A Private Equity Millionaire Just Founded A Summer Camp For The Kids Of 20 Of The World's Richest Families

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Photo: Wikipedia

The scions of 20 of the world’s richest families will head to New York this summer “to learn how to wield their money and power” in a six-week, $25,000 program according to the Wall Street Journal.According to the brochure for ‘Global Fellows in Social Enterprise’, the kids involved will take formal coursework as well as venturing to “the most exquisite weekend get-a-ways,” from the Hamptons to Cape Cod to the Berkshires.

The man who launched the program, media and private equity millionaire Michael Loeb, says it’s not about being snobs and it’s not a summer camp for rich kids: “This isn’t for kids of the elite to pal around.”

Loeb told a crowd assembled at his Upper East Side pad last week, as they nibbled on lobster quesadillas,

Why are we targeting high-net-worth families? It’s not because we’re snobs. It’s because these are the people that frankly have the resources to really make big changes in the world.

The program is:

  • Run in partnership with NYU.
  • Will offer: formal coursework, a business-plan competition and a four-week internship with social-enterprise nonprofits.
  • Offers “bespoke services…available through trusted consultants for an array of interests: travel, entertainment, dining and lifestyle experiences.”

The girls and boys who take part will be under the instruction of business-strategy coaches and “captains of industry,” like the Rockefellers.

Loeb told the WSJ,

I always thought the trepidation high-net-worth people have about their kids growing up right was a Champagne problem until I found out it was really real. I see the program as a service to these kids who are perplexed and have a lot of questions.

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