The Largest Transfer of Wealth in History

Last year a bulletin insert from Focus on the Family caught my attention—“members of the baby-boomer generation, many of whom are now in their mid-50s . . . will soon inherit more than $10.4 trillion as their parents pass from the scene. It is the greatest transfer of wealth in the history of the world.” The cover story of Worth (March, 2003) also began, “The numbers are staggering. In the next 50 years, families will give their heirs an astounding $25 trillion—the largest transfer of wealth in history.” These numbers are based on an original 1993 study be two Cornell University economists. Others estimate that the average estate will be $90,000.00. The major concern of both articles is how people will handle the wealth. Worth states, “Wealth obtained through the death of a loved one can erode the work ethic, poison family relations, and kill the soul.”
Christians will be part of this inheritance of the future. The Bible looks upon inheritance in both a positive and negative light. “A good man leaves an inheritance for his children’s children” (Pr 13:22). Yet, “I hated all the things I had toiled for under the sun, because I must leave them to the one who comes after me. And who knows if he will be a wise man or a fool?” (Ec 2:18-19). The prodigal son also comes to mind. But wealth (even inherited) can be a blessing of the Lord (Pr 10:22), and a gift from God for those who love wisdom (Pr 8:21). In general, we are instructed to honor the Lord with our wealth (Pr 3:9).
But, will the Lord be honored with the wealth coming our way? With this coming massive transfer of wealth, some money will be bequeathed to the church and some will be donated as people give offerings based upon their new fortune. Will this be a boon for the church? Will this even be good for the church? Will Christians and churches make the most of this future transfer of wealth for the cause of Christ? One lay delegate confided that when his church received a major bequest, giving decreased because the congregation felt (in his judgment) the church did not need the money. Instead of being able to use the gift toward their vision, it was needed to pay bills.
People will inevitably give to the church they love through their wills and through offerings coming from inheritance. But is this the best we can do for the Lord? Some churches on the plateau may be able to use this money to initiate movements for growth, but others in decline may dissipate the money only to stay open one more year. Could the money be of greater use for church planting, missions, education or camp? How will the church and its people handle their new fortune? Will greed get in the way? Will a lack of faith drive the churches to hoard it for a “rainy day?”
It is time to study the biblical teaching and prepare our people and churches with principles for how they can best honor the Lord with their wealth and how the church can be the best stewards of bequests.
If the Lord tarries, the next few years will see a massive transfer of wealth which holds the promise of greater funding of ministries to reach the unchurched. But, will Christians and churches be ready and faithful? Will it be a blessing from the Lord or a curse? What is your perspective?
Robert