Super-rich individuals who pledged to give away most of their money to good causes are instead sitting on rising wealth fuelled by the “warehousing” of cash in dedicated family foundations or funds, a new study has found.
More than three quarters of a group of US billionaires who signed up to the Giving Pledge to donate most of their money saw a significant rise in wealth over the last decade, according to a report from the Institute for Policy Studies.
Its co-author urged the wealthy to follow the example of MacKenzie Scott, the ex-wife of Amazon.com Inc’s billionaire chief executive Jeff Bezos, by donating directly to charities rather than putting money into funds or foundations.
“The Giving Pledgers set out in 2010 to give away half their wealth and instead their assets have doubled,” said Chuck Collins, co-author of the “Gilded Giving” report.
