5.68 billion. Consider this – if we captured just 5% of $5.68 billion, that would translate into $283 million for this community in the next 10 years.
Endowing $283 million would spin off $14 million each year to address needs and challenges facing children, women, elderly, families, the homeless, the hungry, human services, public safety, unemployment, education, healthcare, the arts, environment and wildlife.