Magellan's Log: Alberich, Jr. and the New Philanthrophy

The following e-mail appeared on my desktop recently:

Dear Magellan,

I've got a story for you. In fact, I AM the story, or at least part of it.

There's a new class of money appearing in America (probably other places too). It's different from the old new money. Like, the old oil millionaires, everybody knows what they did: platinum card at Neiman's, 20,000-square-foot chateau in Dallas, a coupla dozen bought Republican pols in their pocket, and so on. That old boring, depressing story.

No, what's different is this. I'm a dot-com millionaire, age 29. But you look at me, look at my life and (pardon the expression) my lifestyle, and there's no way you'd guess. No visible clues, really. I'm not spending my money on toys. And here's the story: There are lots like me, from wealthy to filthy rich, but as far as society's concerned, we're just so many joe- and jane-blows.

Sure, we spend money, often, a lot of money. But not in the old flashy ways. I mean, we ALL have some education, and some smarts. And we're actually THINKING about what to do with the money.

How many of us are there? I don't know. But some of us are linking up informally. Our stories might make a good read for an off-beat publication like Magellan's Log.

Alberich, Jr.

My interest piqued, an e-mail exchange ensued, and a few days ago Alberich, Jr. and I met for a long lunch/interview at Andy's Cafe on East 11th Street. Alberich, who agreed to the interview only if we respect his anonymity, is what he claims to be: a 29-year-old millionaire ("Actually, well into the eight figures," he says, and our sources confirm this).

It took him all of three years to accumulate his fortune. Eight years ago, with a B.A. in Classical Greek (and a minor in computer science) from Oberlin, he hired on as a programmer-trainee at Microsoft. He lasted a year. "Too big, too mushy, too Seattle," he says. Stints with a couple of San Jose start-ups gave him experience in concept creation and management.

Then three years ago he was offered a vice-presidency and a big stock option at another start-up, one of the first in Silicon Alley in Manhattan. Eight months ago, the company dot-commed bigtime. The rules of the game required him to hold his stock for six months. Which he did, and then sold for an eight-figure fortune.

His only major outlay (so far) has been to buy an old Conch house just off Duval Street in Key West. "It needs work, a lot of work, but I'm in no hurry." There he lives with his partner, another dot-com millionaire from the same company, their two terriers, and an endless series of nomadic friends. "Living in Key West is almost as bad as living in Manhattan. Everybody you went to third grade with finds out you're there and asks if they can come visit for a few days. It's hard to say no. But I think I'm going to have to learn to."

Click here for the interview.>>

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