Times Online- This week, some of the City’s wealthiest people will descend on a lavish party in London intent on giving away a large chunk of their personal fortunes.

More than 1,100 will pile into the Absolute Return for Kids (Ark) annual dinner at the Royal Naval College in Greenwich, including many leading members of the new City establishment from the hedge fund world.

Some will be flush with cash, despite the downturn and the credit crunch. Others will be feeling the pinch. At last year’s event, this group of modern-day philanthropists — with its smattering of Hollywood superstars and A-list celebrities — gave away an average of £26,000 each and raised a combined £26.6 million.

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