Dear Kingdom builders,

For decades, researchers have been trying to answer a deceptively simple question: what does wealth do to people?

In 2011, a landmark study tracking over 1,000 children from birth for more than 30 years released their findings. They found that self-control, patience, and conscientiousness in childhood predicted adult wealth more reliably than either intelligence or family background. Character precedes wealth not the other way around.

However, a separate body of research from UC Berkeley seemed to conclude the opposite: As wealth accumulates, empathy erodes and self-interest takes over, that wealthier people were more likely to cheat, to rationalize greed, and to disengage from the needs of those around them.

THEN, a 2025 study out of the University of Birmingham complicated the picture further. Spanning 76 countries and tens of thousands of participants, it found that wealthier people were consistently more inclined to give to charity, to volunteer, and to perform acts of generosity and that this pattern held across vastly different cultures and economies.

Three serious bodies of research. Three different conclusions. The academic community can’t seem to agree on what wealth does to the human person.

But perhaps that's because they're looking at it from the wrong end entirely. The research is circling what Scripture seems to pinpoint directly. Wealth doesn't create character. It exposes it.

St. Basil the Great, in a fourth century homily to the rich, posed this very question. He warned that wealth received without a sense of stewardship would be clung to like a limb of the body and that the one who held it that way had already revealed something true about themselves long before the money arrived.

Scripture shows us that the generous soul finds in abundance a larger stage for generosity. The fearful soul finds in the same abundance more to protect. Researchers keep finding both … because BOTH have always been true.

For you, this may just be confirmation of what you have likely already witnessed firsthand.

David Sebastian shared his firsthand experience with family offices on this week’s podcast. He has spent his career inside that question serving family offices for some of the wealthiest families in the US. His book Infinite Returns goes into depth exploring the question of money and wealth in Sacred Scripture.

This conversation ended far too early for me. I had a lot more I wanted to get into with him. I’d love to hear from you. Do you agree with David’s perspective? What would you like to add?

Have a blessed week!

Matt

For informational purposes only. This content does not constitute investment, tax, or legal advice, nor a recommendation to buy or sell any security.

David Sebastian has managed money for some of the wealthiest families in the world through his family office work including presidential candidates, venture capitalists, and finance magnates.

However, he views it all through the lens of Sacred Scripture. He goes into great explanation in his book, Infinite Returns.

In this conversation we cover:

A new study by Grey Matter Research and Infinity Concepts reveals that the average evangelical Protestant gives just 1.66% of their household income to the church. While true tithing (10%) is extremely rare, the multi-year decline in giving appears to be stabilizing. The research also notes a broader drop in overall generosity (to both churches and charities) since 2020.

The Italian Episcopal Conference released revised ethical investment guidelines on May 19, directing dioceses, parishes, and religious institutes to ensure investments are guided by moral considerations alongside, but not subordinate to financial performance.

For informational purposes only. This content does not constitute investment, tax, or legal advice, nor a recommendation to buy or sell any security.

A Dynasty Trust is a long-term trust structure designed to hold and transfer wealth across multiple generations, potentially indefinitely, while minimizing estate and gift taxes at each generational transfer.

Why it matters: It can be a powerful tool for families who want to embed values, not just assets, into their generational legacy.

For informational purposes only. This content does not constitute investment, tax, or legal advice, nor a recommendation to buy or sell any security.

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