Otto H. Kahn

I sold my tech company last year for $800 million. After taxes, I have about $500 million. I'm 45, my kids are set up, and I want to do something meaningful with this money. Some advisors say I should focus on "effective" giving—malaria nets, direct cash transfers to the extreme poor, causes where I can measure lives saved per dollar. "Don't let your personal interests distort your impact," they say. "The arts and culture don't need you—people dying of preventable diseases do." But I love music. I grew up poor, and the public library's CD collection changed my life. I could fund a world-class music education program in underserved schools, or endow a concert hall, or support emerging composers. It wouldn't save as many lives as malaria nets, but it might create beauty that lasts for centuries. My wife says I'm overthinking it: "The money is yours. You earned it through the market, and the market is where it should go back—invest in companies solving problems, create jobs, let the invisible hand work." She thinks philanthropy itself is the wrong approach. What's the best use of wealth that exceeds any person's needs? — The Billionaire's Philanthropy Question in Palo Alto

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