Folks in philanthropy and development definitely know that the Gates Foundation is the largest private player in that realm by far. Until recently it was likely to get even larger, as Warren Buffet had stated that the Foundation would receive the bulk of his assets when he died. A few weeks ago, Buffet announced that he had changed his mind, and was instead going to create a new trust for his assets, to be jointly managed by his children. It’s a huge change, but I don’t think very many people took note of what it means (“A billionaire is going to create his own foundation rather than giving to an existing one; seems unsurprising.”). So I created this chart:
Source: Tim Ogden. July 15, 2024. The faiv: Five notes on financial inclusion
Addendum—Aug 7, 2024
Tim provides an update on The faiv:
First, here’s an excerpt from a forthcoming book that details the beginning and end of the Buffet-Gates partnership; apparently that involves Buffet perceiving that the Gates Foundation had become too institutional. But it also includes the idea that the new trust that Buffet is creating, to be overseen by his children, has to give away all of the bequest within 10 years of his death. I just don’t see how that is remotely possible, even with a McKenzie Scott approach, barring just dropping money from the sky (honest question from someone who is not at all a macro-guy—would more than $125 Billion of windfall consumption over 10 years show up in inflation statistics?). I remain of the opinion that this is something that deserves a lot more attention.
Warren Buffett changes giving plans (for the worse)
Link post
Source: Tim Ogden. July 15, 2024. The faiv: Five notes on financial inclusion
Addendum—Aug 7, 2024
Tim provides an update on The faiv: