"Why are we targeting high-net-worth families? It's not because we're snobs," said Michael Loeb to the crowd nibbling lobster quesadillas at the launch of his nonprofit Global Fellows in Social Enterprise, a $25,000 six-week summer camp at which "the next generation of wealth" will be trained in life skills like how to run a business and give to charity while getting familiar with "exquisite" locations such as the Hamptons and Cape Cod. "I always thought the trepidation high-net-worth people have about their kids growing up right was a Champagne problem," he added. "Until I found out it was really real." Thank goodness someone is looking out for the underserved overprivileged. 
 
 Richie Rich Could've Used This Camp [WSJ] ||||| It's not easy being rich. 
 
 While many college kids work internships this summer, the sons and daughters from 20 of the world's richest families will head to New York to learn how to wield their money and power—the right way. 
 
 The $25,000, six-week program launching in June is designed to give the next generation of wealth clues to running a business and giving to charity. Participants will also take trips to "the most exquisite weekend get-a-ways," including the Hamptons, Cape Cod and the Berkshires, according to the program's brochure. 
 
 Called Global Fellows in Social Enterprise, the program is the brainchild of Michael Loeb, a millionaire media magnate who threw a private launch party Wednesday night at his ornate Upper East Side brownstone. 
 
 "Why are we targeting high-net-worth families? It's not because we're snobs," Mr. Loeb said to a crowd of potential participating families and donors, including Silda Wall Spitzer, the wife of former Gov. Eliot Spitzer, and Susan and David Rockefeller Jr., the philanthropy and business power couple. "It's because these are the people that frankly have the resources to really make big changes in the world," said Mr. Loeb, who founded magazine marketing company Synapse Group Inc., which he sold to Time Warner Inc. in a deal valued in 2001 at $500 million. He now runs a private-equity firm focusing on media and the Internet. 
 
 Leading the day-to-day operations of the Global Fellows program is Abby Raphel, co-founder of a private, invitation-only social network for rich kids called A-Society.com. 
 
 Mr. Loeb encouraged guests at the cocktail party to provide him with names of potential attendees and implored them to dig in to the pounds of shrimp cocktail and lobster quesadillas he'd positioned around his home. 
 
 Run in partnership with New York University's Robert F. Wagner's Graduate School of Public Service and the nonprofit Echoing Green, Global Fellows will offer participants formal coursework, a business-plan competition and a four-week internship with so-called social-enterprise nonprofits such as VisionSpring, which helps local entrepreneurs in developing countries sell eyeglasses. 
 
 According to the brochure, the program also offers "bespoke services...available through trusted consultants for an array of interests: travel, entertainment, dining and lifestyle experiences." 
 
 Parents will be eligible for a $2,500 tax deduction, as Global Fellows plans to donate $2,500 per participant to charities as a way to thank them for hosting the students for internship programs. 
 
 Participants will also work with business-strategy coaches and "captains of industry" who will "provide wisdom and perspective to these kids," Mr. Loeb said, offering up as an example the Rockefellers, who read prepared remarks to guests about their experiences with wealth. 
 
 "People expect us to be a savior of their cause and you have to know how to graciously deal with that," Ms. Rockefeller said, recounting an experience with a nonprofit for which she agreed to host a reception in her home, only to be accosted later for a $500,000 gift. 
 
 Mr. Loeb acknowledges criticisms of the program as a camp for rich kids, but says that description couldn't be more far off: "This isn't for kids of the elite to pal around." 
 
 In an interview Thursday, Ms. Rockefeller said: "It really is a niche that hasn't been developed, especially the social entrepreneurship aspect, which is looking at how people of wealth can take a portfolio approach to their investing." 
 
 Global Fellows will be run as a nonprofit entity; Mr. Loeb has so far funded it with "tens of thousands of dollars." He said any profits will be donated to the charities hosting the internship programs. 
 
 "I always thought the trepidation high-net-worth people have about their kids growing up right was a Champagne problem until I found out it was really real," Mr. Loeb says. "I see the program as a service to these kids who are perplexed and have a lot of questions." 
 
 Write to Shelly Banjo at shelly.banjo@wsj.com and Erica Orden at erica.orden@wsj.com
– Wealthy parents, worry not—your kid no longer has to end up like Billy Madison. Not, that is, if you enroll him in Global Fellows in Social Enterprise, a new internship for the scions of the mega-rich. The idea is to teach the college-age participants how to deal with money, power, and influence gracefully when they become business bosses and philanthropists. Oh, and they'll get an early start on knowing their way around the playgrounds of the wealthy, such as the Hamptons, Cape Cod, and the Berkshires. The program, which will admit only 20 kids at a time, costs a mere $25,000—a drop in the bucket for the families being targeted—and lasts 6 weeks. It's the brainchild of media magnate Michael Loeb, reports the Wall Street Journal. "I always thought the trepidation high-net-worth people have about their kids growing up right was a Champagne problem," Loeb said at a mixer to introduce the program. "Until I found out it was really real." Click for a less-than-enthusiastic take on the program.