Recognizing Benevolent Billionaires: Celebrating Those Who Give Back

Jill Filipovic, a journalist from New York and author of "OK Boomer, Let's Talk: How My Generation Got Left Behind," shares her own opinions in this commentary. You can follow her on Twitter. Check out more opinions on CNN.

In a world filled with vast inequalities, it may seem a bit contradictory to applaud billionaires, even when they use their wealth to assist others instead of indulging in extravagant purchases like another Gulfstream.

Jill Filipovic.

Jill Filipovic.

Courtesy Jill Filipovic

It's clear that something is seriously wrong with a world where a few people can gather huge amounts of money, while many others are just trying to get by (and some can't even do that). And then we praise those wealthy individuals who decide to give a little bit of their wealth to those who are suffering.

But within this global system, there are some billionaires who are more generous and ethical than others. Their actions should be highlighted in comparison to those who only accumulate wealth or watch their net worth continue to rise.

One example of a philanthropic billionaire is Melinda French Gates. Recently, she announced her resignation from the Gates Foundation, a foundation she helped establish twenty years ago. She stated that her future philanthropic efforts will focus on advancing women's and girls' rights, both domestically in the United States and globally.

French Gates is a strong supporter of family planning and women’s rights globally. She has pledged $1 billion towards these causes by 2026. In the United States, only a small percentage of charitable donations go towards organizations focusing on women and girls' rights, as highlighted in French Gates' op-ed in The New York Times. She aims to address this issue by increasing funding in this area.

French Gates is taking innovative approaches to her philanthropy efforts. She is funding established organizations with proven track records of success. Additionally, she is providing $20 million grant budgets to 12 exceptional individuals, including the former prime minister of New Zealand and an Afghan girls’ education activist. These individuals will use the funds to support organizations that have demonstrated significant impact.

In the US, French Gates' funding will specifically target reproductive rights. This comes at a time when women in America are facing setbacks in their reproductive rights, reminiscent of conditions from fifty years ago. While it remains to be seen whether French Gates will directly support abortion services, her commitments focus on family planning and reproductive rights more broadly. She is committed to funding groups that advocate for and monitor these essential rights during this critical period.

MacKenzie Scott, another billionaire woman, is using her resources for good. While her ex-husband Jeff Bezos is off exploring space with his new girlfriend, Scott has chosen to donate her entire fortune to charity. Earlier this year, she made headlines by announcing $640 million in donations to 361 small organizations.

Most billionaires do not follow Scott's example. According to Forbes, the majority of billionaires on its top 400 list in 2023 gave less than 5% of their wealth to charity. Only 11 out of the 400 gave more than 20% away. Scott and French Gates are among these generous few, along with two other women. Surprisingly, over a third of the country's most generous billionaires are female, even though only 15% of Forbes' top 400 list consists of women. This shows that female billionaires are more likely than their male counterparts to give away significant portions of their wealth.

In this photo taken on March 4, 2018, MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, is seen arriving at the Vanity Fair Oscar Party in Beverly Hills, Calif. Scott, a billionaire philanthropist known for her spontaneous multi-billion dollar donations to charities and racial equity causes, recently announced on Tuesday, June 15, 2021, that she has generously given $2.7 billion to 286 organizations. This marks the third significant round of philanthropic gifts that Scott has made, which collectively rival the charitable contributions of the largest foundations.

FILE - In this March 4, 2018, file photo, MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, arrives at the Vanity Fair Oscar Party in Beverly Hills, Calif. Scott, the billionaire philanthropist known for her impromptu multi-billion dollar donations to charities and racial equity causes, announced Tuesday, June 15, 2021, that she has given $2.7 billion to 286 organizations. It is the third round of major philanthropic gifts Scott has made, which together rival the charitable contributions made by the largest foundations. (Photo by Evan Agostini/Invision/AP, File)

Evan Agostini/Invision/AP/File

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MacKenzie Scott has revolutionized the world of philanthropy. Now, Melinda French Gates is following suit.

When it comes to charitable giving, America’s wealthiest individuals have a poor track record. The top five richest individuals on the Forbes 2023 list are Elon Musk, Jeff Bezos, Larry Ellison, Warren Buffett, and Larry Page. Musk, Ellison, and Page have each donated less than 1% of their wealth, while Bezos has given away less than 5%. In contrast, Buffett stands out by donating 20% or more of his wealth and supporting important causes such as global women’s and human rights. However, individuals like Musk and Bezos have spent large sums on personal projects – Musk notably on acquiring Twitter (now X) for $44 billion, and Bezos on a $5.5 billion rocket ship to space.

Some billionaires are using their wealth in ways that some may view as negative. For example, there are ultra-wealthy individuals who are contributing to the campaign of former President Donald Trump.

On the other hand, there are also those who have pledged to use their wealth for good causes. Sam Altman, known for his involvement in the controversial OpenAI, has recently joined the Giving Pledge. This pledge, initiated by Warren Buffett, Melinda French Gates, and Bill Gates, is a commitment for the super-rich to donate at least half of their wealth. While there is no official enforcement or contract, it serves as a moral commitment. The Giving Pledge is a tool to encourage the wealthy to give back to society.

Altman's decision to sign the Giving Pledge now might come across as a bit cynical, especially with the recent negative attention towards artificial intelligence and the scrutiny faced by OpenAI. The accusations made by actress Scarlett Johansson against OpenAI for using her voice without permission could also be a factor. It seems like Altman is looking for a positive public relations boost and believes that philanthropy could help improve his tarnished image.

While the likelihood of this happening remains uncertain, if Altman does fulfill his pledge and donates the money to organizations addressing important issues, it would be considered a success. The Giving Pledge aims to encourage the wealthy to donate not only out of their own goodwill but also for the recognition they receive when they do so, as well as the criticism they may face if they don't.

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It's admirable that individuals like French Gates, Scott, Soros, Buffett, and Bill Gates are generously donating their wealth. Philanthropy alone cannot fully address the root causes that lead to the need for philanthropic efforts. In an ideal world, the distribution of wealth would be more equitable. However, as long as wealth remains concentrated in the hands of a few, we should appreciate those who choose to give back rather than those who accumulate it for themselves.

We should not look kindly on those who hoard wealth. It is selfish, greedy, and goes against social norms to accumulate more than necessary when there are many in need. Many individuals, not just billionaires, generously donate significant amounts to help bridge the gap: ensuring pregnant women receive prenatal care, children are vaccinated, minorities are protected, homes have roofs, bellies are fed, diseases are prevented, and illnesses are treated.

It is morally wrong for those with excessive wealth to not contribute to helping others. While we can appreciate wealthy individuals who donate their wealth, we must also criticize those who ignore the plight of others and simply hoard their money.

Editor's P/S:

The article highlights the complexities of wealth distribution and the role of philanthropy in addressing social inequalities. While it acknowledges the generosity of certain billionaires like Melinda French Gates and MacKenzie Scott, it also underscores the need for a more equitable distribution of wealth. The author argues that those who accumulate excessive riches have a moral obligation to contribute to the well-being of society.

Furthermore, the article criticizes the hoarding of wealth by individuals like Elon Musk and Jeff Bezos, who have spent significant sums on personal projects rather than using their resources for the greater good. It emphasizes the importance of philanthropy, not only as a means of addressing societal needs, but also as a tool to encourage responsible stewardship of wealth. By shedding light on the contrasting approaches to wealth management, the article promotes a balanced perspective that recognizes both the value of philanthropy and the need for systemic change to address the root causes of inequality.