That's the problem. You should never be responsible to judge how he spends his money, that's his problem.

You never know. You don't know if it was only 10%, he could use those 40% much better than the "government", oh hell, be damn sure he would.

He could create companies, could fund companies, could put this money in funds, those funds would have to fund companies to earn money, these would generate jobs, education, etc.

Man, why does everyone assume that rich people just take their money and start companies? Do you realize how risky it is to start a business? You are highly likely to lose EVERYTHING you invest, as well as ruin your reputation, if you start a business from scratch and it fails to take off.

Almost all wealthy people just invest their money in stocks, hedge funds, VCs, and other intangible assets that don't immediately produce a noticeable economic impact, aside from a rise in the stock market.

What do you think the purpose of stocks and venture funds are? They are for starting and growing businesses. He/She doesn't have to start the business themselves.