Feminism turns capitalist

Wealthy women prefer investment, not charity, to help their poorer sisters, writes Linda Morris (Sydney Morning Herald):

... By the early 1970s the Gary estate was worth $US60 million in today's dollars. Tracy Gary could have blown her inheritance on parties, drugs and good times. Instead, uncomfortable with her wealth, at age 25 she resolved to give $1 million of her bequest away to charity by her 35th birthday. ''My siblings thought I was daft giving it away before having a good time.''

But Gary took seriously her parents' strong work ethic and admonition that with wealth came the burden of social responsibility. She switched her share portfolio out of well-performing but what she, as an anti-war protester, considered unethical munitions and chemical manufacturing firms supplying weaponry for the Vietnam War and reinvested in a niche organic tea manufacturer and a childcare centre.

In 1975 she founded what has become her life's work: a network to support wealthy women who wished to use their fortunes to help wider society. She sought to turn around the attitudes of mega-rich matriarchs such as those of the Levi Strauss and Hewlett Packard fortunes who considered themselves custodians for their dead spouses' special interests and gave exclusively to museums, art galleries and private boys' colleges.

Gary has since written Inspired Philanthropy, the step-by-step guide for creating a giving plan and leaving a legacy. She has come to Australia this week, her first visit in 15 years, to urge a new generation of self-made women and entrepreneurs to share their wealth and, amid all the worthy causes, to direct some of their dollars to programs aimed at improving the lot of their less fortunate sisters.

Harnessing the power of the female purse for the benefit of women and girls is a somewhat controversial movement that began in the United States in the 1970s and is finding traction in Australia. There are now more women controlling more wealth in Australia than ever - almost a third, according to a report published by the Boston Consulting Group in July - and this is expected to grow exponentially as more women move into the workforce. ...

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