Opinion: Melinda French Gates and MacKenzie Scott are demonstrating the correct model.
In the current global system, a small group of individuals possess immense wealth while the majority strives to simply survive (and unfortunately, many fail to do so). It's appalling that we praise those from the uber-rich who generously donate a portion of their immense fortunes to the struggling masses. However, this is the reality we live in. Within this framework, some billionaires exhibit kinder and more ethical behavior as compared to others.
Melinda French Gates is one such person. This week, as she announced her move to step down from the Gates Foundation she co-founded 20 years ago, she mentioned her plans to focus on advocating for women's and girls' rights, including in the United States. French Gates has always championed family planning and women's rights internationally, and now she will be investing $1 billion in this cause through 2026. She realizes that little of the US's charitable contributions are directed towards women's and girls' rights, which amounts to just 2%, and she's determined to help change this. Additionally, she's adopting innovative measures - she'll be funding established organizations that have proven records of effective work and granting $20 million to 12 exceptional individuals to support the groups they've observed doing great work. This is a commendable gesture, especially in the current context, where American women face the potential loss of their reproductive rights.
MacKenzie Scott is another billionaire making a positive impact. While her ex-husband, Jeff Bezos, is making headlines for his quest to reach outer space, Scott has vowed to donate her entire fortune to charitable causes. This year, she already pledged $640 million to support 361 small organizations. Approximately two-thirds of the billionaires in Forbes' top 400 list donated less than 5% of their wealth, with only 11 individuals donating more than 20%. Among these, Melinda French Gates, MacKenzie Scott, and two other women represent more than a third of the most charitable billionaires, despite the fact that females comprise just 15% of the uber-wealthy.
Contrarily, America's richest men have a poor track record of philanthropy. The top five on Forbes' 2023 list include Elon Musk, Jeff Bezos, Larry Ellison, Warren Buffett, and Larry Page. Musk, Ellison, and Page have given away less than 1% of their wealth, while Bezos has committed 5% or less. Buffett is admirable, as he's given away 20% or more and supports vital causes. However, some billionaires are using their wealth for questionable purposes. For example, some have donated to former President Donald Trump's presidential campaign.
Notably, Sam Altman from the controversial OpenAI has recently pledged to contribute at least half of his wealth to charity. The Giving Pledge, started by Buffett, Gates, and his ex-wife, is a commitment by the wealthy to pledge half their riches. Although it lacks an enforcement mechanism and a binding contract, it serves as a persuasive tool to encourage the wealthy to contribute generously. Altman's decision to sign the pledge might come across as cynical, considering the negative press about AI and OpenAI specifically, where actress Scarlett Johansson accused them of using her voice without her consent after she refused their request to do so. Perhaps he's seeking a PR boost, but if he fulfills the commitment and contributes to organizations addressing critical needs, that would be a step in the right direction. But, such actions are seemingly pushed by the Giving Pledge: encouraging the rich to donate not only with a warm heart but also with the public recognition when they do and the criticism when they fail to do so.
It's commendable when individuals like French Gates, Scott, George Soros, and Bill Gates give away such a significant portion of their wealth. Charity doesn't resolve the underlying issues that prompt the need for philanthropy in the first place, and in a more equitable world, much of the world's wealth wouldn't be concentrated in so few hands. However, as long as this remains the case, we ought to view those who give their money away more favorably than those who hoard it for themselves.
Furthermore, we should view those who hoard their wealth in a less favorable light. It's incredibly selfish, greedy, and socially irresponsible to accumulate more than what any individual could possibly need while there are so many who need far more than they possess. Many non-billionaires donate substantial sums to help bridge these gaps: ensuring pregnant women receive prenatal care, children get essential vaccinations, minority rights are protected, roofs are over heads, food reaches hungry stomachs, preventable diseases are averted, and life-threatening diseases are treated or cured.
Those with more than they could spend in several lifetimes ought to do the same. Failing to do so is morally reprehensible. Hence, we can praise the altruistic billionaires who donate their wealth while recognizing that they represent a larger, more critical inequality problem. But let's also scrutinize the wealthy who decide to ignore their fellow humanity and just accumulate their vast fortunes without offering assistance.
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People often have varied opinions on how billionaires should use their wealth. Despite praising acts of generosity, some believe it's incredibly selfish for the wealthy to hoard their fortunes while others struggle to survive.
Melinda French Gates' decision to invest billion dollars in women's and girls' rights is a topic of many discussions, with many sharing their opinions on its impact and effectiveness.
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