Intergenerational Transfer of Wealth dataset

Understand and estimate the likely transfer of private wealth for any community

As featured in the Australian Financial Review – see article below.

View Wealth Transfer data for all States and Territories below.

Seer Data has developed a dataset to understand and estimate the likely transfer of private wealth by Statistical Area 2 (SA2)* across Australia from 2021 to 2070 in five year intervals. The dataset has been recently updated based on the latest data from the Australian Bureau of Statistics, including the 2021 Census of Population and Housing.

The Intergenerational Transfer of Wealth dataset is now being used by organisations for strategic fundraising and marketing, targeting, sales and storytelling. The data has been included in the Philanthropy Australia’s cross-sector strategy documentA Blueprint to grow structure giving – how Australia can grow structured giving by 2030‘ and featured in the recent Australian Financial Review article below.

The Intergenerational Wealth Transfer dataset can also be expanded to include additional information such as small business and demographic data.

*Statistical Areas Level 2 (SA2s) are medium-sized general purpose areas built up from whole Statistical Areas Level 1 (SA1s). Their purpose is to represent a community that interacts together socially and economically.

Suburbs where the inheritance pot tops $3M

As featured in the Australian Financial Review, families in Australia’s top suburbs for inheritances will hand down more than $3.3 million on average from one generation to the next, with children in Sydney’s harbourside regions edging those in Melbourne’s Toorak as set to gain the most from their parents.

An estimated $2.6 Trillion will be passed over in the 20 years to 2040, and if just 5 to 10 per cent was captured for charity, it would direct $130 to $260 billion into the sector.

The Australian Government has a goal to double philanthropic giving by 2030, and Philanthropy Australia has make a submission to a Productivity Commission inquiry into how this could be achieved.

Professor Kristy Muir (CEO Centre for Social Impact), John McLeod (Senior Research Consultant JBWere Philanthropic Services and Philanthropy Australia board member), Strive Philanthropy Founder Jarrod Miles and Kristi Mansfield (CEO and Co-Founder Seer Data & Analytics)  explored data’s role in reshaping giving in the philanthropic sector for a post-pandemic world in the ‘Philanthropy Australia Podcast’.

Request more information or book a demo for your organisation:

The Seer Giving Index

Our data lab has expanded the Intergenerational Transfer of Wealth dataset by conducting an analysis to understand the relationship between volunteering and giving.

What is the relationship between volunteering and giving?

Is this relationship stronger in wealthier areas?

If there is a relationship, then:

Can we identify the most generous places in Australia that also have the highest capacity for wealth transfer?

What we learnt was that areas with volunteering have higher rates of charitable donations and that the relationship is even stronger in wealthier areas. Our analysis suggests communities are expected to exhibit an additional 3.5% rate of giving for every additional 10% rate of volunteering. Communities with SEIFA Index of Economic Resources (IER) in the top 3 deciles are expected to exhibit an additional 4% rate of giving for every additional 10% rate of giving.

Access to the Seer Giving Index is available as part of Seer Data’s free Standard subscription to help organisations understand a community’s propensity to give using an easy to interpret 1-10 index.

What you can do with this data set and index:

  • Discover areas with the greatest wealth transfer and propensity to give using an easy to understand 1-100 index
  • Build an evidence base to aid your fundraising efforts with Open Data in Seer
  • Discover what areas are more likely to volunteer
  • Discover what areas have the greatest potential for wealth transfer
  • Target your communications, fundraising and program efforts effectively
  • Customise the index further with business and health indicators

Who is this data science work helping?

The Intergenerational Transfer of Wealth data science project has helped many communities and organisations, including;

Background

Seer Data Models & Machine Learning Collections are created by our data science team. Our strategy is to create valuable datasets and models that help to answer a complex question and make this work available to many.

  • Intergenerational Wealth Transfer Estimate & Propensity to Give “Giving Index” by Statistical Area 2 (SA2)
  • Similar Communities Model for policy making, planning and delivery of services and insight for Government
  • Population Forecast Model for planning and delivery of services • Supply and demand modelling for access to Quality Early Education and Care for policy and advocacy

Intergenerational Transfer of Wealth webinar

Hear from sector leaders how the Intergenerational Transfer of Wealth data is helping inform philanthropic planning and wealth transfer campaigning. Philanthropy Australia and Seer Data take a deep time into the huge opportunity for the social sector that Wealth Transfer data represents.

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