Pictet prepares for third ‘gilded age’ of philanthropic giving
Ali Al-Enazi
The face of philanthropy is shifting. While traditional causes such as health, education and the arts continue to attract funding, a growing number of wealthy clients are directing their philanthropic capital towards emerging global risks, including climate change, biodiversity loss, misinformation and societal impact of artificial intelligence.
“We’re seeing a big rise in these new areas,” says Christoph Courth, global head of philanthropy services at Pictet Wealth Management in Geneva. “Inequality is one. But there are also emerging concerns: misinformation, deepfakes and how democracy is being shaped by AI. It’s still early days, but interest is growing fast.”
Recent geopolitical shocks, from the war in Ukraine and conflicts in the Middle East to the Covid-19 pandemic, have accelerated this shift in mindset. Yet, it is the speed and reach of technological disruption that has left many clients “in shock”, he notes. The sudden rise of generative AI and “synthetic media” has highlighted both the potential and dangers of innovation in a hyperconnected world.
“The reaction from many is: what can we do? With philanthropic capital, the question becomes: how can we use this to both harness AI for good and mitigate its negative consequences?”
We’re in a new era [of] younger philanthropists, AI-driven and globally minded. They’re not waiting to give at the end of their careers; they’re building impact into everything from the start.
Pictet Wealth Management has seen a 33 per cent increase in philanthropic advisory demand from 2023 to 2024, reflecting a more strategic, long-term approach to giving.
The line between philanthropy and entrepreneurship continues to blur. Younger wealth holders see business as the most effective tool for social and environmental impact, followed by investments, then philanthropy. “They want their businesses to be profitable and positive forces; it’s about marketing, relevance even survival,” says Mr Courth.
Though “philanthropreneur” is not a term coined by Pictet, the concept resonates strongly with clients.
“We’re in a new era,” he suggest. “There was the first gilded age —Rockefeller, Carnegie. Then the second — Gates and Buffett. Now it’s younger philanthropists, AI-driven and globally minded. They’re not waiting to give at the end of their careers; they’re building impact into everything from the start.”
Shifting dynamics
The shifting dynamics of philanthropy are further accelerated by the $100tn generational handover, with women inheritors playing a much more definitive role in decisions around priorities. Millennials, Gen Z and Gen Alpha are shaping a new vision for giving. With expected lifespans of 79 years for men and 84 for women, these younger donors share a longer horizon and different approach.
Mr Courth recalls a telling moment: “In a meeting with a father and daughter discussing their foundation, the daughter asked, ‘How much do we give out each year?’ The father said, ‘About five per cent.’ She replied, ‘What about the other 95 per cent?’ referring to the investment capital. The next generation wants to align philanthropy, investments, and business operations with their values.”
These shifts create tensions, especially in families with long philanthropic traditions. “We often act as mediators to help move the conversation forward,” he says.
Whether wealth is inherited or self-made also influences philanthropic approaches. Multi-generational families often see themselves as stewards, focused on preservation and legacy. Self-made wealth tends to offer more freedom to give boldly.
For families that have sold their business, philanthropy can become the new centre of gravity. It connects them, gives younger generations a shared purpose, and teaches project management, analysis and leadership
Philanthropy is increasingly viewed not just as giving but as a tool to maintain family cohesion. “For families that have sold their business, philanthropy can become the new centre of gravity,” Mr Courth explains. “It connects them, gives younger generations a shared purpose, and teaches project management, analysis and leadership.”
This dynamic is especially prominent in Asia, where many young adults start by working in family foundations to learn skills and values before joining the business. Regional nuances persist: “In the US, giving is often very vocal; in the UK, less so; and in Switzerland and Germany, more reserved still. Asia’s entrepreneurial families look globally to learn and innovate their own philanthropic models.”
Deeper talent pools
Such global perspectives influence foundation structures, too. Wealthy individuals and their foundations are becoming more mobile, seeking better ESG frameworks, legal options for mission alignment and deeper talent pools.
Impact measurement remains a core challenge. “Funding a food bank differs greatly from funding an art gallery,” Mr Courth says. “Some clients want detailed metrics, others embrace trust-based philanthropy, giving organisations freedom once they’ve been thoroughly vetted.”
Many families are now considering conservation efforts, protecting forests, coral reefs, and waterways, often seen as a more manageable approach than large-scale engineering change
Pictet’s rivals in Geneva are also noting profound changes across the non-profit landscape. Maximilian Martin, global head of philanthropy at Lombard Odier compares the impact of the latest revolution to a “second Covid-19 pandemic.” The Global Humanitarian Assistance Report (2025) shows the largest ever projected drop in international humanitarian funding and sudden budget cuts are severely affecting global health funding.
Environmental protection, in particular, is a growing priority, driven by stark realities of thousands of animal species facing extinction. According to Lombard Odier, climate finance of $1.6tn in 2023 fell well short of the estimated $7.4tn needed annually to keep global temperature rises under +1.5°C. “Many families are now considering conservation efforts, protecting forests, coral reefs, and waterways, often seen as a more manageable approach than large-scale engineering change,” says Mr Martin.
