There is a perception among many that those who accumulate wealth become obsessed with accumulating more and, in the process, lose their capacity to feel empathy for others. As far back as the beginnings of recorded history, the accumulation of wealth has been perceived as a corrupting influence. In the Biblical scripture, Timothy 6:10, we read, “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.”
In A Christmas Carol by Charles Dickens, we observe how Ebenezer Scrooge gradually declines into a stingy old man who closes himself off from the world and is concerned only about increasing his fortune. The Guinness Book of World Records has listed Hetty Green as the biggest miser who ever lived. Inheriting $100 million (in today’s money), she dedicated herself to increasing her wealth, by living frugally to save money and investing heavily. The so-called “Witch of Wallstreet,” was so frugal that when her son Ned broke his leg, she postponed treatment until she could have him examined at a free clinic for the poor. By the time he gained access to the clinic, the condition had worsened and the doctors had to amputate Ned’s leg. Hetty Green died alone and miserable on July 3, 1916 with assets of $4 billion. Her two children, Ned and Sylvia, inherited her fortune and throughout their lives, gave the bulk of their inheritance to friends and charities.
The miserly behavior depicted in the character of Ebenezer Scrooge and evident in the person of Hetty Green often results from a fear of impecuniosity. Those who have suffered through poverty and hunger, or have been close to such suffering, often develop such a deeply-rooted fear of impecuniosity that they attempt to protect themselves by stock-piling and increasing their assets. Many of us have witnessed this fear in people of The Greatest Generation, born between 1900 and 1930, who suffered through the Great Depression of the 1930s and World War II.
While it’s true that some people, bitten by the so-called “gold bug,” are obsessed with building personal wealth beyond their personal needs and wants, these people do not represent the majority of wealthy people. Two thousand years ago, the Roman senator Herodes Atticus demonstrated philanthropy in his generous bequests to Athens and today philanthropy, on a much grander scale, provides major funding for education, medical services, and public works. When Alfred Nobel (visit: https://www.intelligence-and-iq.com/alfred-nobel) died in 1896, he bequeathed his fortune to the Nobel Foundation, structured to provide funds for the recognition and support of high intellectual achievement. While it is one of the most visible of the charitable foundations, there is a vast list of charitable foundations worth millions and billions of dollars that serve as a testimonial to the generosity of those who have accumulated large assets. (visit: https://en.wikipedia.org/wiki/List_of_philanthropists) Among the wealthiest foundations are the Novo Nordisk Foundation (Denmark), the Bill & Melinda Gates Foundation (US), the Mastercard Foundation (Canada) and the Ford Foundation (US).
In addition to these giant foundations, there are more modest foundations and bequests from the wealthy that contribute to the educational, medical and artistic well-being of the general citizenry. Those who would resent the wealthy for their riches must remember that many of those who have accumulated great wealth, like Jeff Bezos, Elon Musk, Bill Gates, Steve Jobs, Larry Page, and Sergei Brin, have done so by creating technologies that enhance the lives of us all. In the process, they have made substantial personal sacrifices and taken significant risks.
When I hear someone characterize the wealthy as selfish and corrupt, I recognize that they are referring to a minority of this social class, and I give a quiet salute to those who have a vision, take risks and, in the process, acquire some wealth. The wealth they create accrues to us all.
