Sharing Wealth- Draft New Year Resolution

At the close of an extraordinary year marked by profound political shocks including Brexit and Trump, electorates have rejected the elite fracturing society’s status quo. The eminent scientist Professor Stephen Hawkins argues that our very future is at stake if wealth is not more widely shared. He also challenges elites to react positively to these events. One strategy that he proposes for example is for the wealthiest to support groundbreaking enterprises and ideas. These new ‘Cathedral Projects’ could become the solutions to address the world’s most pressing environmental and social problems, giving hope to future generations and safeguarding our planet’s sustainability.

Philanthropy Impact research showed that the private wealth of the UK’s high net worth citizens (>￡1M in assets) reached a total of ￡1.4 Trillion in 2015. The same cohort of our country’s wealthiest citizens donated in the same year just 0.1% of their wealth to philanthropic causes, or ￡1.3 billion, out of total UK annual giving of ￡11 billion. These figures beg the question what is the value of financial wealth if it is not being shared. For Hawkins the richest of the planet are in a powerful position to use their wealth to drive change. Putting to work this financial wealth can enhance knowledge and technology to create a world where there is greater opportunity for those who are left behind, and deliver solutions to the environmental issues facing our fragile planet.

As we enjoy the festive season holiday with our families let’s embrace humility and ask ourselves what we can do as individuals to create a fairer and more just society. Thinking about New Year resolutions perhaps a simple one could be to share more of our wealth, to help our planet and those less fortunate living upon it to have greater opportunities to thrive.