Since John D. Rockefeller handed out dimes, the world's richest have given away their money in very different ways. Now they are bypassing charity and writing a new social contract.
The shift reflects a growing impatience with traditional philanthropy. Rather than funding foundations that disburse grants over many years, some billionaires are sending cash directly to individuals, often children, with few conditions attached.
Supporters argue that direct transfers give recipients the freedom to decide how to spend the money, from education to housing to starting a business. Critics question whether such payouts can scale and whether they reduce the influence of public institutions.
For many in the wealthy class, the move is also a response to rising public anger over inequality. Handing money straight to ordinary people offers a visible answer to calls for a fairer economy, even as the broader debate over taxation and wealth concentration continues.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing