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Philanthrocapitalism as wealth management strategy: philanthropy, inheritance and succession planning among the global elite

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  • Sklair, Jessica
  • Glucksberg, Luna

Abstract

In the resurgence of interest in inheritance flows following the publication of Piketty’s work, little attention has been paid to the affective practices that ensure the success of inheritance processes as wealth moves down generations of dynastic families. This article explores these practices, drawing on research among wealth managers, philanthropy advisors, family offices and their clients, to show how philanthropy is promoted by advisors to the wealthy as a tool to support inheritance and family business succession planning. In this process, advisors draw on the philanthropic imagination to style wealthy families as custodians of both private capital and the common good, thus mirroring the narratives used by philanthrocapitalists to legitimise their wealth in the public sphere. Here, however, the discourse of philanthrocapitalism is turned inwards to the private realm of the family, to persuade younger generations to rally around the collective project of the custodianship of wealth. By bringing together research on philanthropy and inheritance, this article contributes to the growing sociological literature on elites and the global inequalities driven by their accumulation of wealth. It shows how wealth accumulation is increasingly dependent not only on the mechanics of financial markets and inheritance flows, but also on affective wealth management strategies framed around ethical notions of kinship and social responsibility.

Suggested Citation

  • Sklair, Jessica & Glucksberg, Luna, 2021. "Philanthrocapitalism as wealth management strategy: philanthropy, inheritance and succession planning among the global elite," LSE Research Online Documents on Economics 106155, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:106155
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    File URL: http://eprints.lse.ac.uk/106155/
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    References listed on IDEAS

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    1. Marius Brülhart & Didier Dupertuis & Elodie Moreau, 2018. "Inheritance flows in Switzerland, 1911–2011," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 154(1), pages 1-13, December.
    2. Bruno Cousin & Shamus Khan & Ashley Mears, 2018. "Theoretical and methodological pathways for research on elites," Post-Print hal-02184100, HAL.
    3. Iain Hay & Jonathan V. Beaverstock (ed.), 2016. "Handbook on Wealth and the Super-Rich," Books, Edward Elgar Publishing, number 15737.
    4. Glucksberg, Luna & Russell-Prywata, Louise, 2020. "Elites and inequality: a case study of plutocratic philanthropy in the UK," LSE Research Online Documents on Economics 106162, London School of Economics and Political Science, LSE Library.
    5. Zucman, Gabriel & Fagan, Teresa Lavender & Piketty, Thomas, 2015. "The Hidden Wealth of Nations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226245423, Febrero.
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    Cited by:

    1. Fathallah, Ramzi & Carney, Michael, 2024. "The business family as an institutional arbitrageur: Internationalization across institutional contexts," Journal of World Business, Elsevier, vol. 59(2).

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    More about this item

    Keywords

    elites; family offices; inheritance; philanthropy; wealth managers;
    All these keywords.

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics

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