Oilman Joseph Pew likely didn’t expect the charity endowed with his fortune to fund environmentalism and other leftist causes.
In 2011, a research study conducted by Indiana University’s Center on Philanthropy revealed that annual charitable gifts from households whose wealth came from their own business or their family’s were no different, on average, from the gifts of those who had inherited their wealth. An earlier version of the study, conducted in 2007, before the onset of the recession, found that current-generation business owners and their relatives were giving three times as much as heirs and heiresses did. Far from holding on to every hard-earned cent, in other words, entrepreneurs were as philanthropic as those born into wealth,…
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