Millennials and Gen Xers are facing down one of the greatest transfers of wealth in history—with some $124 trillion expected to change hands by 2048. But as wealth inequities simultaneously reach new extremes, the transfer has amplified questions about whether wealthy families are moving fast in their promises of impactful giving.

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According to a new report from the Milken Institute about the shifting dynamics of philanthropy, the tension is setting the stage for a "reckoning" in the sector as younger generations gain more influence over family checkbooks.

"Wealth inequalities have never been greater than they are right now, and we have this sharper eye on the wealthy," said Melissa Stevens, the executive vice president of Milken Institute Strategic Philanthropy and report's co-author. "It has raised the stakes."

For decades, philanthropy has centered on legacy-building and long-term giving, and some of the world's wealthiest families have already committed to giving away much of their fortunes through initiatives like the Giving Pledge, launched by Warren Buffett, Bill Gates, and Melinda French Gates in 2010. But as scrutiny over ultra wealth has intensified, many younger heirs have realized their family commitments haven't always moved fast enough.

Katherine Lorenz, leader of The Giving Pledge's Next Gen group—a network of heirs and family members involved in shaping philanthropic strategy—said she's already seeing that shift take hold. Rather than waiting decades for wealth to be distributed, many children and grandchildren of wealthy families are urging older generations to move faster, take more risks, and place more trust in the communities they hope to help.

"I see more younger generation folks pushing on their parents to give more," Lorenz told Fortune. "[They're saying], 'you made enough money, mom and dad, it's time to give it away and to give it away faster.'"

"Many of them are ready to deploy the capital faster," she added. "Sometimes the barrier is the older generation."

Younger heirs are rewriting the rules of philanthropy

Wealth among the top 1% has been on an historic rise over the last few years. According to Oxfam, billionaire wealth jumped by more than 16% last year alone, to a record high of $18.3 trillion. And it's only fueled increasing apoplectic feelings—especially among young people.

Nearly one-third of adults ages 18 to 29 say they believe it is morally wrong to be "extremely rich," according to a 2026 Pew survey, compared with just 10% of adults ages 65 and older. While some of that divide may reflect the economic realities facing younger Americans—from soaring housing costs to student debt and the rising cost of everyday necessities—it has also shaped how many heirs view their responsibility to use wealth more urgently—and more strategically.