Document Type

Article

Publication Date

5-25-2021

Journal Title

Society

Volume Number

58

First Page

120

Last Page

130

DOI

https://doi.org/10.1007/s12115-021-00580-0

Version

Publisher PDF: the final published version of the article, with professional formatting and typesetting

Keywords

Billionaires, Philanthropy, Giving Pledge, Bill and Melinda Gates, High-net-worth individuals

Abstract

Billionaire philanthropists claim to play a key role in advancing well-being and public goods across the world. One of the most prominent recent expressions of these efforts is the Giving Pledge, created in 2010 by Bill and Melinda Gates in collaboration with Warren Buffett. After a decade of its existence, this analysis of the Giving Pledge population and its commitment letters shows an overall dominance of white, male, and US-based billionaires among the signatories. Tech billionaires are a wealthier and younger subgroup of pledgers than their counterparts in other industries. The pledge letters reveal an emphasis on education and health as dominant philanthropic causes. Among explanations for giving, the four most frequent reasons mentioned are a desire to make a difference, a wish to give back, a sense of personal fulfillment resulting from giving, and references to being socialized into philanthropic giving early in life. While the Giving Pledge is the most prominent global effort to increase philanthropic giving among the wealthy, the voluntary nature and relatively modest commitment goal make it difficult to assess its significance and impact.

Original Publication Citation

Schmitz, H.P., McCollim, E.M. Billionaires in Global Philanthropy: a Decade of the Giving Pledge. Soc 58, 120–130 (2021). https://doi.org/10.1007/s12115-021-00580-0

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