Jack Bogle founded the Vanguard Group, one of the world’s largest money managers with more than $5 trillion in assets, yet he died this month with “only” $US80 million to his name. His peers who started smaller investment funds have personal assets of $US10 billion or more. So where did Bogle’s money go?
Bogle believed in sharing his success with the people who helped him succeed—his employees, customers and society itself. He shared his philosophy in his book Enough: True Measures of Money, Business, and Life.
In an age where the rich/poor divide is an ever-widening, not-so-grand canyon, Bogle’s courageous morality and generous example are greatly needed. According to news reports, the founder of Amazon.com has personal wealth of $US139 billion, yet the median annual compensation for an Amazon employee is only about $US30,000.
The Walmart heirs have more than $US90 billion yet the median annual compensation for a Walmart worker in 2018 was less than $US20,000—that’s below the US poverty line for a family of three!
Yes, entrepreneurs must be compensated for their creativity, effort and risk, but they also have a responsibility to reduce the inequalities between themselves and the customers and employees who sustain them.
Julian Archer is the founder of Faith vs Finance—a global ministry working with Christians who seek to maintain a vibrant relationship with Jesus amidst the pressures of materialism and self-centred lifestyles.