Philanthropy
When billionaires like Bill Gates give away 'virtually all' their wealth, where does it go?
When billionaires donate to private foundations or donor-advised funds, critics argue, the money is still under control of the donor.
Amanda Pérez Pintado
USA TODAY
Microsoft co-founder Bill Gates last month said he plans to give away “virtually all” of his wealth to his and his ex-wife's philanthropic organization, the Bill and Melinda Gates Foundation. The pledge, he said, will knock him off the world’s wealthiest list.
The biggest givers in the nation donated more than $33.4 billion in 2021, according to the Chronicle of Philanthropy, and Forbes estimates that the country's 25 largest donors have given $169 billion over the course of their lives. But when the ultra wealthy give, where do those billions go?