If you're a millennial on your way to inheriting billions, chances are you were invited to the White House last month.
Jamie Johnson, an heir to the Johnson & Johnson pharmaceutical company fortune, wrote a piece for the New York Times dissecting his experiences as an attendee at a summit hosted by Obama administration officials -- which was closed to the media. Along with a handful of other wealthy youngsters with famous last names -- such as Rockefeller and Marriott -- Johnson took part in discussions on how the next generation of big name philanthropists can do their part on issues like climate change, human trafficking and healthcare for young people in the 21st century.
"I was a little worried they were going to get a bunch of rich kids in the room and fundraise for the Democratic Party," attendee Liesel Pritzker Simmons told Johnson in the New York Times piece. "But they didn’t."
According to Johnson, the event focused on the somewhat new concept of impact investing -- when businesses seek to deliver measurable positive social or environmental benefits with each dollar invested -- as opposed to more conventional models of corporate philanthropy. With an expected $30 trillion in wealth being passed from baby boomers to younger generations throughout the next 25 years, impact investing could ensure philanthropic-minded systems of business for decades to come.
Read Johnson's New York Times piece here.
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