Trend for Wealthy British to Favor Charity Over Children

The following excerpts are from Jane Croft, A service for the very rich, Financial Times, June 7, 2007:

According to private banks, there is a new enthusiasm among wealthy clients to donate some of their riches to projects to improve the environment or society rather than leave all their wealth to their children.

High-profile cases, such as that of legendary investor Warren Buffett, the world’s second-richest person, have acted as a catalyst. Mr Buffett has said he will give 85 per cent of his $44bn fortune to the Bill and Melinda Gates Foundation to fight poverty and disease around the world.

Special thanks to Prof. Joel C. Dobris of the University of California-Davis for bringing this article to my attention.