Richistanis is the name Wall Street Journal wealth reporter Robert Frank gives to America’s wealthiest people in his new book, Richistan. In her review of the book, Rachel DiCarlo, managing editor at the Hudson Institute, writes that while the wealthy are revolutionizing consumer spending and financial investing, the new wealthy are also shaking up the world of charity. Frank reports on one new “guerrilla philanthropist” who describes his charity work fighting poverty in Ethiopia by declaring: “There is no charity with me. I’m a social investor investing capital for social profits.”

Tags:  philanthropy