While research in social psychology has shown that cosmopolitan identity is associated with charitable intentions, theorists from the broader social sciences argue that cosmopolitan identities are elite identities; enabled by, and reflective of, wealth. In five studies, we provide the first empirical examination of how wealth shapes the cosmopolitan identity, and how this elite identity in turn influences people’s motives for charitable giving. Using data from the World Values Survey, Study 1 showed a positive association between wealth and cosmopolitan identity across 60 national samples. Study 2 demonstrated that wealth positively predicted cosmopolitan identity, even when controlling for education, overseas travel, political attitudes, and national identification. We then drew on an Australian community sample to shed light on the mediating role of psychological mastery — as measured by self-efficacy, self-esteem, and social power — in accounting for the positive association between wealth and cosmopolitan identity (Study 3). Causal evidence for our presumed pathway was demonstrated by experimentally manipulating participants’ wealth (Study 4). Finally, we explored how cosmopolitan identity is reflected in decisions about charitable giving (Study 5). Cosmopolites were more likely to contribute to overseas causes than local causes, but their pattern of charity was partially accounted for by a sense of exoticism they perceived in these foreign groups (rather than perceptions of need or pity). In sum, the present research empirically validates the often-theorized but rarely tested link between wealth and cosmopolitan identity, and elucidates the way in which charitable giving encourages forms of helping that reaffirm this elite identity.