Many wealthy donors get their philanthropy “spectacularly wrong” by meddling with recipient charities, spending heavily on foundations, and hungering more for credit than for social good, Reuters economic columnist Felix Salmon writes.

In a holiday column aimed “mainly at the mega-philanthropists,” Mr. Salmon lists what he views as common miscues among big givers, including establishing foundations (a “classic waste of money and resources”); overestimating the value of business experience in the nonprofit world; using philanthropy for social climbing; and fostering “mission creep” by encouraging charities and institutions to chase big donations that expand or change their core goals.