6/26 Richer than ever / more entrepreneurship / € for democracy
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Dear readers,
today I am celebrating a milestone birthday. And this time, I feel the contrast between numbers and my attitude towards life particularly clearly: I'm just getting started, looking to ride a wave that I first have to blow up myself.
But I think that's just what entrepreneurship feels like. And right now, I'm learning more about it than ever before. Because: There is someone new in my life. For several months now, I have been shaped by deep conversations with other founders of the Entrepreneurs’ Organisation.
These and many other conversations inspire this newsletter on the difference between entrepreneurship and wealth defense. I get passionate about this in the essay and recently in the Handelsblatt. And to ensure that it doesn't just remain an appeal, I am sharing a lot of practical details today on mobilizing the next generation of givers and using wealth for democracy. I look forward to your feedback!
Warmly,
Felix
PS: At the German Startup Award, your votes were enough to secure second place behind a great winner, thank you so much! All the more, the bcause team is delighted about receiving the award as Berlin's most transformative social enterprise. 🎉
✍️ ESSAY: Wealth and Entrepreneurship
Photo: Among entrepreneurs at the Entrepreneurs’ Organisation
Anyone who, like me, talks about wealth in our society is quickly put into one of two boxes: either for it or against it. And since my last essay (about donating, with a great response at the German Foundation Day), figures have been published that virtually force one to take a side.
According to the World Wealth Report, the number of millionaires in Germany increased by eleven percent, and their wealth grew by 12.7 percent. Significantly more than the global average. Meanwhile, our economy is stagnating, and real wages remain at 2019 levels. For 2025, UBS counts the largest wave of inheritance ever measured. And ten days ago, Elon Musk became the first trillionaire in history.
One has to be outraged, surely? At least 81 percent of Germans are, compared to 61 percent worldwide (Edelman Trust Barometer). Unfortunately, I find boxes incredibly boring places, so I prefer to sit between the chairs. And claim that behind the numbers lie two completely different realities of wealth, which we often lump together: riches and entrepreneurship. (And a spoiler for my Handelsblatt column on Friday about Elon Musk: I believe there are many reasons for criticism, but his twelve zeros behind the one are rather at the bottom of the list.)
Entrepreneurship puts something at stake for a future that does not yet exist. It is rarely glamorous. More often, it is a step away from security. Recently, at the Entrepreneurs' Organisation, I spoke very personally about the moments when I chose to move away from well-known names, away from the comfortable “carry on” in jobs that no longer convinced me. Most recently, as head of the Association of German Foundations.
Riches are rarely created this way. Most of the major wealth in Germany comes from inheritance, usually over several generations already. And it is managed by professionals who do everything to ensure the future remains just like the present.
In public debate, riches and entrepreneurship often blur into a single enemy figure. Because of this, pure defense can hide behind the prestige of risk-taking. Research separates them more sharply: overall wealth inequality is only weakly linked to the state of democracy, but politically connected wealth harms democracy (Fagerstrom 2023). That is, riches that buy access, influence, and protection. Riches that entrench themselves behind a lobby and build firewalls because the fires of the present are getting closer and closer (Handelsblatt 19.6.2026).
Riches do not need entrepreneurship. Massive amounts of money grow much more safely diversified in anonymous financial markets than with individual ventures. But that is a fateful pact. Goethe wrote a line in Faust for this, which has never been more important than today: “What you have inherited from your fathers, acquire it in order to possess it.” Responsibility means emancipating yourself from the guidelines of the past and finding answers to today's problems with money.
Because entrepreneurship needs wealth. Ideas need funding. Especially when they come from corners of society that do not have natural access to the networks where money is normally distributed. This is particularly true for founders and organizations working on societal issues.
I believe we need a new lobby in the original sense of the word: an anteroom of politics where we discuss how to voluntarily mobilize more wealth to work for the best ideas, instead of defending it against state reach. I am currently planning an open process for this in September: a kind of Club Neues Geben forum based on international models such as the Generosity Commission (USA), with recommendations on how to rethink the role of wealth in our democracy. As an opportunity for the growth of the most important ideas for our country.
Club Neues Geben
Effective giving is a complex and personal task. The Club Neues Geben provides guidance through networking. No expensive consulting. No fundraising.
“Play, fun AND chocolate, that's really not possible!” I sometimes recall this old German commercial for Kinder Surprise when I describe how bcause pays interest on donation balances: with a 4% net target return, with high security, liquidity AND with a positive impact.
And because transparency is the foundation of trust, we are happy to explain this in our public webinar „Impact, return, tax-free: How we invest money at bcause“ with our Head of Finance Marvin Wiek and Wiebke Merbeth from our Investment Advisory Board. For everyone who doesn't just want to pass their money on, but already wants to make an impact along the way. And for all organizations wondering what happens to pledged donations until they are drawn down.
The Club Neues Geben is for everyone who commits or wants to commit five-figure financial amounts per year. Feel free to write to katharina.bauch@bcause.com if you are interested or know someone who would benefit from our Masterclasses and personal Deep Dives.
A person who inspires me: The NextGen, the unknown being
Photo: With Ruth von Heusinger and Kai Viehof on the closing panel of DFK26
Who is NextGen, and if so, how many? In light of the funding crisis and declining donations, their major donations are a big hope for many organizations. In the packed closing panel of the German Fundraising Congress in Berlin on June 4, we shared five insights in front of Germany's leading fundraisers that surprised many:
Anyone who is wealthy on paper does not necessarily have liquid funds. Before giving can happen, there is often the arduous task of unleashing wealth with (and sometimes against) family and service providers.
Givers need other givers. Peer networks will become the most important places for choosing organizations. This mostly eludes the direct reach of fundraisers.
NextGens often link donations, impact investing, and their own entrepreneurship. They approach organizations when they fit strategically. Then also with larger sums and on a long-term basis.
Even though visible giving is a big lever, NextGens also need the option of anonymity to protect themselves from inquiries and conflicts.
This is especially true because giving is becoming increasingly political. And because the wealthy people I speak to are very aware of the public climate in which they move. And that philanthropy is always part of a tax and distribution debate.
bcause for Organizations
bcause enables non-profit organizations to collect donations digitally, manage them centrally, withdraw them flexibly – and earn interest on them until then.
This really ought to be the “number that sticks in your mind”, as it raised many questions at the German Fundraising Congress. Over 530,000 organizations can now be found on bcause. We have integrated the beneficiary register onto the platform. This not only saves organizations from another registration, but also opens up completely new possibilities for fundraising and funding strategies. Just try it out: Find your own organization at https://cash.bcause.com/register and claim the profile with an authorized person - at no cost or obligation.
Or for specific questions about using bcause, simply book an online appointment with my colleagues Nicole and Simone .
A number that sticks in your mind: 18%
That is how much wages in a certain industry have risen recently. No, not in the consulting and banking jobs that used to be the career goals of those who wanted to earn a lot of money. No, it is the caregivers who are advancing the fastest. This is not a political decision. It is scarcity. AI makes knowledge work infinitely more productive; a contract review takes minutes instead of days. However, an hour of care remains an hour of care. A string quartet needs four musicians. No ChatGPT can change that.
What is scarce and irreplaceable becomes relatively more expensive. The market is thus currently upgrading care work, something that forty years of care policy failed to push through. For giving, this means: anyone who gives money to nursing care, education, or hospice work is not financing a recipient at the margins of value creation. They are investing in the part of the economy whose prices are systematically rising.
More on my prediction that working with people could be significantly better paid in the age of AI → Handelsblatt from May 29th
An idea to think further: Donation Funds for Democracy
The Strong Democracy Donation Fund, which we set up together with PHINEO, shows something simple and important: orientation helps, and the willingness to give is there. Just two weeks after the launch, over €330,000 in donations have been pledged. Anyone can participate.
And there are many other funds and donation campaigns currently emerging, including the German Democracy Fund, the digital foundations of Christian Vollmann and Luis Hanemann, through to the birthday campaign by Axum Berhe.
But this success raises a bigger question: what role should private wealth play in and for our democracy? When private capital strengthens schools, media, civil society, social innovations, or democratic resilience, it is more than generosity. It touches upon legitimacy, transparency, and the uncomfortable question of what only the state is allowed to do. We are planning a major process for exactly this in September: a circle of wealthy individuals, academics, politicians, and supporting organizations to discuss how private capital can be multiplied for the common good without replacing democratic responsibility. More on this in the next newsletter!
💡 MORE FROM FELIX
“The inheritance tax scandal surrounding family foundations” on Reschke Fernsehen
My recent Handelsblatt columns “Why wealth inequality divides society” from June 19th and “No more crumbs? When the market does what morality demands” from May 29th.
📅 Upcoming Appearances:
July 15 United Philanthropy Infrastructure Summit, Washington/DC
-SUMMER BREAK-
August 27 Berlin Chamber of Commerce and Industry “Financing in the Social Economy”
September 8 Club Neues Geben Forum, Berlin
September 10 The Frontier Dinner, Zurich
September 14 Augenhöhe Forum, Osnabrück → Listen to the inspiring story of host Karsten Wulf, from founder to impact investor, here on Spotify
September 15 Brains on Silicon, Dresden
October 12 Annual Conference of the Federal Association of Sustainable Economy
🔍 Needs & Leads
Speaking of entrepreneurship: for us as a startup, there is one place where we have reinvented ourselves repeatedly over the past two years: I recommend Neupitz (photo) for workshops and retreats. The slogan “Work. Lake. Balance” says it all. 💻⛵️😎
bcause is looking to double reinforcements: A working student with strong communication skills and a passion for our work with organizations. And a working student to expand our international networks. If interested, email Sophie.Drewitz@bcause.com
Our loss, your gain: Paul Huizing was until recently bcause CMO and is now working as a fractional CMO for founders and teams looking to grow → LinkedIn
Nothing works without data: the Social Entrepreneurship Association SEND invites participation in the German Social Entrepreneurship Monitor: https://dsem2026.send-ev.de/ Deadline for participation: July 12, 2026
Recommended by me: Julia Singh creates team experiences with her Deep Talks format that strengthen trust and have a lasting impact. For purpose-driven teams of 8 people or more, in German or English.
Managing Director wanted: The AMES Foundation protects Africa's endangered habitats - and needs an Executive Director for the next growth phase.
Feel free to write to me with your needs and leads.
Felix Oldenburg is an initiator in the field of social entrepreneurship and foundations. 🔗 Order the book "Der gefesselte Wohlstand" here 🎧 Or as an audiobook while jogging, cooking, driving... 📱On Instagram and LinkedIn for daily thoughts and discussion starters.
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Felix Oldenburg CEO bcause · Board Member gut.org · Author "Der gefesselte Wohlstand"
Newsletter
So much is written. About everything. Except about giving. Every day I meet people who want to and can give more. Ideas and organizations that make a difference.
In my newsletter, I talk about topics that otherwise remain unexplained: Why people give or don't, which paths and wrong turns they take, how the market of giving works - with surprising numbers, inspiring portraits, and provocative ideas.
