How to be a Moral Millionaire

Oxfam recently reported that the world’s eight richest people own more than the poorer 50% of the world’s population. This shocking statistic puts an unfortunate yet unsurprising shadow over the human condition. The big question is- is it their fault? Is wealth inherently bad and corrupting? In London, we have a good chance of being a millionaire eventually- according to our estate agent’s windows. So, you know. Just in case. What should be our priorities should the millions come rolling in?

Support Artisans

The materialism of wealth is something we would all fall for. Secretly we would all love a yacht filled with champagne, or that watch on the back of a magazine. However, where modern consumerism has failed is in directing wealth towards status symbol brands. If we returned to a culture of the craftsman as the status symbol- of fine jewellers and painters rather than gold Rolls Royces and diamond phone cases- a whole artistic industry could be revived. A millionaire needs to be a patron of the arts.

If you invest in the lavish and beautiful, consider allowing a degree of public access. It is perfectly possible to keep your wealth without fencing off all your possessions. Loan objects of historic or artistic value to collections and exhibitions.

Contribute to Worthy Causes

Look at the tributes paid to the late George Michael. While handing out cheques may not seem much when you’re that rich, it certainly beats burning money for the sake of it.

Some of us think if we ever make it ‘big’, we will run down our street throwing wads of cash at the homeless. As philanthropic as this seems, it is very problematic. Will they spend it wisely? Is it fair they got it and not the homeless the other side of town? Will fights break out over this vast difference in gifted wealth?  Tackling homelessness requires big, widespread action. Donate your funds towards worthy causes who try to tackle the root problems rather than merely address the symptoms. Making tea for people cold on the street is a nice gesture, but very short lived. Starting a soup kitchen, on the other hand, holds long term benefit.

Smaller charities also benefit more than major international ones. Big charities are where we see highly-paid executives. They certainly earn those salaries, but it takes some of the soul out of your efforts. Consider grassroots campaigns for direct action. Be original.

Study

Marcus Aurelius is hailed as one of the Roman Empire’s greatest rulers as the ‘philosopher king’, a strong stoic philosopher. You don’t have to become an academic, but it is noticeable how many people of wealth suddenly stop all work and fall into pure hedonism. Many of us would love to broaden our horizons if we didn’t have to keep a roof over our head. If you never have to work again, maintain a sense of balance and proportion by delegating some hours to advancing your mind.

Just think if Donald Trump studied the classics after he built his tower, with their ancient insights into the human condition and morality.

Offer Funding

Locked up finances slow the economy. Get involved with startups and you will get a better return and make a meaningful difference to people’s lives. Your personal involvement also gives you focus and a true occupation- a reason to get up in the morning, unlike a share portfolio.

Alternatively- start your own business! Just because you don’t need money as a millionaire doesn’t mean you can’t create employment opportunities. Having your own investment means you can have a stronger start and be sure to get it right rather than rushing to turn a profit.

 

Have Hobbies

Some people like to collect tanks. Sure, not very useful until a film company or reenactment group needs to hire one. However, they probably still have the best weekends. The fact is, status symbols become hollow once you own them. On the other hand, true collections can become a real occupation. Millionaire Andrew Lloyd Webber is a prominent collector of Pre-Raphaelite art. Chris Evans has many rare items of significance. Think of public collections today bequeathed to the nation by past rich philanthropists and antiquarians.

These interests keep you human and allow you to have a real impact in keeping treasures where they were made. You share a common interest with people- producer Pete Waterman is prominent in the railway modelling community. Big name rockstars continue to frequent local record fairs. Don’t fence yourself off in a golden palace.

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