Cover Milken Institute CEO Richard Ditizio, photographed exclusively for Tatler Asia. For the veteran banker, the current US$90 trillion wealth transfer represents more than a financial shift; it is a historic opportunity for a new generation to redefine the meaning of legacy, shifting the focus from what money can buy to what it can actually (Photo by Ken Leung for Tatler Asia)
Milken Institute CEO Richard Ditizio, photographed exclusively for Tatler Asia. For the veteran banker, the current US$90 trillion wealth transfer represents more than a financial shift; it is a historic opportunity for a new generation to redefine the meaning of legacy, shifting the focus from what money can buy to what it can actually (Photo by Ken Leung for Tatler Asia)
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In an exclusive interview with Tatler Leadership, Richard Ditizio of the Milken Institute breaks down the new rules of family wealth. He reveals why the world’s heirs are trading traditional charity for hands-on leadership to build a legacy independent of their parents' names
In the next decade, a staggering US$90 trillion in assets will pass to the next generation, a shift that is fundamentally redefining the concept of a family legacy. But for Richard Ditizio, this isn’t just a financial transfer—it’s a psychological one. Having spent 25 years at the summit of private banking before leading the Milken Institute as CEO, Ditizio observes that the old way of securing a legacy through passive, fragmented giving is being replaced by a more disciplined approach.
For the next-gen donor, philanthropy is no longer just about the name on a building; it is what Ditizio describes as an "escape hatch" to establish an independent identity away from the legal scaffolding of a family fortune. Based on Ditizio’s insights into this shifting landscape, there are three fundamental questions every modern philanthropist should consider to establish a legacy that makes a difference.
1. Is my capital "recyclable"?
A more sophisticated approach for donors in 2026 is to move away from the "one-and-done" donation. Ditizio notes a shift towards seeing philanthropy as an investment where the goal is a sustainable financial structure, rather than a single grant. By lending capital or creating revolving funds, donors can ensure their wealth does "more with the same dollar". "The next generation is less interested in one-off cheques,” says Ditizio. “They are thinking about the recyclability of capital—how to deploy funds into a philanthropic investment so that once the goal is met, that capital can be returned and recycled into the next crisis".
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Above RIchard Ditizio at a reception event for the Milken Institute's Global Investors’ Symposium Hong Kong 2026. For the next gen philanthropist, the organisation's CEO notes that there is a shift towards seeing philanthropy as an investment where the goal is a sustainable financial structure, rather than a single grant.
RIchard Ditizio at a reception event for the Milken Institute's Global Investors’ Symposium Hong Kong 2026. For the next gen philanthropist, the organisation's CEO notes that there is a shift towards seeing philanthropy as an investment where the goal is a sustainable financial structure, rather than a single grant.
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2. Am I causing new problems while trying to fix old ones?
Good intentions are the baseline, but Ditizio warns that they are often insufficient. In the rush to solve global issues like climate change or health crises, donors must be wary of the unintended consequences of their giving. Ditizio cautions that "in our urgency to help, we must ensure we aren't creating a 'negative wake.' It’s possible to solve one problem while inadvertently triggering another if the solution isn't scaled thoughtfully or paired with the right infrastructure". Real impact involves ensuring a contribution empowers a community rather than creating a new cycle of dependency.
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Above Milken Institute's CEO Richard Ditizio and Laura Deal Lacey, executive vice president for International, with The Honorable Michael Wong Wai-lun, GBS, JP. Following his opening remarks—which highlighted Hong Kong’s resilience and its future as a tech-driven "safe harbour"—the acting financial secretary joined the Institute’s leadership to discuss the city’s evolving role in the global financial landscape.
Milken Institute's CEO Richard Ditizio and Laura Deal Lacey, executive vice president for International, with The Honorable Michael Wong Wai-lun, GBS, JP. Following his opening remarks—which highlighted Hong Kong’s resilience and its future as a tech-driven "safe harbour"—the acting financial secretary joined the Institute’s leadership to discuss the city’s evolving role in the global financial landscape.
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3. Is this about my family's name, or my own purpose?
Ditizio notes that many heirs struggle with a "deficit of hope" because their lives are defined by protecting a fortune they didn't create. He observes that "for many young people, every legal document put in front of them is about protecting a fortune they had no part in creating"—a process that can have a corrosive effect on self-esteem. Philanthropy provides the tool to reclaim that narrative. By building a mission independent of the family business, Ditizio argues that philanthropy "allows them to carve out a lane for themselves—shifting the focus from what money can buy to what money can actually do". Ultimately, it becomes a redemptive act that restores a sense of self-worth that "all the money in the world" cannot provide.
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Karen Vera is the regional content director for Tatler Asia. Having led editorial strategy across Hong Kong, Singapore, Manila, Jakarta, and Shanghai throughout her career, she is a devoted culture vulture whose favorite party trick is naming every Oscar Best Picture winner from 1972 onwards. (Annie Hall won in 1977, by the way.)
