Multimillionaire Launches Nonprofit to Help Privileged Children

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Michael Loeb Photo: Patrick McMullan

"Why are we targeting high-net-worth families? It's not because we're snobs," said Michael Loeb to the crowd nibbling lobster quesadillas at the launch of his nonprofit Global Fellows in Social Enterprise, a $25,000 six-week summer camp at which "the next generation of wealth" will be trained in life skills like how to run a business and give to charity while getting familiar with "exquisite" locations such as the Hamptons and Cape Cod. "I always thought the trepidation high-net-worth people have about their kids growing up right was a Champagne problem," he added. "Until I found out it was really real." Thank goodness someone is looking out for the underserved overprivileged.

Richie Rich Could've Used This Camp [WSJ]