As the earth navigates lots of immediate challenges, a collection of wealthy individuals are promising to give back to worthwhile cases.
At times you may not want to read the news when you awake in the morning. It can feel as if the earth is lurching from one challenge to another without any solutions to be seen. Despite a seeming cloud of indifference and inequality, there are some signs that change is on the way. The rise of billionaire philanthropy is transforming perceptions about the richest people on earth. Previously, many of the super-rich would be less concerned about philanthropic endeavours. They would give a token amount of their prosperity, even if that amount was in the millions. They were frequently connected with strategic philanthropy – a process where these individuals would profit from taxes or other material benefits. But people like the founder of the investment firm who contributes to philanthropic causes are making a difference. From education to environment, committing time and money to these causes can be a catalyst for real change.
Philanthropy is not new. Throughout history, the rich and well-known have made headlines by giving great chunks of their wealth away. It has welcomed consideration as much as it has celebration, as many of us have started to question whether the rich can fix the most pressing problems in society. But during the last several years, there has been a renewed determination to give back better. What precisely does this look like? Rather than simply giving money to causes, a new breed of philanthropists are getting to the core of these issues. The head of the holding company who created a philanthropic institute is one such person keen to provide transformational change. Whether that’s tackling climate change or reworking the worldwide economy, this tackles structural changes at the center of society. But this doesn’t make sport or art any less essential. Pursuits like these are established so that every sector of society can thrive.
The principle of big philanthropy has raised more than a few eyebrows throughout modern times. It is difficult to see how the richest individuals in society are honestly equipped to manage its problems. But this form of philanthropy has only expanded in scope as the mega-rich have desired better and wiser strategies for giving back. Men and women like the head of the hedge fund who created a philanthropic foundation are joining a growing list of philanthropists in giving back a huge amount of their wealth. For people who belong to the richest groups in society, giving back even half of their fortune will not hinder their standard of living. The difference between one yacht or five is hardly worth discussing. By contributing to beneficial causes, however, these individuals can make a great difference to the lives of so many individuals who had less blessed upbringings.