Center on Wealth and Philanthropy
Wealth and the Commonwealth Newsletter, Volume 20 February 5, 2010

Contents

Migration of Wealth in New Jersey and the Impact on Wealth and Philanthropy


 

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Dear Friends and Colleagues:

The Center on Wealth and Philanthropy has been receiving significant national attention with this week's release of our research report Migration of Wealth in New Jersey and the Impact on Wealth and Philanthropy.

The report by John Havens with substantial contribution by Robert A Kenny was commissioned by the Community Foundation of New Jersey and the Enterprise Trust at the New Jersey State Chamber of Commerce, and looked at New Jerseys household wealth migration over the past decade, from 1999 through 2008.

In the first half of the decade 1999-2008, the net effect of migration for New Jersey resulted in a substantial increase in both household wealth and charitable capacity. In the second half, the direction of flow was reversed. The net effect of household migration resulted in a loss of substantial household wealth and expected amounts of charitable giving. The change was due mostly to a large decline in the number of wealthy households entering New Jersey between 2004-2008 and a moderate increase in the outflow of wealthy households leaving New Jersey. The result of the net loss in wealth was a net loss in charitable capacity, making it more difficult for charitable causes to raise money from New Jersey households

We are pleased to share with you the results of our research on this very important topic.

Cordially yours,


Paul G. Schervish


  • Migration of Wealth in New Jersey and the Impact on Wealth and Philanthropy
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    by John J. Havens

    Center on Wealth and Philanthropy
    Boston College

    Over the past few years there have been reports from three separate academic institutions concerning the effects of migration into and out of the state of New Jersey. This is the third and most recent report and was funded by the Community Foundation of New Jersey and the Enterprise Trust at the New Jersey Chamber of Commerce. It documents the research conducted at the Center on Wealth and Philanthropy at Boston College during the summer and fall of 2009 and focuses primarily on the movement of household wealth and secondarily on the movement of household charitable capacity into and out of New Jersey in two time periods: the years between 1999 and 2003 and the years 2004 and 2008.

    Click here to read the full report...
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