Customs relating to this vary quite a bit. In cultures with a strong potlatch tradition, for example, gift-giving is the primary way of displaying status and it’s not at all unusual to give away most of one’s wealth.
Incidentally, I’ve heard a reasonable argument that the so-called “gift-giving” cultures are largely an artifact caused by (mis)translating their languages words for different types of economic exchanges as “gift”. This mistranslation was started by early settlers who didn’t want to admit they were paying tribute to the natives. Later it was continued by anthropologists who believed or at least alieved the whole “noble savage” myth.
I’m not sure I’d go so far as to call it an economic exchange in the same sense that we’d use for the phrase, but a prestige system denominated in (essentially randomly allocated) gifts doesn’t seem all that much more or less noble to me than one denominated in dollars.
Incidentally, I’ve heard a reasonable argument that the so-called “gift-giving” cultures are largely an artifact caused by (mis)translating their languages words for different types of economic exchanges as “gift”. This mistranslation was started by early settlers who didn’t want to admit they were paying tribute to the natives. Later it was continued by anthropologists who believed or at least alieved the whole “noble savage” myth.
I’m not sure I’d go so far as to call it an economic exchange in the same sense that we’d use for the phrase, but a prestige system denominated in (essentially randomly allocated) gifts doesn’t seem all that much more or less noble to me than one denominated in dollars.