Big Money, New Rules: How Wealthy People Are Changing Charity
Some rich investors ask a simple question when their foundation receives a grant request: “Can the market already fix this problem?”
If not, they think charity can step in. Bill Ackman, for example, focuses on science that still needs breakthroughs—like his MIND prize for brain‑disease research. He also wants to use AI to tackle housing and school issues, filling gaps that governments or businesses haven’t solved. Since 2006 his foundation has given over $930 million for cancer, neuroscience and other hard‑to‑fix problems.
Cari Tuna, wife of Facebook cofounder Dustin Moskovitz, points out that charity can act on risky ideas because it doesn’t have to answer voters or shareholders. She and her husband therefore back projects that offer the biggest upside for money in tough places, even if they are less popular causes.
The old style of giving—donating to museums or universities for a name on a building—is fading. Now, many of the richest people are applying business thinking to philanthropy.
- MacKenzie Scott has given more than $26 billion to over 2,700 groups, with no conditions. She also plans to invest in impact funds that support green energy or education, hoping money can solve problems twice: once as a grant and again through profit.
Steve Ballmer spends billions on making government data open to everyone. He believes taxpayers are like shareholders and should see how well the country is doing. The Ballmers also fund a site that gathers public statistics on everything from crime to immigration.
Michael and Susan Dell made an unprecedented $6.25 billion pledge to start investment accounts for millions of U.S. children who would otherwise miss a federal program. The goal is to give kids a financial asset that can grow for decades—a long‑term strategy that doesn’t require yearly reviews.
John Arnold and his wife Laura give more than $2 billion of their fortune to research in education, housing and even legalized sports betting. Their company’s evidence team awards more than 85 research grants each year, using data to guide where money goes.
Steve Schwarzman sends scholars to a Chinese university every year, aiming to improve cross‑border understanding. He says education is the key to a better life.
Across all these examples, the big difference isn’t which causes they pick but how they think about giving. They treat philanthropy as a partner to business and government, not just a charity. Their strategies involve risk, data, and long‑term thinking—reshaping the role of wealth in society.
