Exploding Philanthropy: Moguls Spur a Rich & Unregulated Marketplace

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Exploding Philanthropy: Moguls Spur a Rich & Unregulated Marketplace
by Tom Watson
November 02, 2006
Huffington Post

"When Forbes released its annual list of the 400 richest Americans in September, nine figures not longer cut it: the list was made up entirely of billionaires. It's true, the economists confirm, the rich really are getting richer - and they're getting richer faster.

And as the ranks of the wealthy swell - there are more than eight million millionaires now in America - the ways in which they take advantage of their wealth are changing.

The surge in luxury goods, the myriad travel opportunities, the lifestyles and real estate are all part of it. But so is philanthropy.

As I've argued here before, modern philanthropy is inherently a consumer marketplace - and in the upscale reaches where mall-hoppers and Chevy drivers don't venture, it's as aspirational as anything else. As Women's Wear Daily said in a special report on luxury consumer goods and causes last week: " companies are mining a new cultural mind-set and giving consumers a chance to feel virtuous about an upscale product they purchase."

To put it another way: Bill Gates alone is a phenomenon. Bill Gates and Warren Buffett together constitute a trend - and this is one trendy crowd.

..........SNIP"

http://www.huffingtonpost.com/tom-watson/exploding-philanthropy-m_b_33116.html