In July, the leadership of Los Angeles’s elite Harvard-Westlake School issued a 20-page confessional about the school’s role in perpetuating “racism and injustice” and promised changes. The school, which sends dozens of kids to the Ivy League every year, will now teach 11th-grade U.S. history from a “critical race theory perspective.” And diversity consultancies, which routinely charge six figures for their services, will facilitate the school’s transformation at every step.
Socialist-minded millennial heirs are trying to live their values by getting rid of their money.
Lately, Sam Jacobs has been having a lot of conversations with his family’s lawyers. He’s trying to gain access to more of his $30 million trust fund. At 25, he’s hit the age when many heirs can blow their money on harebrained businesses or a stable of sports cars. He doesn’t want to do that, but by wealth management standards, his plan is just as bad. He wants to give it all away.
“I want to build a world where someone like me, a young person who controls tens of millions of dollars, is impossible,” he said.
A socialist since college, Mr. Jacobs sees his family’s “extreme, plutocratic wealth” as both a moral and economic failure. He wants to put his inheritance toward ending capitalism, and by that he means using his money to undo systems that accumulate money for those at the top, and that have played a large role in widening economic and racial inequality.
