These philanthropies have $1.2 trillion that they could spend on fighting the coronavirus. So why aren’t they?
For all the good that some billionaires like Bill Gates have done for the world during the coronavirus pandemic, the philanthropies of the rich are still sitting on $1.2 trillion in assets that could make a difference, right now.
Just because these millionaires and billionaires have poured money into their charitable foundations, it doesn’t necessarily mean that those foundations have then given that money away. These foundations generally give away just 5 percent a year. And they are likely to keep disbursing the same percentage of their money they typically do, despite the unprecedented public health and economic crisis.