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billionaires

Advice for progressive billionaires who want to make the world better

Posted on May 24, 2021 by Vu

[Image description: A stack of Euro coins, at the top of the stack sits a tiny figurine of a person sitting and reading a book. Wow, that is a tiny figurine. Where would one even get this? Image by Mathieu Stern on Unsplash]

Over the weekend I listened to this episode of The Ethical Rainmaker, where my friend (and fellow co-chair of Community-Centric Fundraising) Michelle Muri talks with journalist Teddy Schleifer about billionaires and what they’re doing with all that money. Apparently, during the pandemic, the number of billionaires increased by 30%, and 86% of them got even more wealthy than before the pandemic. According to Teddy, Silicon Valley billionaires will in the next couple of decades overshadow large established foundations in terms of assets and influence.  

However, there is significant angst about what to do philanthropically with this newfound wealth. There are so many factors to consider: which issues to choose, how to deploy it effectively to bring about the most societal good, how to avoid current ineffective practices. This causes many billionaires to just set money aside in Donor-Advised Funds and other vehicles while they try to figure things out. Some of them literally send tweets asking for suggestions on what to do, what issues they should work on. And because so many of these billionaires are men, they often ask their wives or partner to handle the philanthropy.

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Posted in leadership, nonprofit field, Race, Equity, Diversity, Inclusion 0 Comments

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