In 2005, I interviewed at Atlantic Philanthropies. I didn’t get the job, but I left with something far more valuable – an understanding of what wealth can do when directed with purpose. They told me about Chuck Feeney, the billionaire founder of Duty-Free Shoppers, and whose money they were managing and his radical mission: to give away his entire fortune in his lifetime. What struck me most wasn’t just the scale of his giving but the philosophy behind it. Every employee at Atlantic Philanthropies was empowered to pick a cause to support, reinforcing that wealth isn’t just about accumulation; it’s about impact.
In 2020, Feeney achieved his goal, quietly donating his last dollar to charity and closing the foundation he built. Over the years, he had given away $8bn, funding education, health, human rights and scientific research. Unlike so many billionaires who pledge to give but never quite get around to it, Feeney lived modestly, ensuring his money worked in the world, not just in a bank account. His approach – giving while living – wasn’t about legacy or recognition; it was about immediate and tangible change.
The purpose of wealth
Money is often framed as a measure of success, but what if we measured it instead by the impact it creates? Feeney wasn’t alone in his thinking. The Chouinard family, founders of Patagonia, took a similar approach. In 2022, Yvon Chouinard transferred ownership of his $3bn company to a trust designed to combat climate change. “Earth is now our only shareholder,” he declared. This wasn’t just philanthropy; it was a complete reimagining of what business and wealth should stand for.
Other billionaires are waking up to this responsibility. In 2010, Bill Gates and Warren Buffett launched The Giving Pledge, a commitment for the world’s wealthiest individuals to give away at least half of their fortunes during their lifetime or in their wills. Today, more than 240 billionaires have signed it, including MacKenzie Scott, who has given away over $16bn at an unprecedented pace, often with no strings attached. Some, like Feeney, have already surpassed their pledge, proving that philanthropy doesn’t have to be a future promise – it can be a present action. As of 2022, The Giving Pledge has garnered commitments from 236 individuals and families across 28 countries, pledging to donate at least half of their wealth to charitable causes.
But this shift isn’t just happening at the billionaire level. A new generation of inheritors is actively questioning the role of wealth and its impact on society. Making Money Make Change is a movement of young, ultra-wealthy individuals who are grappling with the moral responsibility of their fortunes. At exclusive retreats, heirs to billion-dollar fortunes are discussing how to redistribute their wealth, not just preserve it. Some, like Rachel Gelman of the Hewlett-Packard family, are advocating for radical giving, while others are exploring ways to use their inherited wealth to dismantle inequality rather than perpetuate it.
More than charity – systemic change
The conversation about wealth and giving isn’t just about philanthropy; it’s about impact. Writing a cheque is one thing but ensuring that money is used effectively to drive long-term change is another. This is where accountability, transparency and governance come in – principles that should apply just as much to philanthropic giving as they do to investment decisions.
Traditional philanthropy often allows the wealthy to dictate what causes are “worthy”. But there’s a growing recognition that those most affected by social and environmental issues should have a say in how funds are allocated. This shift is crucial because wealth, when used responsibly, isn’t just about generosity – it’s about justice.
What this means for the investment industry
For those of us working in the investment industry, these examples raise important questions. What is the role of wealth beyond financial returns? How do we ensure the capital we manage is deployed responsibly while still delivering strong outcomes for clients?
The primary duty of investment professionals has always been to maximise returns, but the way we think about risk and opportunity is evolving. Clients – whether individuals, pension funds or institutions – are increasingly looking for strategies that deliver financial success while considering long-term sustainability and governance. This isn’t about philanthropy; it’s about recognising that poor corporate culture, environmental negligence, and weak governance all present real financial risks. Companies that ignore these factors may struggle to attract investment, retain talent, or manage regulatory changes—issues that can directly impact long-term returns.
The role of advice and product innovation
As investment professionals, our role is to help clients navigate these complexities. Strong returns and responsible investment practices are not in conflict – they can complement each other when approached with a clear, pragmatic strategy. The best investment solutions will balance short-term financial performance with long-term resilience, ensuring that clients meet their objectives without overlooking the risks that could affect them in the future.
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This requires moving beyond box-ticking approaches to ESG and instead integrating sustainability and governance factors into fundamental investment analysis. It also means engaging with companies to drive better practices rather than simply excluding sectors or businesses.
Ultimately, the financial industry doesn’t operate in isolation. The advice we give, the products we design and the capital we allocate all have an impact. The challenge is making sure that impact aligns with long-term financial success while recognising the risks and opportunities that will shape the investment landscape in the years to come.
Rethinking success
The lesson from Feeney, Chouinard and the next generation of wealth holders isn’t just about giving; it’s about rethinking how wealth is used. If we take a broader view of risk and opportunity, we can create strategies that deliver strong financial outcomes while also considering the bigger picture. Wealth, after all, is not just about accumulation – it’s about what you do with it.
