Here are some disheartening news flashes that all lead to the same conclusion.
First, the Chronicle of Philanthropy recently published its “Philanthropy 50” list this week, spotlighting America’s most generous donors. The economic recovery seems to have had a salutary impact on their philanthropic activities, as their $7.7 billion in gifts last year represent a 4% increase over 2012.
But wait. As the Forbes 400 list advises, the richest Americans saw their wealth more than double, from $955 billion to $2 trillion. Meanwhile, according to the Bloomberg Billionaires index, the world’s 300 richest people enjoyed a $524 billion increase in wealth in 2013. Tech billionaires gained 28% – a whopping 21% more than the overall rise in giving reported by the Chronicle. At the same time, the 2014 BNP Paribas Individual Philanthropy Index registered a decline – a decline! — of 12.3% in giving in Europe, Asia, and the Middle East. So I guess we shouldn’t be scolding our homegrown plutocrats too harshly.
The conclusion to inevitably draw is that billionaires are making more and giving less. The big names in philanthropy like Buffet and Gates are carrying the weight, and, importantly, so are average Americans as total giving rose to $230 billion. What would we do without the vast number of these modest donors, folks who may still be worrying about their tax returns or mortgage rates, especially when the 50 richest only gave $7.7 billion?
The question gets begged, why? Why the apparent inaction by the world’s richest people? Maybe they’re angry. Maybe the rich think that, as a demographic, they’ve been unfairly and zealously targeted for attacks from multiple quarters. Maybe the sense of self-entitlement that can grow from feeling persecuted has given them a sense of self-justification. “You don’t like me? Well, too bad for you!”
Maybe. In fact, I really don’t know for sure. I’d welcome your thoughts, so drop us a line here if you’d like to share any insights you may have.
After all, $2 trillion is still a lot of money in most places.