Warren Buffett, who helped create the Giving Pledge and has promised to give away almost all his wealth to charity. — America’s wealthiest have been getting a lot of unsolicited advice lately about their philanthropy, especially since the pandemic inflated the fortunes of the top 0.1% while devastating the broader economy.Since splitting from the world’s richest man in 2019, MacKenzie Scott has shown how it might be done. The ex-wife of Amazon.com Inc. founder Jeff Bezos has donated US$8.
“We’re living in the second golden age of philanthropy because we’re living in the second golden age of inequality,” said Jason Franklin, principal of Ktisis Capital, a boutique philanthropic advisory firm based in Grand Rapids, Michigan. “Would society ultimately have benefitted more if I had waited longer to distribute the shares?” he asked.
The argument for giving more now, rather than later, is that while wealth can compound over time, so can the problems that philanthropy tries to address. In the fight against climate change, a cause embraced by both Bezos and Bill Gates, time is of the essence. Education now pays big dividends over the lifetime of a child, while curing a disease could save millions of lives.
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