Culled—-The African Exponent
Since then, many financial firms and investors have adopted the term and invested in companies and funds that have a quantifiable, positive social or environmental impact, aside from being profitable. It has been reported that at least $502 billion dollars are circulating in such activities.
Looking at philanthropy from different angles
This overt act of charity normally causes a positive reaction towards the donor. Of course, nobody could argue that giving away tens of millions of dollars is somewhat unimaginable. The act itself is truly admirable.
Let us now look at these philanthropic acts in a different point of view. From a more curious standpoint, why would giving away such a tremendous amount of money has to be made public?
Doing so leaves an air of doubt. Could it be that these philanthropic acts are still part of a grand scheme to amass more money? Or is it some way to cover up the issues, if any, on how these billionaires made their money?
Of course, these questions do seem inappropriate when looking at the advocacy and intention of the huge sums of money that are being given away. However, this would change a little, if one would think that the money being given away was meant to solve problems that the donor created in the first place.
It would be, however, unfair to judge these billionaires by merely analyzing these charitable acts. A guy just gave away $5 million, it’s hard to say he’s evil. On the other hand, it’s tough to say that he’s good as well. Does the act of philanthropy require publicity? Or better yet, will there ever be a billionaire genuine enough to make impact investments anonymously?
Perhaps it’s his private fund’s penchant for secrecy, or maybe his deliberate avoidance of the limelight, but secretive Latvian-born billionaire has been investing in impactful for quite some time now.
Very few people may have heard of the name James Richman, but to his clients, the billionaire financier has been supporting activities and ventures that have the objectives of uplifting the quality of life of mankind.
The only difference is that he does not need the flashing lights of the cameras, nor the number of reactions he will get from social media. He also does not need or want to have a bigger voice in policy making, as other billionaires do.
No need for the limelight
For his equality camera-shy clients, they reportedly find it appealing how this financial genius just stays away from the glitz and glamour of the financial world. It would only be natural for most professional investors to make names for themselves, especially when they have made sound and timely financial advice for their clients.
This builds up their reputation and credibility, and, at the same time, increases the rate they charge their customers. Richman’s clients, however, are left scratching their heads when asked to explain how the billionaire investor has managed to keep a low profile even after ten consecutive years of profitable investments.
When you think about it though, it does make sense from a guy who does not even use social media.
Growing up in Smārde of the Tukums region in Latvia, James Richman was never used to interact socially. His Asperger’s syndrome had made his verbal and non-verbal communication skills impaired at a young age.
He was often the source of ridicule as the high functioning autism has also made it difficult for him earlier on to cope with activities in school and learn in traditional ways. What seemed like a handicap in his earlier years would ironically become his greatest asset during his adulthood, as his high functioning autism made him recognize patterns in the financial markets which are inconceivable to the normal mind.
His path to greatness, however, was filled with gruesome challenges. After leaving his home and dropping out of school at the age of fifteen, James would be taught life’s lessons the hard way.
Richman did not see formal schooling as a fit for his passion. At age 15, he dropped out of school and left home. He simply viewed the world differently and was engrossed with observing patterns from everyday things that one would not even bother to look at. This would become very useful to him in his career as an investor, but not before he faced tragedies in his life.
James would have to endure manual labor to provide for his family. He had a distraught marriage and witnessed the tragic death of his daughter. His little angel passed away due to faulty healthcare systems that ran in his hometown.
This is similar to reports of other medical malpractice in the area, wherein a Russian woman was mistakenly embalmed alive. Richman simply wants to prevent similar cases to happen to anyone again.
Increased investments in developing regions
James Richman currently has investments in the Middle East and North Africa (MENA) region, an area that is recorded to have the largest social gap in the world. Reports in 2016 show the top 10 percent of the population, in terms of income, actually earned 60 percent of the region’s total earnings.
This includes the top 1 percent earning in excess of the total 25 percent of the region’s earnings as well. Meanwhile, North Africa faces five main security threats, and these are terrorism, insurgencies and counterinsurgencies, border threats, economic security, and human security.
He has invested in ventures which focus on combating starvation, improving education and advancing healthcare systems. He is currently making use of his God-given talents in order to bring enough funds across to the less fortunate population of the African and MENA regions.
Paving a different path
James Richman has had a different path from other billionaires. He is in no way similar, in terms of personality, with these celebrity tycoons. Oftentimes, investors who know him personally would often compare him to Warren Buffett, they often refer to him as the ‘younger, better version’ of the billionaire magnate.
He had experienced being at very low points in his life, as well as, being a member of the lowest of social classes. Needless to say that his anonymity would also make it difficult for us to judge his true personality, the fact that he chooses to be silent, speaks volumes of himself.