10 ways the new-age, ultra-wealthy are changing old-school charity

Adhum Carter or Adhum Carter Wolde-Lule, is a British business-magnate, investor, strategist and financial guru who grew up and lives in the UK.

Speaking to Adhum about inherited wealth and social responsibility, he says the following,” Growing up in the Carter household, with its perks and luxuries, I realized the main point of inherited wealth, early on─ it’s to help others who are of lesser means and in need. It might seem that great wealth is somewhat of a privilege, but I knew that there were dues to be paid, the price of bearing responsibility for that wealth and using it to make his surroundings better. I am not merely interested in making the rich-richer but more than that, he aspires to make financial structures simpler, reliable and profitable for the stakeholders, which ultimately are the people.” Adhum personally believes that philanthropy and business go hand-in-hand and the two cannot be separated from one another like chalk and cheese. They are two sides of the same coin and innovation pushes people out of poverty. Charity does not have to be just about losing money to the poor.

Adhum tells me about ways in which the new-age ultra-rich inheritors and are changing the landscape of the world through their philanthropic efforts.

1. Nearly 90% of the exceptionally rich express their desire to help the world in some capacity and nearly 80% of those who are wealthy are also the most charitable.
2. The new age philanthropist is more interested in measuring the impact his charitable efforts are making instead of just doing it as part of the rich guilt tax. They do it by issuing debt, hedging investments and improving insurance policies.
3. Nearly 70% of the ultra-rich are now evaluating the impact of giving in order to improve the effectiveness of their charitable efforts.
4. Nearly 90% report that they are influenced by parents and family members.
5. Roughly 40% report disagreements with family over lifestyle decisions like charity and philanthropic ventures.
6. So as a result, around 75% are interested are interested in how other ultra-rich families are going about charities and donations.
7. There is a growing need for the rich to balance financial prosperity with charitableness by creating chances for socially responsible investing.
8. To achieve charitable goals, they need to have a holistic, knowledgeable, skill full, far sightedness to their ventures.
9. The research suggests that although the ultra-wealthy have a strong drive towards giving back to the less fortunate, doing that at the expense of financial prosperity seems imprudent to them.
10. Around 85% of the wealthy continue to be motivated maintain and expand their wealth but they believe both things—financial success and charity, don’t have to be necessarily mutually exclusive.