Charitable giving allows you to signal very high levels of wealth effectively, because you get newspaper coverage praising you for being able to donate millions (billions) of dollars. You don’t get that kind of recognition for donating, say, ten thousand dollars, so if you aren’t actually rich you get way more wealth signaling per dollar by buying clothes or club membership or a new car.
Charitable giving allows you to signal very high levels of wealth effectively, because you get newspaper coverage praising you for being able to donate millions (billions) of dollars. You don’t get that kind of recognition for donating, say, ten thousand dollars, so if you aren’t actually rich you get way more wealth signaling per dollar by buying clothes or club membership or a new car.