According to the study, Wealth Transfer in Nevada, published in 2008 by the Center for Rural Entrepreneurship, the net wealth of Nevada residents at that time was nearly $300 Billion. That is more than $300k per household. And although we experienced a downturn, our wealth has returned, and grown, as the population has grown and through new investment.
The focus of this particular study was on the amount of wealth that would move from the current generation to the next, over a 50-year period. This week Northern Nevada Business View published an article I wrote about this transfer of wealth. I hope you will take a moment to read it. Read article here.
Here is some interesting information about wealth transfer in Nevada that I did not include in the NNBV article:
Less than 1% of the US population lives in Nevada. The percentage of Nevadans who are millionaires is slightly lower than the rest of the nation, yet based on net worth, millionaire Nevadans are wealthier on average than millionaires in other states. Nevada also has a higher concentration of billionaires than other states, per capita.
I think it is most interesting to see the wealth in rural counties; Elko County: almost $3 billion, Humboldt County: more than $1 billion, Lyon County: almost $4 billion, Storey County: about a half a billion, and Washoe County: more than $50 billion.
Wealth Transfer in Nevada was conducted to help us see the possibilities that could open up when we encourage people to donate 5% of their estates to their community. In Nevada, that 5% figure over 50 years is estimated at more than $1.6 billion. If it was given to a charitable endowment, it would provide more than $80 million annually for charitable works. Although money won’t solve all community problems, money carefully used from an endowment, combined with partnerships, strategies, and advocacy, could go a long way to strengthen the region.
Rural communities have an opportunity to modernize infrastructure, revitalize their economy, to innovate and to encourage future generations to stay in the community instead of leaving to work and settle in larger cities.
The study was originally undertaken with Nevada’s rural communities in mind. Capturing some of the inevitable transfer of wealth and funneling it to strengthen rural communities is an idea that is working in other states. It is our goal to help build charitable endowments for the region.
The Community Foundation has established the Community Endowment for just that purpose, serving all of Northern Nevada. Beginning in December of 2017, the Community Endowment has already grown past $4m and $15m more in future gifts are planned. We have named our fundraising effort, “The Campaign for our Community.” Contributing to the Community Endowment is a wonderful way to “give back” to your hometown, and I believe worth consideration. My wife and I are part of the “5%” club. We have so designated in our Trust to be sure that part of the legacy we leave is a legacy of caring and giving.
Call the Community Foundation if you are interested in designating a percentage of your estate to The Campaign for Our Community, or to benefit your hometown, which could be anywhere in Northern Nevada.
Chris Askin, President, and CEO
Connecting people who care with causes that matter.