TradeBriefs Editorial

From the Editor's Desk

The Rich Kids Who Want to Tear Down Capitalism

Socialist-minded millennial heirs are trying to live their values by getting rid of their money.

Lately, Sam Jacobs has been having a lot of conversations with his family's lawyers. He's trying to gain access to more of his $30 million trust fund. At 25, he's hit the age when many heirs can blow their money on harebrained businesses or a stable of sports cars. He doesn't want to do that, but by wealth management standards, his plan is just as bad. He wants to give it all away.

"I want to build a world where someone like me, a young person who controls tens of millions of dollars, is impossible," he said.

A socialist since college, Mr. Jacobs sees his family's "extreme, plutocratic wealth" as both a moral and economic failure. He wants to put his inheritance toward ending capitalism, and by that he means using his money to undo systems that accumulate money for those at the top, and that have played a large role in widening economic and racial inequality.

Continued here


TradeBriefs: Newsletters for Decision-Makers!

Advertisers of the day

Emeritus: Take your career to a new level with PG Diploma in Digital Business | Accepting Applications - Starts on Feb 16, 2021

NUS Business School: Stay at the forefront of financial innovations | NUS Business School's FinTech programme - Starts on Feb 18, 2021

Our advertisers help fund the daily operations of TradeBriefs. We request you to accept our promotional emails.

Want the newsletters, without the promotional mailers?
Get an (ad-free) subscription to TradeBriefs Premium for just $2 per month.

Now, TradeBriefs Premium members can interact with other Entrepreneurs & Decision-makers on our exclusive Whatsapp Group | Share leads & tips to help each other succeed

You are here: Home Opinion The Rich Kids Who Want to Tear Down Capitalism