In nearly 2 decades of leading philanthropy at the Milken Institute, I’ve never seen a tidal wave like the one that’s coming

A third wave of philanthropy is approaching, bringing both promise and responsibility. The coming shift is presented as a potential force for lifting society’s most important causes, but its success will depend on how communities respond.

Why the next phase matters

The idea comes from nearly two decades of leading philanthropy at the Milken Institute, a period described as long enough to reveal a major change in the scale or character of what may be ahead. The central message is not that progress will happen automatically. Instead, the next wave must be understood and guided.

Philanthropy’s future is framed through the language of the sea: currents must be understood, routes must be navigated carefully and the journey requires courage. That suggests the opportunity is significant, while the path forward may be complex.

The role of collective action

Community is identified as an essential part of meeting the moment. The coming wave is therefore not described as the work of one institution or individual, but as a shared undertaking. Careful navigation and collective commitment will be necessary if it is to lift the causes that matter most.

The outlook remains open-ended. The third wave could become a tide that raises society’s most important boats, but that outcome will depend on understanding the forces at work and acting with purpose.