Keen On

“Why does someone need to be the first trillionaire? The damage it’s doing just to get to that level is extreme.” — Glen GalaichExcessive wealth disorder. It sounds like a disease — which, at least according to Glen Galaich — CEO of the Stupski Foundation and author of Control: Why Big Giving Falls Short, it is. There’s $2 trillion sitting in American charitable accounts Galaich says, mostly invested in hedge funds and real estate. Foundations are legally required to distribute only 5% a year — the bare minimum — and invest the remaining 95% to ensure they can make that back and live forever. The system rewards perpetuity over impact. The money is stuck — like most other things in America. And this philanthropic wealth is predicted to grow to $18 trillion by 2050 — twice the size of the annual federal budget. A truly excessive wealth disorder.Galaich wants to unstick the system. When a donor puts money in a private foundation, they receive up to a 70% tax exemption. The public is forgoing taxation in return f