In just the last several years, we have seen a major shift in the way we give as Americans. Traditional philanthropists and their classic style of giving has been eclipsed by a new class of ultra-wealthy. Tech billionaires like Mark Zuckerberg and Bill and Melinda Gates have upended the traditional norms for which big philanthropy was once known.
Donations Have Changed and Doubled
Approximately $5.6 billion were given to different causes in 2016 by America’s biggest philanthropists combined, based on the analysis of the journal Chronicle of Philanthropy. But a year later, the sum of money given by the top 10 donors to various charitable causes nearly doubled to $10.2 billion, according to a new report from the same magazine. Three of the top 10 donors showed how modern philanthropists are changing the way we give.
Many billionaires are still doing the same things as before such as building yachts, purchasing sports clubs and teams, donating to hospitals and museums and so forth. But a trend is emerging among the new kids on the block. New philanthropists seem to be less interested in starting a business school under their names than changing the status quo. For instance, the top three donors of 2017 who collectively donated an overall total of $7.5 billion gave their contributions to their own charitable initiatives or foundations that aim to change the world.
They Want To Impact the World Now
David Callahan, author of “The Givers” and founder of the Inside Philanthropy website said these new set of donors have the mentality of solving problems instead of just being good stewards. These new givers are not interested in saving their money for the rainy days, but they want to have an impact in the world now. They have already shaped the world when they made billions with their companies. And now, this new guards are set on achieving higher goals as they plan to give their wealth away.
Zuckerberg’s Initiative Is an Example
Facebook co-founder Mark Zuckerberg established the Chan Zuckerberg initiative with his wife Priscilla Chan. They gave $1.9 billion to the initiative which is described as a limited liability company. One of their motives in founding the initiative is to find the cure, and help prevent or control all diseases by the end of this century. The husband and wife team is not satisfied in just in improving the health of those in the third world, but in eliminating all of the diseases that plaques humankind.
Bill and Melinda Gates’ Drive to Eradicate Poverty
It was reported that Bill and Melinda Gates gifted the Gates Foundation with $4.9 billion to get rid of extreme poverty by way of health initiatives, educational reform in the U.S. and global development. The Gates Foundation was founded in 2000 and is reputed to be the United States’ largest private foundation. It is reported that the total assets of this foundation is about $38 billion. This foundation is also working towards providing information technology access and expanding opportunities in education.
Michael And Susan Dell Wants to Help Poor Children
Michael and Susan Dell rounded up the top three charitable contributors for 2017. They have gifted the Dell Foundation with $1 billion to help the children of families plagued by urban poverty. This foundation has been assisting poor city children for the past 15 years. They are now refocusing their efforts in improving children’s health and education.