Donna Ferguson, "Financial Post" Sunday

Published: November 27, 2021 16:51 EST | Updated: November 28, 2021 05:34 EST

Wealth: Peter Lampel made 200 million pounds between 1987 and 1997

After the Dunblane Massacre in 1996, the best financial decision made by the philanthropist Peter Lampel was to fund the movement to ban pistols. 

Rampel, 74, the founder of the Sutton Trust, a social mobility charity, told Donna Ferguson that he has donated more than £50 million to charities and hopes to raise twice as much money to support the most affected by the pandemic. Seriously the poorest children. 

What did your parents teach you about money? 

My parents taught me the value of hard work and how it brings money. 

My father was a Jewish refugee. He fled Vienna to avoid the Nazis. He could hardly speak English when he arrived in England. 

He works as a farm worker and auto mechanic. Then he went to night school and obtained the qualification of professional engineer. 

My mother is a German immigrant and a doctor's receptionist. When my father was studying, she supported the family. Money is tight. 

We live in a parliament manor in Yorkshire. We always live within our means, but there is very little luxury. 

Eventually, my father got a new job and we moved to Cheltenham and became a middle-class family.

I do very well in life. But I have great parents who are very hardworking and ambitious for me-I think this is very important. Perhaps the key person in anyone's life is their parents. 

Are you struggling to make ends meet? 

No, I will not say that, because I have always been able to pay the bills. But in the 1980s, I was on the verge of bankruptcy. 

I live in New York and founded a company. We will buy underperforming companies, turn them around, and then list or sell them after they are established. 

We have a nice office in Manhattan, but I haven't achieved anything in the first two years. I did not complete a transaction. 

To the point where I can't sleep at night. I am worried that my company will go bankrupt. very scary. 

I almost went bankrupt, but at the last minute I managed to complete a transaction-this is how I made my first $1 million. 

How did you reverse your fate? 

I heard that there is a small company selling on the west coast. I met the chairman of the big company that owns it. 

He took me to his house on Lake Washington, where the very wealthy people today live: Bill Gates and Jeff Bezos. 

There is a windsurfer on the beach and a thunderstorm is brewing. So I casually said to the chairman: "Isn't it good to go out?" He replied, "You wouldn't go out like this, would you?" I said, "Of course I would." 

Windsurfing helped philanthropist Peter Lampel earn his first million

Then he gave me some three-size swimming trunks, I put them on and boarded the surfboard. This is a struggle between keeping my shorts and sail upright. 

I had to spread my legs as much as possible to stay upright. When I came back, the chairman thought what I did was great. I changed clothes, we walked into a room and shook hands to reach an agreement. With this, I went to participate in the competition. 

He didn't know-and I kept silent-I had participated in the World Windsurf Championship before.

What was the best year of your financial career? 

That was 1992. I made 35 million pounds that year, which is equivalent to 75 million pounds today. 

I believe my income exceeds that of Mick Jagger and Elton John. From 1987 to 1997, I made a total of more than 200 million pounds-a lot of money. 

The most expensive thing you bought for fun? 

In the 1990s, I bought myself two Chichester Blue Aston Martin convertibles. I have one in London and one in New York. 

Each is priced at 130,000 pounds, which is equivalent to about 275,000 pounds today. I think this is the most self-indulgent thing I have ever done. 

I have sold them ever since. They drove beautifully, but they drank too much gasoline and I had to stop and fuel them all the time.

The best money decision you have ever made? 

After the Dunblane massacre, there was a ban on pistols. Funding that campaign was my best financial decision. 

It had a huge impact. After Dunblane, pistols were banned. I am involved because I have lived in the United States for 20 years, so I am very sensitive to gun culture, which is developing in the wrong direction in this country. 

Neighbor: Peter Rampur owns a four-bedroom house in Palm Beach, next door to Donald Trump’s Sea Lake Estate

Do you save a pension or invest in the stock market? 

I don't need a pension. I invest through professional managers, but I would rather not say how much I invested. To be fair, this is millions of pounds. In addition, I insist on an ethical fund. 

Do you have any property? 

Yes, I bought a six-bedroom house in Surrey for several million pounds nine years ago. 

I also have a four-bedroom house in Palm Beach, adjacent to Donald Trump’s Sea Lake Estate. 

He is at the end of our garden. So we arrived at the community. 

What kind of luxury do you treat yourself? 

Membership of two golf clubs. I don't care how much they cost, but there are thousands of pounds a year.

If you were the principal, what would you do? 

I will simplify the tax treatment of charitable donations. Gift Aid is too complicated: both charity recipients and donors can enjoy tax relief. 

In the United States, it's simple: Donors get tax relief. Therefore, if you donate $1,000, the money will be deducted from your income for tax purposes. 

This will encourage donations, and I think this is one of the reasons why Americans donate more to charities than we do. If I were the principal, I would do the same here. 

Do you donate money to charity? 

Yes. I am an entrepreneurial philanthropist. I don't just give a gift to charity and walk away. I stay and bring all the skills I can assemble to make this money work. 

So in everything I'm involved in, I'm in a leading position to make sure it works well. 

I founded the Sutton Trust because the situation here changed when I returned from the United States. 

The opportunities for smart kids from low- and middle-income backgrounds get worse and social mobility declines. 

I set up a charity to do something about it. I have donated over 50 million pounds and helped approximately 50,000 children. Of course, we cannot help every child, but we will help them as much as possible.

Why is social mobility so important to you? 

I came from a parliament manor, then went to Oxford and London Business School, and made my mark in the world. I think everyone should have the same opportunity to succeed in life. 

My philosophy is that people can surprise you-so you have to give them a chance. This is what I did. I give the children a chance to surprise us. 

What are your top financial priorities? 

This epidemic is terrible for the poorest people. The gap between poor children and wealthy children has widened, which means that there is more work to be done in terms of social mobility. 

Therefore, my first financial priority is to raise 100 million pounds for the Sutton Trust Fund as an endowment fund so that we can continue the work we have been doing. 

I will invest some money, but we hope that other philanthropists, trust funds, foundations and companies will also contribute. 

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