How wealthy families are rewriting their philanthropy playbooks

Many of the world’s wealthiest families are using their financial resources to help their communities and to address society’s greatest challenges. The trend reflects a growing desire among these families to turn their wealth into real and lasting impact.

Just cutting a cheque doesn’t cut it anymore.

From charitable giving to strategic philanthropy

“Philanthropy has shifted from charity to a more engaged, integrated and impactful endeavour,” says Dr. Paula Murphy Ives, managing director of Social Capital and Impact with RBC’s Enterprise Strategic Client Group.

A 2025 North American Family Office Report, produced by RBC and Campden Wealth, found that 86 percent of North American ultra-high-net-worth families are active in philanthropy.

They’re thinking even more deeply about their ability to influence progress, from helping local communities with affordable housing, to confronting more global issues like climate change. While the goals are diverse, all donors can benefit from a higher level of advisory services as philanthropy becomes more sophisticated.

“Global families are being less reactive and more strategic,” Dr. Murphy Ives says.

Building a framework for lasting impact

As Canadian families embrace this shift in greater numbers, RBC aims to help them build a more intentional approach to philanthropy. The goal is to partner with families and family offices to translate their values into purposeful action.

Dr. Murphy Ives says ensuring capital drives change requires a careful framework, to support planning and to navigate challenges. “Furthermore, if you don’t have proper governance, conflict can arise between different generations on how to make that philanthropic impact,” she explains.

Many families have foundations with strong governance that still afford agency to the next generations, allowing them, for example, to direct their donor-advised funds (DAFs) to issues that are important.

“Others have started their own private equity firms or impact funds, or seek to invest in renewable energy or cleantech,” Dr. Murphy Ives says. “That’s something our RBC Capital Markets , RBCx or Global Asset Management teams can support with their advisors.”

How collaboration multiplies philanthropic impact

Advisory teams increasingly connect clients with other wealthy families to leverage synergies and insights. To maximize their impact, families also understand the need to work together, not only among themselves, but with the private and public sectors, charities and non-profits.

“Families are realizing they cannot do it alone,” Dr. Murphy Ives says. “We’re seeing more collaborative philanthropy where people come together around themes like youth mental health or regenerative agriculture.”

She adds that RBC facilitated roundtables with clients and leaders on the sidelines of the 2026 World Economic Forum in Davos, connecting them to discussions on modern collaborative philanthropy. Sessions touched on areas such as global wealth, women’s leadership, and preventative actions to protect oceans, forests and biodiversity.

Where investing and philanthropy converge

The Family Office Report noted that the lines between responsible investing, impact investing and philanthropy are blurring—a trend that’s becoming more visible in Canada. The thread that connects it all is family wealth amplifying family values. Among the major motivations for efforts to drive societal change are cementing family unity, building a legacy and engaging the next generation. That can start from a young age.

“We work with some families in Canada and around the world where, already at the age of seven, they’re learning about generosity and needs in their communities and the world. As kids, they put a proposal forward and are given a token amount of money, but they have the responsibility to figure out how they’re going to give that money to the cause,” Dr. Murphy Ives says.

In pursuing more strategic impacts, many families are also looking at how their business enterprises can play a beneficial role. “If you have a trucking company, maybe the next generation coming up wants to use biofuels to cut their carbon footprint,” Dr. Murphy Ives says.

Engaging the next generation in giving

Dr. Murphy Ives adds that it’s more common than ever to see millennial women leading families in a new blend of philanthropy, impact investing and collaboration. “Many are successful business owners while others are receiving significant wealth transfer, but either way, they want to have an impact on the world.” 

According to a recent RBC study on women and wealth, these women will receive a significant share of the estimated US$124 trillion in intergenerational wealth transfer unfolding over the next several years. 

Having a deep bench of experienced and knowledgeable advisors can help guide multiple generations within families.

“It’s clear they expect a holistic approach. Advice must be more integrated and strategic regarding how they’re actually going to address real problems,” Dr. Murphy Ives says.

This article was originally published in The Globe and Mail.