Family Philanthropy in a Wealth 3.0 World

Purpose, Legacy and the Role of the Next Generation 

Examining the evolution of family philanthropy, John Sansome of Community Foundation Ireland reflects on current conversations and trends.

A man facing the camera in an open necked shirt and business jacket. John Sansome is in the courtyard of Trinity College Dublin - with its pillared buildings blurred as a backdrop.
John Sansome, Philanthropy and Development Manager, Community Foundation Ireland.

Shifting Conversations

Increasingly, conversations around wealth are shifting. Beyond investment, succession and structures, families are asking deeper questions about purpose, values and legacy. This reflects a broader shift, often described as “Wealth 3.0”, where financial capital is increasingly aligned with meaning, responsibility and long-term impact. In that context, philanthropy has become a natural extension of broader planning, an area where intent, impact and identity begin to align. 

Family philanthropy is evolving. It is no longer simply about giving; it is about defining purpose, aligning family values, and creating a legacy that is both meaningful and enduring. This reflects a move toward purpose-led wealth, where capital is seen not just as a financial resource, but as a tool to create positive outcomes, for communities, and for families themselves. 

At the heart of this approach is clarity of purpose. This begins with fundamental questions:  

  • What matters to us as a family?  
  • What change do we want to see in the world?  
  • How do our values translate into action?  

For some, this may centre on supporting local communities; for others, it may be driven by causes such as education, climate or social inclusion. Taking the time to define this purpose creates a strong foundation for more intentional and fulfilling giving. 

Next Generation

Purpose, however, is rarely static. As families grow and evolve, so too do their perspectives and priorities. This is where the next generation plays an increasingly important role.

Many families are recognising that younger members bring fresh thinking, new perspectives and a strong desire to engage directly with the issues they care about. 

Importantly, next generation involvement is not simply about succession. It is about participation, ownership and co-creation. When younger family members are meaningfully engaged, they can help shape philanthropic approaches in ways that are both innovative and forward-looking. They may introduce new ways of thinking about impact, explore emerging areas of need, or encourage more collaborative and values-led approaches to giving. 

Philanthropy also provides a valuable platform for families to engage across generations. It creates space for shared conversations about values, responsibility and legacy, areas that are not always easily addressed elsewhere. With the right level of structure and support, these conversations can become a powerful way to build alignment, strengthen relationships and articulate a shared vision for the future. 

For next generation participants, philanthropy can also be a formative experience. It offers insights into complex social challenges, introduces them to a wider ecosystem of organisations and changemakers, and builds skills in areas such as decision-making, governance and evaluating impact. In doing so, it helps to shape not only how they give, but how they think about leadership more broadly. 

Alongside this, many families are recognising the benefit of a structured approach to their philanthropy. Whether through donor-advised funds, foundations or supported giving (or a mix of all 3!), the right frameworks help translate purpose into action. They provide clarity, consistency and accountability, while allowing families to remain flexible and responsive to changing needs and priorities. 

Ultimately, the most effective family philanthropy models balance clarity of purpose with flexibility, and tradition with innovation. By combining the experience and legacy of earlier generations with the ideas and energy of the next, families are well positioned to create lasting and meaningful impact. 

As interest in this area continues to grow, there is increasing value in creating space for these conversations to take place, and in supporting families to navigate them with confidence.  

John Sansome is Philanthropy and Development Manager with Community Foundation Ireland jsansome@foundation.ie