By ELIE WINNINGHOFF
How the new philanthropists’ intellectual capital is changing society.
Unlike in days of yore, when folks waited until retirement before turning into tea-and-biscuits philanthropists, many newly wealthy Americans today are rolling up their sleeves and starting small- to medium-size charitable foundations when they are in midlife transition. Of the 80,000 family foundations in America, 39% are now in the hands of people aged 40 to 49, according to Foundation Source, a major provider of services to smaller foundations. These new philanthropists, the firm says, control a charitable war chest worth some $83 billion, roughly double the firepower of the giant Gates and Ford foundations combined.