A scion of Switzerland’s $22 billion drug-making family says philanthropy is dead.
The wealthy donating money into charitable activity is senseless as a long-term strategy, according to André Hoffmann, whose family’s stake in Roche is valued at 20 billion Swiss francs ($21.65 billion).
«Traditional philanthropy has failed,» Hoffmann told «NZZ am Sonntag» (behind paywall, in German). «It’s important as an impetus, but simply transferring money long-term because one feels guilty doesn’t help.»
Rare Glimpse
The rare comments offer a glimpse into how the super-rich have become disillusioned over gift-giving. Philanthropy represents one of the most dynamic parts of finance that banks hope to parlay into business with the wealthy.
Hoffmann’s remarks highlight that pouring money into charity isn’t enough. The 63-year-old speaks publicly for the pool which unifies the family’s stake in Roche.
Foundation Ceases
The family’s Mava foundation, launched by Hoffmann’s father Luc Hoffmann 25 years ago, will stop its philanthropic activities next year. The 180 projects Mava supports with 120 partners have developed the momentum for the efforts to stand on their own two feet, Hoffmann said.
Hoffmann’s sisters are major supporters of the arts through foundations of their own. He had realized that he doesn’t need a foundation to work towards a more sustainable future, Hoffmann said. «I’d rather work more actively than as a philanthropist,» he told the outlet.
