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The Eye of the Needle

Excerpt: There was a discussion this morning on Radio 4 around the news that the world's second-richest man is to give away his $44bn fortune to the Gates Foundation. Philanthropy is a well-established phenomenon in the US. Partly this is due to the much lower level of State provision; partly due to a culture in which Religion has a much higher profile and reach than in Europe. Crucially there is also a much greater prevalence of the view that wealth is not there to be horded and passed down to the next generation. This is in marked contrast to the UK, where views on inherited wealth are informed by the actions and attitudes of the Aristocracy and the Monarchy. Preservation of dynastic priveleges and wealth are paramount, and fly in the face of meritocracy and philanthropy.
Submitted by Jabez Clegg on 27 June 2006 - 8:50am | Categories:

There was a discussion this morning on Radio 4 around the news that the world's second-richest man is to give away his $44bn fortune to the Gates Foundation. Philanthropy is a well-established phenomenon in the US. Partly this is due to the much lower level of State provision; partly due to a culture in which Religion has a much higher profile and reach than in Europe. Crucially there is also a much greater prevalence of the view that wealth is not there to be horded and passed down to the next generation. This is in marked contrast to the UK, where views on inherited wealth are informed by the actions and attitudes of the Aristocracy and the Monarchy. Preservation of dynastic priveleges and wealth are paramount, and fly in the face of meritocracy and philanthropy.

Perhaps the last word should go to Andrew Carnegie:

"The man who dies rich, dies impoverished."


Comments

On 27 June 2006 - 9:11am, Neil (not verified) wrote:

There is still plenty of wealth for Gates, Buffet and co. to pass on even after they have given away 85% of it!


On 27 June 2006 - 9:20am, Jabez Clegg wrote:

Neil - just shows the need for effective IHT for the rest!


On 27 June 2006 - 12:35pm, Rob Knight wrote:

For people to feel they can give their wealth away, they need to feel that they made it themselves (rather than it being part of a family estate of which they were merely a temporary custodian).

This underlines the case for policies which encourage social mobility and economic growth, I think.