Is philanthropy the new status symbol amongst the very rich?
More and more who have made their millions in investment banking, private equity or hedge funds have been looking for ways to give back through good charity projects. Are they now looking for the next best thing having had their financial success? This may be different to individuals who have inherited wealth, raising feelings of guilt or embarrassment as their belief systems are challenged.
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This may not be exactly the picture at the moment as the economic squeeze has been making people nervous about what they should spend their money on, whether to ‘invest’ in social cause, or who to trust with their hard earned money. Maybe a would be investor can comment on this?