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Caroline Wood

Expecting billionaires to solve global poverty can distract us from the fact that right now we can make a significant difference to help improve the lives of the world’s poorest.

 Why philanthropy isn’t just for billionaires

No matter how many times you read it, the statistic is staggering: 

the richest 1% own around 46% of the entire world’s wealth

have a collective net worth of $1.3 trillion

. The wealth these individuals possess is beyond comprehension for most of us – we simply can’t get our heads around the numbers. Against these sums, any amount we donate to charity from our personal incomes may seem insignificant. So would the most effective strategy to address global poverty be to simply redistribute as much of these billionaire fortunes as possible to the world’s poorest citizens?

Billionaires could make a big difference...

In theory, redistributing all the world’s wealth could make a massive difference to those currently living in poverty. As a rough illustration, 

in 2020 world GDP was approximately $84.7 trillion

. If this had been divided equally among the global population at the time (7.8 billion), this would have given each person around $10,860. At this amount, most people currently on the planet would have a significantly better life. 

, for an average country with a GDP per capita of $10,000, 

virtually everyone has access to electricity

. In the poorest countries today, however, average life expectancy can be below 54 years, child mortality over 10%, literacy rates below 25%, and fewer than one in ten people with access to electricity.

But are billionaires donating enough of their wealth to make a difference? Indeed, there are many exceptionally wealthy philanthropists who have already poured billions into deserving causes. 

Bill and Melinda Gates, for instance, have given away almost $30 billion to date

 which aims to fight ‘poverty, disease, and inequity around the world.’ Former New York City Mayor Michael Bloomberg, meanwhile, 

 focusing on the arts, education, the environment, government innovation, and public health to ‘ensure better, longer lives for the greatest number of people.’ In 1971, 

an endowment from American Businessman Daniel K. Ludwig established an international consortium of cancer institutes

, which continues to generate world-leading research into these diseases to this day.

, who has promised to give away more than 99% of his $80 billion-plus fortune, and has already donated over $45 billion so far, mainly towards poverty and healthcare causes. In 2010, Buffet went even further in his philanthropic zeal by co-founding 

, which encourages fellow billionaires to donate most of their wealth to charities. As of 2021, the pledge had 231 signatories - indicating a collective immense fortune available to donate.

…but we shouldn’t rely on their philanthropy to solve global poverty

It might be tempting to rely on altruistic billionaires to solve global poverty, but two key issues make this problematic.

1. Even billionaires don’t have enough money to solve poverty

Simply put, even all the world’s billionaires don’t have enough money to solve all the world’s problems. If billionaires were to divide 

 today (defined here as earning less than $1,200 per year), this would only equal a 

 payment of around $5,000 per person - a significant amount, but nowhere near enough to lift everyone out of poverty for good. For reference, the US 

 income of less than $12,880 to be living in poverty. This means that, despite the substantial impact billionaires’ philanthropy could have, there is still a role for smaller donors like ourselves.

2. We have no guarantee that billionaires will donate effectively (or at all)

For a start, not every billionaire chooses to engage in philanthropy. In 2021, for instance, 

less than 9% of the world’s 2,755 billionaires

 had signed The Giving Pledge. Meanwhile, those that do donate are at complete liberty to give their money as they choose, without having to be accountable to anyone or transparent about how their donations are spent. There is a risk, therefore, that a billionaire donor will focus on causes personally important to them, rather than the 

. As an extreme example, when British antique dealer Ben Rea died in 1988, 

he left almost his entire $12.5 million estate to his cat Blackie,

Some may argue that higher taxes on the wealthiest citizens help to address income inequality. But 

tax systems in rich countries aren’t devised to help the global poor

. The global poor can’t vote for legislation in high-income countries, so politicians in these countries aren’t incentivised to send money to them. Furthermore, 

the foreign aid budgets of these countries are minuscule,

 meaning that we need charity as well, not just taxes.

It’s clear that we shouldn’t wait for billionaires alone to solve poverty — their actions are oftentimes too uncertain, and likely wouldn’t be enough even if they all donated to effective charities. Small donors might not change the entire world, but they can make a world of change to those who receive their donations. Also consider this: being ‘worth a billion’ is a highly arbitrary measure of personal wealth. If you are reading this now as a reasonably well-off citizen of a developed country, 

then you are likely still a member of the richest 10% of the world’s population

. This means that your quality of life is already drastically better than that of most people on the planet. If we truly want to address global income inequality, then we also have a moral imperative to act now. Like any habit, giving generously grows stronger when reinforced through practice: if we start now, our ‘giving reflex’ will be more developed by the time we earn more.

Furthermore, as American entrepreneur Tim Ferriss points out in a blog post titled 

, “[Empowerment] depends on acting early and precisely, not lots of money”. For instance, 

it costs less than one dollar to give a child treatment for parasitic worms

. Analyses of this charity’s effectiveness have demonstrated that 

this has a significant impact on lifetime earnings

, through better health and increased time in school. In comparison, the cost of treating the effects of poverty for that child (and the eventual family they may have) over decades would be considerably greater than the cost of deworming treatment.

 by donating to highly effective charities. A good place to start is by 

checking out our list of recommended charities

giving to others can make us richer on so many levels beyond money.

having money only increases our emotional well-being up to a point

 (around an annual income of $75,000). Another found that money does increase happiness, but one needs to earn progressively higher amounts to gain only small amounts of happiness.

 have found that giving to charity had positive impacts on psychological wellbeing and life satisfaction, even for 

Even toddlers have been found to experience ‘the warm glow of giving’,

 indicating that humans have a deeply-ingrained tendency to find altruistic behaviour rewarding. This appears to be supported by studies that indicate that 

giving to others activates the brain’s reward centres

hoarding for yourself can increase shame and stress hormone levels

To conclude: Yes, billionaires could – and should – do a lot more to solve global poverty, but waiting for them to do so distracts us from the fact that right now many of us can significantly help improve the lives of the world’s poorest. We can make a world of difference to those who need it most, without a major sacrifice to ourselves, all while experiencing the joy of helping others. And that is an incredible opportunity.

As Anne Frank beautifully put it: "How wonderful it is that nobody need wait a single moment before starting to improve the world."

Martin Skadal

Martin, a social entrepreneur from Norway, shares why he took The Giving What We Can Pledge alongside what causes he's passionate about, and what his vision for the future is.

Member Profile: Martin Skadal

We recently spoke with Martin Skadal from Norway. He shared with us his effective giving story, including what motivates him to give, what issues he cares about the most, and his vision for the future.

Tell us about yourself. What keeps you busy? What makes you tick?

I'm on a journey to figure out how I possibly can do the most good. Right now I do that by running World Saving Hustle and Altruism for Youth, two NGOs working to make our world a better place.

Tell us about your effective giving journey.

My journey started with volunteering for over organizations. Then, I found some missing/neglected focus areas and started my own NGO. On that journey, I found Effective Altruism as a concept and right after that I discovered EA Norway. I've heard a lot about GiveWell and the Giving What We Can Pledge, but hesitated to join as I don't have much to give, as a result of my very minimalistic lifestyle. I then found out how I could join as a student (based on my spending and not income). I knew that even with my lifestyle, I could do it.

Why do you give? (What motivated you to give originally. What keeps you motivated now.)

I always strive to do the most good I can, but given the polluted information ecology, I find it hard to know for sure that I’m having a positive impact. Through Giving What We Can, I know that no matter how hard I try in my own way to figure out how I can do the most good, the money donated through The Pledge will most likely have a positive impact.

Why did you take the Giving What We Can pledge?

I took the pledge because I feel it's the most secure way right now to make sure that money donate is actually having a good impact. I also took the pledge because I feel it's a good idea to have a consistent habit of doing good. Furthermore, I took the pledge because I no longer have to hear "GiveWell or Giving What We Can" on 80 000 Hours podcast or other episodes mentioning it, knowing that I not yet have taken The Pledge! What are the issues in the world that you care most deeply about? I think the polluted information ecology and collective decision making are important issues. Under that, I feel topics such as animal rights (how we treat billions of animals in factory farms), human rights, and environmentalism are also particularly important.

Which organizations do you give to (and why)?

I primarily give to GiveWell and Animal Charity Evaluators based on my knowledge about them right now and the strong impact they have.

Do you try to effect change in any other way?

Yes! I have started two NGOs (which now have government funding), plus I am helping many other NGOs for free with consulting. I also try using social media (@skadal) to teach others about effective altruism.

What effective giving tips would you like to share?

, and when Rob (and others from the EA community) visit other podcasts. I would also highly recommend getting involved in other altruistic NGOs to see if you have skills that you think they would be able to make use of.

What suggestions do you have for other people considering the pledge?

If you're a student, then just start ASAP. It's so easy and does not harm your (possible) low budget. If you're working, remind yourself why you would like to give, and keep consistent with consuming content from the EA community to keep updated with what you're helping out with.

I'd like to see collective decision making be a lot better, and that we figure out how to better optimize the ways of bringing attention and information together to increase compassion for each other. Personally, I hope to achieve that through expanding the NGOs I now run to have a global impact with an EA mindset.

Have any books or documentaries or articles or studies significantly changed the way you see giving?

Rob Wiblin on self-improvement and research ethics

 on the 80,000 Hours podcast. It didn't really say much about giving even, I think, but I think they discussed something that just clicked with me.

Are there any other concrete ways that Giving What We Can has helped you?

It has bettered my mental health by a notch.

" series which profiles a selection of the Giving What We Can community. The Giving What We Can is a community of people from all walks of life, with different perspectives and motivations for giving – all united by their desire to make a significant commitment to use their income to effectively helping others. Read more 

 to help inspire others to give more, and more effectively.

For more information about Giving What We Can we recommend you check out our 

Grace Adams

March 2022 Newsletter

Hello and welcome to our March Newsletter!

We've recently released an update on our strategy as an organisation. Make sure to read it if you'd like to hear more about our current plans, our vision for the future, and how you can help us achieve our goal of creating a world where giving effectively and significantly is a cultural norm.

In the strategy update, you'll also see we're hiring: we are currently looking for a 

If you're in the UK, don't forget that the end of the fiscal year is just around the corner, ending on April 5th. Now is a great time to finalise any tax deductible donations through 

Donate to highly effectives charities and funds

We're also still on the lookout for members who will be available in Oxford April 11-14 or London 15-18 for EA Global and would like to be in a promotional video about effective giving and the pledge. 

Fill out this form to let us know if you're interested

We are really excited about how Giving What We Can and our community can make the world a better place for all its inhabitants, for generations to come, and hope you are too.

Like much of the world, we are devastated to see Ukraine attacked by Russia. Many of us are thinking about how to use our resources to best help those affected by the war at this time. This thoughtful article from member and journalist at Vox, Kelsey Piper, titled 

, makes some recommendations on where you can donate, and also discusses some of the difficulties in donating during these crisis situations. We continue to encourage regular thoughtful giving and support our 

, in service of our vision of a world where a safe, happy and healthy life is lived by all.

Read on below to learn more about Giving What We Can co-founder William MacAskill's new book, What We Owe The Future, which is now available for pre-order.

-Grace Adams & the rest of the Giving What We Can team.

William MacAskill, co-founder of Giving What We Can and associate professor of philosophy at the University of Oxford, has a new book coming out on August 16th that is available now for pre-order.

Early pre-orders are very important in the world of publishing, so if you plan on buying the book at any point, we strongly encourage you to pre-order it now!

If you pre-order before April 30th and fill out 

, you'll have a chance to have one of 8 one-on-one calls that Will is having with readers to discuss the book.

 in the UK (it should also be on Amazon in most other countries).

William is one of the co-founders of the effective altruism movement, which guides much of our guidance on where to donate. His new book, What We Owe The Future, makes the case for longtermism, the view that positively influencing the longterm future is a key moral priority of our time. We just released a video on the ideas behind longtermism, which you can watch 

If you have any questions about ordering the book, feel free to email 

Peter is a new member who took the full pledge after trying giving out, this is a great strategy to see if the pledge is right for you!

Reviewing our work: please contact our researcher Michael Townsend if you are interested in this.

Joining our team (we're hiring!): we are currently hiring a 

 (New York: Sat 5:00 pm, Sydney: Sun 7:00 am)

 (London: Sun 9:30 am, Mumbai: Sun 2:00 pm, Singapore: Sun 4:30 pm)

Our open forum is an event where you can come along with questions about effective giving or just come along to meet others interested in effective giving. Alternates between Americas/Oceania and Europe/Asia.

 (London: 10:00 am, Mumbai: 2:30 pm, Sydney: 7:00 pm)

Thursday 14th April 5.30pm BST, exact location TBC

Monday 18th Apr at 12pm BST, exact location TBC

One of the world's most popular podcasts, Stuff You Should Know released an episode called

80000 Hours has launched a new podcast called 

 featuring a wider range of content than the original podcast typically covers.

It's perfectly okay to be an imperfect effective altruist

Effective Altruism: Young Canadians taking charity to the extreme

What psychological traits predict interest in effective altruism?

, Lucius Caviola, David Althaus, Stefan Schubert, and Joshua Lewis, EA Forum.

Lessons and results from workplace giving talks

New grantmaking program: supporting the effective altruism community around Global Health and Wellbeing

Open Philanthropy is hiring for various roles, including:

 on the Longtermist Effective Altruism Movement-Building Team: 

Program Officer, Effective Altruism Community Building (Global Health & Wellbeing)

GiveWell is also still looking for excellent candidates for its open

GiveWell has published the following new research materials:

 to Malaria Consortium to monitor and evaluate work in Nigeria and a $120,000 

 to Oxford University to support research into spillover effects of GiveDirectly's cash transfer program.

 with David Dowdy of Johns Hopkins University plus notes on why it's deprioritizing research into 

GFI U.S. welcomes new president Ilya Sheyman, as CEO Bruce Friedrich goes global

Debating Peter Singer on Wild Animal Suffering

Most animal cruelty is legal on the farm. A judge is questioning that.

Sam Bankman-Fried and Peter Singer sit down to discuss

 animal rights, climate change, effective giving, and other topics of interest.

Karen Levy on fads and misaligned incentives in global development, and scaling deworming to reach hundreds of millions

, Rob Wiblin and Karen Levy, 80,000 Hours Podcast.

AMF agrees to fund 6.8 million nets for distribution in Chad in Q1 2023

, Rob Mather, Against Malaria Foundation.

Blog

Why philanthropy isn’t just for billionaires

Member Profile: Martin Skadal

March 2022 Newsletter

Announcing our 2022 strategy and how you can help (and we're hiring!)

It's perfectly okay to be an imperfect effective altruist

Donating like a startup investor: Hits-based giving, explained

The value of small donations from a longtermist perspective

Why your charitable giving should be sustainable

Why you should mention the Pledge in your LinkedIn summary

Member Profile: Henry Howard