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