MacKenzie Scott, the former spouse of Jeff Bezos, made a bold first announcement about how she plans to fulfill her Giving Pledge to give away most of her wealth, currently valued at $52 billion.
In her statement on Medium, MacKenzie Scott announced $1.67 billion in direct grants to 116 charities, mostly addressing racial injustice and other aspects of inequality.
“Donations from small donors have been on a twenty-year downward trend, as low- and middle-income donors feel the squeeze from stagnant wages, declining savings and homeownership, the Great Recession of 2008, and now the pandemic.”
We should approach billionaire giving announcements with a healthy skepticism, especially when it involves only 3 percent of their wealth. But her actions show a positive path forward at a time when philanthropy has become increasingly “top heavy” with billionaire power.