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The old model of billionaire philanthropy is ending
Gates and Buffett felt they were returning something to a system that had made them wealthy; the new guard believes it’s already done more than enough with its innovations.
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Together, Mr Bill Gates (left) and Mr Warren Buffett have convinced and cajoled plenty of other billionaires to the idea of giving back.
PHOTOS: CALLA KESSLER/NYTIMES, AFP
Beth Kowitt
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Mr 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 on May 8, his foundation shuts its doors in 2045.
Of all these audacious goals and wishes, it’s the last that might be the farthest out of reach. Mr 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 largesse shown by him.
