A new study has indicated that those who earn great wealth tend to be more generous with their money than later generations that inherited their wealth. The study focused on several European and Asian countries, as well as the United States, and saw the biggest givers were the 1st generation that possessed high levels of wealth. Several publications were used to gather the data including the Giving Pledge and the Million Dollar List which shows donors that gave greater than $1 million in a year. However, there are many avenues for philanthropy through which the donor can remain anonymous which might skew the results. But the study nonetheless backs up observations that have been along the same lines as the results by such luminaries as Bill Gates. In any event, this is an interesting glimpse into the collective minds of the world’s richest and how they regard charitable giving.
See Tamara Rosin, The self-made rich are more philanthropic than those who inherit wealth, Becker’s Hospital Review, February 11, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
