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Article
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Billionaire benefactors Bill and Melinda Gates have said they would be splitting up after 27 years of marriage, raising concerns around the future of one of the biggest and most influential charity organizations in the world.
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The couple — with a combined wealth in excess of $130 billion (€108 billion) — have been among the most bighearted philanthropists over the past few decades, gifting more than $36 billion to the nonprofit Bill & Melinda Gates Foundation since its launch in 2000.
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More than 20 years later, their foundation ranks as the largest private philanthropic foundation in the United States and one of the world’s biggest with an endowment of nearly $50 billion. The charity organization has spent around $55 billion over the past two decades in areas including malaria and polio eradication, child nutrition and vaccines in 135 countries. The foundation last year committed some $1.75 billion to COVID-19 relief.
Which do you think are the most important domestic charities in Japan, Why?
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The Gates have pledged to continue their philanthropic work together, saying they “continue to share a belief in that mission.” The Gates Foundation said the couple would remain as co-chairs and trustees of the organization.
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some experts say the couple’s divorce could create new questions about their wealth, most of which has yet to be donated to their foundation. In 2010, the couple publicly committed to giving the majority of their wealth to philanthropy as part of The Giving Pledge, which the two created along with investor and philanthropist Warren Buffett to encourage billionaires to pledge a bulk of their wealth to charity.
Perils of billionaire charity
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Anand Giridharadas, author of the book “Winners Take All: The Elite Charade of Changing the World,” said the Gates divorce could have major ripple effects on the couple’s humanitarian projects around the world, given the influence their foundation enjoys globally.
Who are the biggest philanthropists in Japan? What causes do they advocate for?
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“The Gates divorce will do more than upend a family’s life. It will ramify into the worlds of business, education, public health, civil society, philanthropy, and beyond,” Giridharadas, a critic of billionaire philanthropists, told Reuters. “That is because our society has made the colossal error of allowing wealth to purchase the chance to make quasi-governmental decisions as a private citizen,” he said.
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Monica Mazzei, a divorce attorney and a partner at Sideman & Bancroft LLP in San Francisco, said a lot of the foundation’s future would depend on to what extent the Gates plan on working together going forward.
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“Even in the most amicable divorces I’ve seen, the preference has been to split the foundation in two so that there’s more autonomy and less intermingling,” she was quoted by Bloomberg as saying. “The same principle applies to family offices, where the investments could be divvied up into two separate pots.”
