Transfer of wealth

Baby boomer wealth is transferring to the next generation. Can your community benefit?

Minnesotans’ current net worth totals $2.19 trillion. During the next 10 years, $61 billion of that total will change hands as baby boomers sell homes and farms and pass their wealth to the next generation.

Research shows that communities can put these assets to work — promoting economic vitality and community prosperity by attracting voluntary philanthropic gifts from this wealth transfer. Older Minnesotans and their families may appreciate the chance to leave a legacy in their communities.

Planning for a generation’s legacy

If communities recognize the potential for this philanthropy, they can create a vision for the future that makes giving to the community easy.

“Minnesota has more wealth than they realize. Capturing just 5% of the state’s transfer of wealth could support over $3.6 billion in local grantmaking investments over the next 20 years.”
— Ben Winchester, Extension rural sociologist

Now is the time to plan. The following data can help your community understand the potential for wealth transfer in the coming decades. It also provides an estimate of local assets and a calculation of how a community benefits by attracting just 5% of that for local investment in infrastructure, entrepreneurship, or grantmaking. As your community develops a vision for potential future investment, deeper analysis and support are available from Extension.

Three ways to increase local philanthropic wealth transfer

Communities need investment – in schools, housing, main streets, businesses, hospitals, and more. Local leaders can get started in three ways.

Step 1: Understand the amount of local wealth available, and consider the potential for philanthropic gifts as wealth is transferred.
Step 2: Create thoughtful conversations about this potential locally, dispelling local assumptions that wealth isn’t available.
Step 3: Plan a vision for the future to create excitement in communities and among potential benefactors.

Step 1: Understand your community’s wealth

Data maps and county summaries

Data about wealth across Minnesota is provided below. You may access it in two different ways — through an interactive map or summary data reports for each of Minnesota’s 87 counties, as well as regional and state data.

Interested in more data on your community? Extension also offers a more detailed report. In addition to the information provided in the summary report, this report includes population projections, average net worth by age, and an endowment-building example using a region’s transfer of wealth projections. Contact Ben Winchester, an Extension rural sociology educator, for information on report options.

Interactive map

Select a Minnesota county to view its data.

View a larger map

Reports

County summary reports for 2024

Regional and state reports

State report

Minnesota Summary Report

Regional reports

About the reports

A Transfer of Wealth Study is a(n) …

Likely scenario given what we know today
Analysis of survey data to make informed assumptions about larger regions
Action-focused analysis designed to leverage local assets
Conservative analysis that likely undercounts transferring household wealth

A Transfer of Wealth Study isn’t a(n) …

Statistical forecast of wealth transfer
Household-by-household analysis of wealth with the ability to identify individuals and families
Research-focused study for exclusively academic purposes
Precise estimate of total wealth available for philanthropic giveback

Data tables

Review the interactive map and report data in a table format. The county and regional data are contained in two tables.

Table 1 includes:

Region's population in 2020
Number of households in the region in 2020
Estimated household net worth in 2021 dollars
Amount of the estimated household net worth that will transfer in the next 10 years per household in 2021 dollars

Table 2 includes:

Amount of household net worth estimated to transfer to the next generation in 10 years in 2021 dollars
Amount of the estimated wealth that will transfer in the next 10 years per death in 2021 dollars
Five percent of the estimated 10-year transfer of wealth amount in 2021 dollars
Funds that could be awarded in grants in the 20 years following the initial 10-year transfer period in 2021 dollars
Amount of household net worth estimated to transfer to the next generation in 40 years in 2021 dollars

(Table 1) Minnesota Transfer of Wealth summary report data

Interactive map data relating to population numbers and household net worth.
Region	Population (2020)	Households (2020)	Household net worth (2020)	Transfer per household
Minnesota	5,707,165	2,207,988	$2,186,035,181,231	$26,138
Central Minnesota	618,314	234,981	$211,858,238,809	$21,722
Northwest Region	183,777	68,409	$37,122,423,288	$21,039
Southern Minnesota Initiative Foundation (SMIF) Region	721,924	277,629	$211,833,250,649	$23,011
Region 4	236,463	95,800	$70,981,584,893	$26,193
Region 9	253,741	93,876	$56,822,263,182	$20,624
Aitkin	15,693	7,594	$4,838,592,391	$28,942
Anoka	364,299	129,308	$141,905,055,870	$22,116
Becker	35,147	13,942	$10,801,771,559	$28,536
Beltrami	46,230	17,882	$8,405,726,242	$16,564
Benton	41,338	16,482	$7,499,717,613	$13,665
Big Stone	5,147	2,294	$1,164,225,686	$28,261
Blue Earth	69,173	26,390	$11,360,869,079	$13,332
Brown	25,885	10,643	$6,517,387,504	$22,589
Carlton	36,156	13,811	$9,402,945,689	$22,530
Carver	107,286	37,386	$64,638,104,229	$24,376
Cass	30,125	13,249	$9,988,019,459	$27,168
Chippewa	12,593	5,133	$2,446,217,066	$20,138
Chisago	56,670	20,370	$20,397,102,427	$29,784
Clay	65,351	24,695	$15,912,081,968	$20,006
Clearwater	8,580	3,452	$1,710,145,751	$19,444
Cook	5,592	2,608	$1,690,890,355	$18,898
Cottonwood	11,489	4,915	$2,205,183,246	$19,484
Crow Wing	66,236	27,605	$19,203,937,541	$24,305
Dakota	440,317	163,463	$212,374,733,147	$25,254
Dodge	20,861	7,776	$6,241,713,948	$22,296
Douglas	39,079	16,810	$13,825,371,213	$29,397
Faribault	13,888	6,074	$2,866,781,170	$23,785
Fillmore	21,246	8,652	$5,854,103,882	$24,315
Freeborn	30,883	13,005	$6,953,286,871	$22,305
Goodhue	47,536	19,623	$14,412,627,491	$24,566
Grant	6,080	2,578	$1,936,524,941	$22,147
Hennepin	1,281,267	513,892	$635,269,406,605	$29,339
Houston	18,818	8,286	$5,820,772,595	$20,998
Hubbard	21,380	8,792	$6,428,065,240	$24,419
Isanti	41,383	15,169	$11,817,306,942	$25,856
Itasca	44,984	19,529	$12,751,746,794	$27,075
Jackson	9,969	4,480	$2,892,508,042	$22,315
Kanabec	16,040	6,631	$3,697,276,920	$20,404
Kandiyohi	43,685	16,853	$11,933,132,125	$21,869
Kittson	4,180	1,834	$973,089,559	$24,635
Koochiching	12,031	5,796	$2,599,168,680	$19,966
Lac Qui Parle	6,701	3,048	$1,913,386,576	$23,142
Lake	10,885	5,174	$3,520,964,739	$30,522
Lake Of The Woods	3,760	1,522	$665,264,074	$19,247
Le Sueur	28,627	11,191	$9,162,342,016	$26,113
Lincoln	5,628	2,459	$1,266,852,770	$23,402
Lyon	25,174	10,067	$5,646,549,176	$17,553
McLeod	5,374	14,736	$8,971,976,456	$19,019
Mahnomen	9,035	1,956	$711,885,219	$18,303
Marshall	19,970	3,952	$2,239,818,462	$20,931
Martin	36,701	8,824	$6,076,282,992	$27,934
Meeker	23,428	9,219	$6,579,219,485	$25,173
Mille Lacs	26,410	10,535	$5,610,097,997	$18,771
Morrison	33,980	13,536	$7,904,624,919	$20,389
Mower	40,049	15,750	$10,195,612,750	$25,049
Murray	8,168	3,659	$2,691,097,440	$31,762
Nicollet	34,490	12,821	$9,671,302,559	$20,165
Nobles	22,183	7,898	$3,814,605,358	$18,389
Norman	6,422	2,771	$1,744,740,220	$33,448
Olmsted	162,991	63,561	$67,026,627,743	$22,656
Otter Tail	60,024	24,693	$19,759,787,411	$29,751
Pennington	13,939	5,976	$2,852,465,709	$22,329
Pine	28,854	11,132	$6,560,817,536	$23,978
Pipestone	9,405	4,002	$2,512,272,672	$21,971
Polk	31,051	12,619	$7,310,296,365	$24,129
Pope	11,309	5,010	$3,414,434,151	$25,954
Ramsey	551,480	210,424	$171,432,136,251	$24,507
Red Lake	3,936	1,713	$897,921,532	$20,078
Redwood	15,391	6,262	$3,326,361,869	$20,391
Renville	14,684	6,032	$3,851,217,755	$26,914
Rice	67,030	23,183	$21,697,899,116	$29,487
Rock	9,705	3,990	$2,486,968,507	$19,744
Roseau	15,294	5,940	$3,168,655,775	$19,224
St Louis	199,962	86,229	$55,248,040,658	$23,088
Scott	151,265	50,487	$79,573,715,210	$23,836
Sherburne	97,479	32,791	$38,415,908,232	$23,896
Sibley	14,802	6,015	$3,834,498,090	$20,973
Stearns	158,349	59,576	$36,454,489,946	$14,757
Steele	37,352	14,836	$9,780,094,195	$20,397
Stevens	9,646	3,683	$2,597,490,933	$21,731
Swift	9,791	4,243	$2,440,552,453	$20,208
Todd	25,250	9,888	$5,139,561,141	$16,308
Traverse	3,346	1,590	$1,148,235,033	$29,622
Wabasha	21,417	9,081	$7,082,019,631	$26,724
Wadena	14,107	5,748	$2,462,428,710	$21,667
Waseca	18,954	7,547	$4,863,936,172	$18,911
Washington	268,191	95,796	$169,559,869,141	$34,704
Watonwan	11,221	4,371	$2,469,585,312	$27,109
Wilkin	6,481	2,799	$1,597,919,849	$29,905
Winona	49,606	19,466	$11,927,589,182	$20,210
Wright	141,759	49,097	$46,247,510,958	$21,825
Yellow Medicine	9,492	4,088	$2,501,340,864	$28,673

(Table 2) Minnesota Transfer of Wealth summary report data

Interactive map data relating to household net worth estimates for transferring wealth over periods of time.
Region	10-year transfer	Transfer per death	10-year 5% capture	Total grant making	50-year transfer
Minnesota	$61,077,516,069	$114,137	$3,053,875,803	$3,646,534,018	$347,937,977,916
Central Minnesota	$5,604,361,023	$99,112	$280,218,051	$334,599,284	$36,657,596,577
Northwest Region	$1,437,617,537	$69,604	$71,880,877	$85,830,623	$7,803,303,990
Southern Minnesota Initiative Foundation (SMIF) Region	$6,685,426,052	$97,454	$334,271,303	$399,142,517	$35,656,804,571
Region 4	$2,635,759,979	$99,792	$131,787,999	$157,363,774	$15,115,018,682
Region 9	$1,982,849,503	$80,785	$99,142,475	$118,382,813	$10,354,343,829
Aitkin	$220,692,415	$89,577	$11,034,621	$13,176,083	$1,110,655,554
Anoka	$3,037,965,665	$109,007	$151,898,283	$181,376,812	$17,368,496,899
Becker	$432,195,280	$100,769	$21,609,764	$25,803,518	$2,799,278,133
Beltrami	$312,862,672	$66,661	$15,643,134	$18,678,958	$1,887,932,154
Benton	$240,119,043	$59,352	$12,005,952	$14,335,918	$1,441,187,477
Big Stone	$59,834,461	$80,766	$2,991,723	$3,572,319	$277,332,189
Blue Earth	$372,536,482	$66,840	$18,626,824	$22,241,686	$1,973,139,879
Brown	$234,630,835	$76,162	$11,731,542	$14,008,253	$1,117,277,268
Carlton	$323,449,426	$78,002	$16,172,471	$19,311,023	$1,713,770,076
Carver	$1,061,829,747	$140,773	$53,091,487	$63,394,823	$9,271,743,114
Cass	$388,723,591	$101,346	$19,436,180	$23,208,111	$2,493,654,509
Chippewa	$96,500,144	$61,377	$4,825,007	$5,761,385	$410,897,711
Chisago	$644,113,906	$122,062	$32,205,695	$38,455,776	$3,908,968,084
Clay	$532,400,975	$98,077	$26,620,049	$31,786,137	$3,173,368,022
Clearwater	$67,030,414	$65,758	$3,351,521	$4,001,942	$368,090,190
Cook	$51,227,477	$76,394	$2,561,374	$3,058,453	$239,570,607
Cottonwood	$89,572,594	$66,942	$4,478,630	$5,347,786	$363,931,749
Crow Wing	$727,723,830	$90,043	$36,386,191	$5,347,786	$4,624,607,904
Dakota	$4,401,359,201	$129,908	$220,067,960	$262,776,011	$25,062,027,982
Dodge	$186,896,878	$109,774	$9,344,844	$11,158,375	$1,120,598,424
Douglas	$529,268,755	$109,085	$26,463,438	$31,599,132	$3,213,262,863
Faribault	$136,288,303	$75,368	$6,814,415	$8,136,872	$573,531,739
Fillmore	$211,897,719	$87,503	$10,594,886	$12,651,010	$975,966,217
Freeborn	$281,341,076	$87,503	$14,067,054	$16,797,013	$1,215,591,274
Goodhue	$497,720,827	$89,414	$24,886,041	$29,715,615	$2,700,974,023
Grant	$56,807,696	$80,162	$2,840,385	$3,391,611	$260,117,526
Hennepin	$16,076,390,917	$153,727	$803,819,546	$959,814,841	$94,601,518,612
Houston	$169,288,905	$82,470	$8,464,445	$10,107,119	$831,315,617
Hubbard	$225,660,277	$94,077	$11,283,014	$13,472,681	$1,270,323,828
Isanti	$424,230,748	$109,032	$21,211,537	$25,328,009	$2,619,954,451
Itasca	$538,800,348	$90,071	$26,940,017	$32,168,201	$2,846,258,193
Jackson	$96,875,501	$89,916	$4,843,775	$5,783,795	$513,874,279
Kanabec	$135,294,930	$79,027	$6,764,746	$8,077,564	$691,903,086
Kandiyohi	$374,825,283	$86,841	$18,741,264	$22,378,335	$1,849,636,543
Kittson	$40,679,473	$63,628	$2,033,974	$2,428,702	$177,129,364
Koochiching	$107,330,127	$62,426	$5,366,506	$6,407,971	$536,777,161
Lac Qui Parle	$63,281,808	$71,691	$3,164,090	$3,778,138	$268,678,462
Lake	$154,596,914	$105,598	$7,729,846	$9,229,958	$753,074,517
Lake Of The Woods	$26,322,616	$55,032	$1,316,131	$1,571,549	$139,822,072
Le Sueur	$312,245,863	$118,126	$15,612,293	$18,642,133	$1,791,352,704
Lincoln	$54,516,964	$76,008	$2,725,848	$3,254,847	$243,743,620
Lyon	$174,773,048	$70,083	$8,738,652	$10,434,541	$934,994,006
McLeod	$274,594,644	$76,187	$13,729,732	$10,434,541	$1,012,999,912
Mahnomen	$34,604,981	$54,595	$1,730,249	$2,066,034	$159,171,222
Marshall	$76,825,764	$91,309	$3,841,288	$4,586,758	$403,068,962
Martin	$252,507,320	$95,369	$12,625,366	$15,075,540	$1,409,214,877
Meeker	$233,561,871	$92,067	$11,678,094	$13,944,433	$1,151,467,711
Mille Lacs	$201,844,858	$64,235	$10,092,243	$12,050,820	$1,059,849,825
Morrison	$280,882,688	$64,235	$14,044,134	$16,769,645	$1,652,415,697
Mower	$398,810,936	$102,005	$19,940,547	$23,810,360	$1,790,878,589
Murray	$108,741,654	$111,322	$5,437,083	$6,492,244	$475,273,680
Nicollet	$273,075,029	$96,410	$13,653,751	$16,303,502	$1,582,649,186
Nobles	$141,686,751	$72,974	$7,084,338	$8,459,178	$676,883,677
Norman	$87,060,472	$100,150	$4,353,024	$5,197,804	$362,869,875
Olmsted	$1,606,194,895	$124,186	$80,309,745	$95,895,261	$9,308,180,326
Otter Tail	$754,302,975	$99,089	$37,715,149	$45,034,436	$4,104,196,225
Pennington	$135,817,966	$86,799	$6,790,898	$8,108,791	$907,049,213
Pine	$274,997,477	$83,964	$13,749,874	$16,418,278	$1,571,678,776
Pipestone	$80,966,686	$74,631	$4,048,334	$4,833,985	$334,062,363
Polk	$295,108,122	$80,625	$14,755,406	$17,618,952	$1,446,952,711
Pope	$133,781,992	$98,929	$6,689,100	$7,987,237	$765,384,396
Ramsey	$5,353,500,787	$111,092	$267,675,039	$319,622,080	$26,320,840,914
Red Lake	$34,494,950	$85,993	$1,724,747	$2,059,465	$231,802,054
Redwood	$117,146,627	$67,515	$5,857,331	$6,994,049	$461,844,866
Renville	$146,711,260	$85,079	$7,335,563	$8,759,158	$572,861,677
Rice	$736,719,688	$122,944	$36,835,984	$43,984,654	$4,289,281,877
Rock	$78,961,621	$64,760	$3,948,081	$4,714,275	$364,668,249
Roseau	$114,801,467	$69,704	$5,740,073	$4,714,275	$674,025,317
St Louis	$1,991,171,545	$84,778	$99,558,577	$118,879,667	$9,379,136,771
Scott	$1,403,078,897	$142,593	$70,153,945	$83,768,550	$12,011,310,197
Sherburne	$907,100,018	$125,922	$45,355,001	$54,156,935	$6,771,025,441
Sibley	$127,571,916	$86,438	$6,378,596	$7,616,474	$695,462,652
Stearns	$952,579,190	$75,476	$47,628,959	$56,872,195	$5,892,571,707
Steele	$314,366,115	$75,476	$15,718,306	$18,768,719	$1,672,524,719
Stevens	$80,428,594	$96,383	$4,021,430	$4,801,859	$379,471,352
Swift	$80,625,557	$69,651	$4,031,278	$4,813,618	$354,350,526
Todd	$158,925,385	$64,640	$7,946,269	$9,488,382	$803,405,484
Traverse	$42,819,490	$84,139	$2,140,974	$2,556,468	$273,534,735
Wabasha	$242,983,941	$107,495	$12,149,197	$14,506,962	$1,242,546,115
Wadena	$122,380,857	$64,559	$6,119,043	$7,306,551	$549,481,127
Waseca	$140,692,632	$75,235	$7,034,632	$8,399,825	$603,617,039
Washington	$3,648,619,892	$166,774	$182,430,995	$217,834,932	$24,079,588,678
Watonwan	$115,593,587	$93,404	$5,779,679	$6,901,328	$599,720,925
Wilkin	$78,567,860	$94,807	$3,928,393	$4,690,767	$433,374,750
Winona	$392,241,361	$82,956	$19,612,068	$23,418,134	$1,959,200,704
Wright	$1,253,555,092	$115,442	$62,677,755	$74,841,473	$9,989,248,485
Yellow Medicine	$108,991,475	$101,083	$5,449,574	$6,507,159	$508,668,498

Frequently asked questions about the data

What percent of young adults live within commuting distance of where they grew up?

Sixty percent live within 10 miles (born 1984-1992) — this is a model, however, not a count. Just 25% of rural movers are from the community to which they moved. (2019 Rural Workforce Movers Survey). This percentage rose during the pandemic.

Are family trusts (exempt from probate) counted in the data?

Revocable trusts are counted as net worth (PDF)

What about irrevocable trusts?

The 1041 tax form, as well as supplemental tax forms for irrevocable trusts, do not appear to include the option of listing a beneficiary. Therefore, it is unlikely that these trusts are counted toward an individual's wealth in the ESRI data.

Is there a way to understand how that wealth compares to the amount invested in philanthropy in the region?

Not with the data we currently have. It could be done if you have a data source that has the amount of money invested in philanthropy by county, but that is out of this report's purview.

The Council on Foundations CF Insights database has some data. Guidestar is another source with data about giving and endowments.

Other questions? Review the full FAQ list on intergenerational transfer of wealth (PDF) for more answers.

Step 2: Create local conversations about local wealth

Many communities struggle to overcome the perception that they lack the capacity, tools, and know-how to make a lasting change for the better. Simply understanding the potential for capturing a small percentage of local wealth can create more optimism, helping local groups and donors start dreaming about possibilities. Start local conversations about your community’s future now, so that as wealth transfers, it might support the vision.

How can Extension help?

Extension can provide education on rural demographic changes and transfer of wealth data. Bring a presentation to your community by contacting Ben Winchester, an Extension rural sociology educator.

Step 3: Plan now to reduce barriers to giving

Partnerships with community foundations or nonprofits can help communities learn about opportunities for charitable and philanthropic donations, as well as legal and fiscal necessities. If unsure where to start, contact Ben Winchester. He may have connections to potential philanthropic partners to share with you.

Also, learn from other communities about keeping wealth local. Read about state initiatives in Nebraska, Iowa and Kansas below.

Watch and learn about intergenerational transfer of wealth.

More related media (videos/podcasts/articles)

Transfer of Wealth in Rural America (2011) by Don Macke, Deborah Markley, and Ahmet Binerer
Rural Wealth Creation: Concepts, Strategies, and Measures (2012) by John Pender, Alexander Marre, and Richard Reeder
NCF Classroom: Transfer of Wealth
Census, The Wealth of Households wealth report (PDF)
2024 Giving Guide (11/13/2024, Twin Cities Business)
Small-Town Philanthropies Use the Great Wealth Transfer to Fund Rural Communities (6/27/2024, Daily Yonder)

Stay in touch

Want to get more insight on transfer of wealth data? Subscribe and we'll send updates, analysis, and community stories.

Add my name to your list

Reviewed in 2025