For many ultra-wealthy inheritors—individuals who have received or are heirs to at least $100 million in assets—philanthropy is both a personal interest and a defining characteristic. But in today’s world of social entrepreneurism, it’s about more than charitable gifts and actions and increasingly about using wealth and resources to make a significant, positive impact on the world.
A number of factors contribute to the philanthropic motivations of ultra-wealthy inheritors:
• A belief that wealth carries social responsibility and those that have the resources and the wherewithal to be philanthropic should do so.
• Core values that have been ingrained into their thinking and decision-making by ancestors and extended family relations.
• Sociological influences that come via their peers, other multigenerational families with similar interests, the charitable community and the media.
Russ Alan Prince is a strategist for family offices and many of the wealthiest families in the world. He helps them define and refine the desired outcomes they want. Russ also provides direction in selecting and structuring ultra-wealthy families’ relationships with private wealth industry professionals so they get superior results.