There’s good news on the way for hotel chain heiresses Paris and Nicky Hilton and many of the world’s wealthiest people. The Wharton School recently launched the Wharton Global Family Alliance, an initiative which combines research, teaching and outreach to create resources for families at the “pinnacle” of wealth. The WGFA works in collaboration with the CCC Alliance — a network of approximately 60 families from across the world with wealth ranging from hundreds of millions to billions of dollars. Along with business management, the WGFA plans to study how to best manage the wealth and philanthropic gifts of the world’s wealthiest families. WGFA’s executive director, Todd Millay, said that it is important to take the lead in researching and directing the philanthropy of wealthy families because they “have often led the way” in the creation of social institutions. Trevor Prichett — a first-year MBA student — said that the study of wealth management is important to family businesses because “along with wealth comes responsibility.” “Without [family philanthropy] we wouldn’t have UPenn or places and institutions like it,” Prichett said.
Solutions by The State News
