Rebuilding Broken Systems

CHAPTER 2Philanthropy in the Billions

“Good risk-taking by philanthropists can be enormously helpful developing the data and the experience for government to come along later … What you don’t want to have happen is for private philanthropy to take over the government’s responsibility. The government has a responsibility here, and the government can’t back away and say, ‘Let’s have people do it.’”

—James Doyle, Former Governor of Wisconsin

Philanthropy is an enormous topic, intimidating to take on holistically. So, where should we begin in attempting to rebuild this space? A good place to start is with some big numbers and a working definition of philanthropy.

First, the numbers.

• $1.7 trillion. The amount of money philanthropic organizations and foundations currently hold in their endowments.¹
• 813. The 2024 number of billionaires in the United States,² up from 66 billionaires in 1990.³
• 22 million. The number of millionaires in the United States (40% of global millionaires)⁴ up from approximately 1.5 million in 1990.
• $5.4 trillion. The combined 2024 net worth of the 400 wealthiest people in America.⁵
• $557.16 billion. The amount given to charities by US individuals, organizations, and corporations in 2023.⁶

Next, a definition and some clarifications.

The word philanthropy has Greek roots, roughly translating into “man-loving,” but in its more inclusive sense it refers to an altruistic application of private assets to create public good. Overall, the goal of philanthropy is ...