In May, the Gates Foundation revealed plans to spend $200 billion over the next two decades before ceasing operations in 2045. The announcement, made in New York City with supporters present, honored the tradition of American philanthropy while highlighting innovative approaches for the 21st century.
This is why Michael Bloomberg, the top individual donor in the U.S. in 2024, and Mark Suzman, the incoming leader of the Gates Foundation, are included in our first TIME100 Philanthropy list. We started the TIME100 list 21 years ago, recognizing the power of individuals to effect global change. We have since expanded into areas critical to our future: health, climate, business, and now, philanthropy. Philanthropy is increasingly vital as global institutions face scrutiny and governments reduce their ambitions.
The TIME100 Philanthropy list, featuring individuals from 28 countries and compiled by TIME’s global network of reporters, editors, and contributors, was overseen by Ayesha Javed. Javed notes that the list showcases how donors and non-profit leaders are directing funds to communities with the greatest need.
In the U.S., foundations are facing greater scrutiny as the current Administration seeks to reduce governmental involvement in areas where it once played a significant role. TIME100 Philanthropy honorees such as Darren Walker and Ruth Allardice are responding to this shift. Walker, as president of the Andrew W. Mellon Foundation, emphasizes support for a diverse and inclusive democracy in America. Allardice, head of GiveDirectly, is increasing humanitarian efforts despite a $20 million funding cut from USAID, asserting that cash transfers are particularly effective when supply chains are disrupted.
A new generation of donors is forging its own path. Lisa Mitchell, president of the Cynthia and George Mitchell Foundation, helped create the Giving Pledge Next Generation to involve heirs of Giving Pledge signatories in shaping their family’s philanthropy. Marlene Engelhorn, an Austrian heiress, used a citizen council to decide how to distribute her inheritance. Through Good Ventures and Open Philanthropy, Dustin Moskovitz and Cari Tuna use data-driven strategies to maximize their impact. In January, Jeff Atwood, co-founder of Stack Overflow, announced his plan to give away half his wealth within five years, starting with direct cash payments to residents of impoverished counties in West Virginia, North Carolina, and Arizona, viewing it as an investment in fellow Americans.
Collective giving is also gaining momentum. This grassroots approach allows individuals to combine resources for greater impact. According to the Johnson Center for Philanthropy, “giving circles” have contributed over $3.1 billion to social causes since 2017. Sara Lomax-Reese, founder of the Asian Women Giving Circle and co-founder of the Donors of Color Network, believes community action is the future of philanthropy.
The new leaders in philanthropy, often successful in their respective fields, are keen to see immediate and measurable impact. As Priyanka Chopra Jonas, a long-time UNICEF ambassador, states, the goal is to achieve tangible wins.
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