TRUST FUND TRANSFER

Anti-Capitalist Heirs Are Donating Their Families’ Millions: Report

Socialist trust-funders say they're putting their money where their mouths are.

A growing crowd of millennial heirs from uber-rich families say they’re donating much of their inheritances, according to a New York Times report. Several, including a grandson of the founder of the tech giant Qualcomm, and the heir to an outlet mall fortune, told the Times they’re trying to undo the systems that made their families rich in the first place. One, whose family’s generational wealth has its roots in slavery and land ownership, said she currently gives money to anti-racist organizations and plans on extending low-interest loans to Black-owned businesses. She said she hopes to buy an apartment and live a comfortable middle-class life. “The money I’m living on was made from exploiting people that look like me, so I see my giving as reparations,” she told the Times.