Charities of Domestic and Global Philanthropists: Benefactors Share, Community Profits

If you are among the happiest one percent of humanity, you owe it to the rest of the world to think of the remaining 99 percent, said Warren Buffett, one of the world’s greatest philanthropists, who has long shown that money at one point really isn’t worth much if people keep it only for themselves. The richest, as well as somewhat less wealthy global and domestic entrepreneurs, have recognized philanthropy as an appropriate way to give back to the community for years. Although those who handle millions can feel very significant tax benefits by entering the world of donations, the greatest reason for charity (at least we hope) is that the wealthy genuinely care about the world and feel compelled to make a positive contribution to it.

Focus on Climate

Amazon founder Jeff Bezos recently named country singer Dolly Parton the recipient of his annual award for courage and kindness. He decided to award the music legend $100 million, which she will direct to charitable purposes of her choice. Bezos expressed that he can’t wait to see how she will spend the award.

– She gives from the heart and is guided by love in every aspect of her work. What she has done for children, literacy, and so many other things is simply incredible – said Jeff Bezos in a video posted on social media. The Amazon founder presented the award with his partner Lauren Sánchez.

As a reminder, Dolly Parton led a foundation that distributed books to children around the world, and for coronavirus research, she donated $1 million to the Vanderbilt University Medical Center, helping Moderna develop its vaccine. Previous recipients of Jeff Bezos’s $100 million award include chef Jose Andres and Dream.org founder Van Jones.

Bezos, the fourth richest person in the world, with a wealth of $116 billion according to the Bloomberg Billionaires Index wealth calculator as of November 30, has increased his philanthropic efforts since stepping down as CEO of Amazon last year. Most of his attention these days is focused on climate change with his $10 billion Earth Fund, and he announced a $200 million donation to the National Air and Space Museum, the famous Smithsonian.

Warren Buffett donated more than $750 million in Berkshire Hathaway stock to four family-related foundations ahead of this year’s Thanksgiving, and the legendary investor said that this moment was not a coincidence as it is his way of thanking his children for their charitable work. The ninety-two-year-old investor donated 1.5 million Class B shares of his conglomerate to the Susan Thompson Buffett Foundation, named after his first wife. He also gave 300,000 Class B shares each to three foundations run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation. This time, the Bill and Melinda Gates Foundation was not among the recipients. Buffett has promised to distribute his wealth over time and has been making annual donations to the same five charities since 2006, which invest the received money exclusively for charitable purposes.

All to Foundations

Billionaire and philanthropist Bill Gates said a few months ago that he plans to give all his wealth to the philanthropic organization he started with his ex-wife Melinda, the Bill and Melinda Gates Foundation. The Microsoft co-founder invested $20 billion in the Foundation this year to increase spending to $9 billion a year by 2026, citing issues caused by the pandemic, the war in Ukraine, and other factors.

– When I look to the future, I plan to give almost all my wealth to the Foundation. I will move down and eventually drop off the list of the richest people in the world – said Gates.

Buffett, Gates, and Melinda French Gates founded an initiative called The Giving Pledge in 2010 as a movement of philanthropists who commit to giving away the majority of their wealth to philanthropy or charitable causes, either during their lifetime or in their will. It has gathered signatures from more than 200 billionaires around the world.

– I have an obligation to return my resources to society in ways that have the greatest impact on reducing suffering and improving lives, and I hope that others in positions of great wealth and privilege will also step up at this moment – wrote Gates.

Gates has long spoken about the need to donate his wealth, stating that he has believed his entire life in solving global problems such as climate change. He even said that he will not pass on his wealth to his children to become billionaires since he is giving so much away. Gates currently has a net worth of $114 billion according to the Bloomberg Billionaires Index.

Charities, of course, are not reserved only for those in the top one percent of the wealthiest. There are philanthropists among domestic companies and entrepreneurs as well. Saša Cvetojević, an entrepreneur and investor, says that donations, both personal and those in the companies where he is a co-owner or majority owner, have been striving for many years to give directly where they see there is a real need.

Donor Experiences

– We have had bad experiences with some associations and organizations that did not fulfill their promises. When I donate personally, I often collaborate with organizations like People for People or Solidarna to ensure that the donation will actually reach those in need. When we donate through companies, we often donate to sports clubs and organizations, but we mainly strive to help the development of sports in younger generations because I believe that sports should be for everyone and that not only professional sports are worth investing in – commented Cvetojević.

Davorin Štetner is another Croatian entrepreneur and investor with a big heart who spends his free time mentoring young entrepreneurs and continuously invests in the betterment of the community.

– I am not immune to the things I see, so I react spontaneously and join actions I come across, such as collecting contributions for a little girl who recently lost her closest ones in a traffic accident. However, due to my entrepreneurial nature, I mostly try to help young entrepreneurs and have been investing a lot of time in mentoring for over ten years. Additionally, I support cleaning and nature protection actions, and since I became a dad, I have been particularly involved in actions to help children in difficult situations. I also invite everyone who can to take a little time during this holiday season to visit homes for unaccompanied children with their children and bring joy to the little ones who have no one – concluded Štetner.