| Garfield
County Transfer of Wealth Graph
Nebraska
Transfer of Wealth Graph
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Nebraska
Wealth Transfer
A recent study by Boston Garfield projects that over the next 50 years
$41 trillion of American wealth will transfer from the current
generation to the next generation.
The Nebraska Community Foundation estimates that in Nebraska the
wealth transfer will be $258 billion or roughly $5.2 billion annually
(on average). For Rural
Nebraska, NCF estimates that the wealth transfer will run $94 billion or
nearly $1.9 billion each year (on average).
| Over
the next 50 years: |
$258
billion |
| Annually
per year: |
$5.2
billion |
Garfield
County Population
The County's 2000 population is 1,902; down from 2,141 in 1990 or
-11.2%. Comparatively, Nebraska's state population increased by
+8.4% during the same period.
Garfield
County Wealth Transfer
Over the first half of the 21st Century, Garfield County will
experience $202 million in wealth transfer from the current to the next
generation (or roughly $4 million annually on average). This
graph
illustrates our best estimate of the timing of this wealth transfer.
Because of the loss of local heirs, inadequate estate planning,
and the greater probability of giving to outside versus local charities
– much of this wealth will permanently leave the County.
| Over
the next 50 years: |
$202
million |
| Annually
per year: |
$4 million |
Impact
Over just the next five years (using annual averages), an estimated
$20.2 million will transfer. If
just five percent were gifted to locally, an endowment(s) of $1
million could be built. Assuming a conservative 5% annual payout (allowing the
endowment to grow), $51,000 would be available each and every year for
community betterment investments.
Income
Profile
The following chart illustrates Garfield County’s current income
profile relative to Nebraska. Overall,
Garfield County has more lower income households, about the same number
of middle income
households than Nebraska, and a smaller number of upper income households. However, this data underestimates the overall wealth based in
the County. See next
section.
| |
Garfield
County |
Nebraska |
| Low
Income |
44% |
26.6% |
| Middle
Income |
46% |
46.4% |
| Upper
Income |
10% |
27.1% |
Wealth
in Land
The story goes that in Rural Nebraska we are land rich and cash poor.
There is truth in this old saying.
In fact, in Garfield County over 45% of the County’s wealth is
connected to property such as farm/ranch land, commercial real estates,
and homes ($90.3 million). Relative
to population, the County has more of its wealth in property than other
wealth types.
| |
Relative
to Nebraska |
| Population
Share |
.12% |
| Land
Value Share |
.13% |
Older
Like most of Rural Nebraska, Garfield County’s population is older
when compared to the State as the following chart illustrates.
| |
Garfield
County |
Nebraska |
| 65 &
Older |
23% |
13.4% |
| 75 &
Older |
14% |
6.7% |
|
