The Ultra Rich Are Giving Away Less And Less
There are two ways we can think about the ultra-rich: There are the lavish homes, jets and jewels like from TVs “Lifestyles of the Rich and Famous,” but there’s also the image of Andrew Carnegie, the steel baron who devoted his life to philanthropy.
Carnegie created the public library system and influenced cultural and educational life throughout the country. And he did this by giving away almost 90 percent of his wealth in his lifetime.
These days though, America’s ultra-wealthy families — we’re talking about those with more than $500 million in assets — donated smaller than average sums to charities in 2017. That’s according to a report out from nonprofit The Bridgespan Group.
Susan Wolf Ditkoff is a partner there, and The Show spoke with her more about why big money isn’t translating into big giving these days.