On the 23rd of May a new organisation launched in London with the aim to be the first global spark to ignite the consciences of the ultra-rich to voluntary invest 2 per cent of their liquid, wealth in creating equality for the needy across the world. The organisation Prosperity Equation 2, planned to launch on the same day as this year’s World Humanitarian Summit organised by the United Nations. The summit was convened by UN Secretary-General Ban Ki-moon, who spoke about major humanitarian challenges and how people may be better prepared to meet challenges of the future. Some of the priorities included creating a new global approach to manage displacement with an emphasis on ensuring hope and dignity for refugees or internally displaced people, and support of host countries and communities. It also highlighted the importance of gender equality for women and girls around the world, as well as bridging the divide between development and humanitarian partners. This may tie in well with the objectives of the Prosperity Equation 2 organisation, who aim to promote equality through the help of the ultra wealthy.
Founded by investment banker Waqar Mirza, Prosperity Equation 2 is the first global conscience movement and campaign with the aim to bring about global equality and prosperity by creating an opportunity for those who may make the greatest difference. According to Waqar, Prosperity Equation 2 invites the ultra-high-net-worth people of this world to invest in the prosperity of the far from well off, so as to balance the prosperity equation. The ultimate aim is to create a peaceful, tolerant and prosperous society across the globe. According to the official website, Prosperity Equation 2’s main principles are as an activist movement to inform and educate, in order to win hearts and minds. It is far from a political or faith based alliance and aims to productively promote wealth generation. As well as this, it aims to work with the best stakeholders in the poverty and charity sector. The founder Waqar emphasises in his press release the movement is designed only to inform and funds are only allocated to sustainable projects through international and credible NGOs. The movement further aims to engage with the ultra-rich through wealth circles, to inform and educate them on the commercial, emotional and health benefits of wealth distribution and to present opportunities which are being offered from credible NGOs.
The creation of such an organisation may highlight the need for some assistance in bridging the gap between the rich and inferiorly fortunate. Western and European countries host the lion’s share of the world’s millionaires and some 78 per cent of the world’s millionaires reside in Europe or North America. The only Asian nations with a significant share of millionaires are the industrial powerhouses such as Japan, China and Taiwan. The clientele Prosperity Equation 2 wish to connect with are known as ultra-high-net-worth individuals, normally worth more than $30 million in assets and own a significant percentage of total global wealth. These people only represent a small fraction of the world population, emphasising the need to reduce the disparity between the world’s wealthiest and least fortunate. A report from United Nations suggests wealth inequality may be reduced and provides a list of recommendations which highlight employment creation, social protection and redistribution being placed at the centre of social and economic policymaking. It further suggests social and macroeconomic policies should work in tandem to promote growth together with decent jobs to reduce inequality and social exclusion. While there is far from a single policy approach to combating growing inequalities such as wealth distribution, there is scope for action.
How might the organisation connect effectively to the ultra rich clients they seek?