RE: Wealth Is Not Happiness, Wealth Is a Responsibility

How to be responsible with wealth

According to the research, nearly 70 percent of ultra-wealthy inheritors will become more involved in evaluating the impact and results of giving. Half will become more directly involved in improving the effectiveness of philanthropic endeavors.

While family offices are seeing an evolution in charitable tactics, evidence suggests that core values are largely inherited – with almost 90 percent indicating the influence of parents or other family members. Ironically, roughly 40 percent still report frequent disagreements with family members regarding lifestyle choices – including philanthropic decisions. With this in mind, it’s hardly surprising that 75 percent are interested in learning how other ultra-wealthy families approach philanthropy.

“Balancing family obligations, personal and professional goals, and charitable activities can be a herculean task for any individual alone. The multifamily office sector is facilitating meaningful discussions within exceptional wealthy communities, creating new opportunities for socially responsible investing. A growing desire to align investment performance and charitable interests is evident in increasing allocations to activist alternative funds, as well as a growing appetite for affinity oriented impact investing,” said Flynn.

To achieve charitable ambitions necessitates having the drive as well as knowledge and skills. It’s quite evident that many of ultra-wealthy inheritors are astoundingly motivated to tackle their responsibilities – though not at the expense of wealth accumulation efforts. About 85 percent of ultra-wealthy inheritors remain strongly motivated to become significantly wealthier. As research indicates, these goals are today are not perceived to be mutually exclusive.

Source - https://www.forbes.com/sites/russalanprince/2015/01/26/with-great-wealth-comes-great-responsibility/