1.2 trillion estimated to be sitting in private foundations right now, during the pandemic, is not necessarily going to move to nonprofits.
Charitable giving has been on the rise in recent years—in 2019, U.S. charities received a record $449.6 billion—and most of that philanthropy is coming in the form of big donations from a few wealthy donors. While that may seem like a good thing, especially as the top 1% keep getting richer, a new report shows how this “top heavy” giving exposes underlying issues with foundation requirements, our tax system, and who has the power to influence the world through philanthropy.
Take a look at The Giving Pledge, a commitment by a group of billionaires, led by Bill Gates and Warren Buffett, to give away at least half of their wealth before they die. It was first launched in August 2010, and 10 years later, the combined wealth of the 62 signatories who were billionaires at that time has nearly doubled, from $376 billion to $734 billion.