The Old Model of Billionaire Philanthropy Is Ending
The new generation of Silicon Valley elite is far less interested in giving away its wealth.
Only one of these billionaires plans to give away 99% of his wealth by 2045.
Photographers: Steve Jennings/Getty Images for TechCrunch; Alex Wong/Getty Images; Hollie Adams/Bloomberg
Bill Gates is an optimist. He believes the world will be a better place in 20 years, that diseases like polio, measles and malaria will be eradicated, and that there will be other rich people lining up to fill the void when, as he announced last week, his foundation shuts its doors in 2045.
Of all these audacious goals and wishes, it’s the last that might be the furthest out of reach. Gates is right that there will be plenty of rich people in two decades. But what’s far less certain is just how willing they’ll be to give away their money with the abandon and largess shown by Gates.