This trend, called "co-creation" by philanthropy experts, has resulted in fewer buildings named after billionaires and more billionaires sitting on the boards of non-profits, Wealth-X found. Rising scrutiny of billionaire philanthropy has led donors to crave close oversight of how their funds are spent, according to Wealth-X.
Houston-based philanthropist Laura Arnold, now 46, joined the board of REFORM Alliance, the criminal justice-focused advocacy group founded by Jay-Z and Meek Mill, after making a multimillion dollar donation to the group, Business Insider previously reported. Arnold told Business Insider in August that the group's diverse leadership, which also includes CNN host Van Jones and Vista Equity Partners CEO Robert F. Smith, is one of its greatest strengths.
"The group has brought together people with different political perspectives and people with lived experience in the justice system," Arnold said.
Education is the top cause for donors of all ages, according to Wealth-X, but the arts and cultural institutions come in second for ultra-wealthy people who are over the age of 65. Over 65% of ultra-wealthy seniors have donated money to the arts, compared with just 35% of ultra-wealthy people under 45, Wealth-X found.
One of the United States' most prominent arts donors, David Koch, passed away in August at 79 after a battle with cancer, Business Insider previously reported. Koch was a major patron of Lincoln Center for the Performing Arts and the Metropolitan Museum of Art, but his donations were often mired in controversy as he and his brother Charles also gave millions to fund conservative causes.
Despite this finding, one of the most well-known examples of collaborative giving — The Giving Pledge — was actually spearheaded by two billionaires who fall outside of Wealth-X's definition of "young." Bill Gates and Warren Buffett launched The Pledge in 2010, and have since gotten 204 ultra-wealthy people across the globe to commit to giving away the majority of their fortunes, according to the organization's website.
But per Wealth-X's recent findings, this style of giving is generally more popular among the younger generation of billionaires than older ones.
Younger billionaires' singular focus on one area of philanthropy is a result of their desire to become more involved in the work they fund, according to Wealth-X. They also begin their philanthropy at a younger age, according to Wealth-X, giving them more time to build an expertise in a particular field.
The trend is expected to escalate as more young people accumulate wealth, but it can already been seen among a group of young Asian billionaires focusing on climate change, the World Wild Fund's Laura Weeks told Wealth-X. Bloomberg's David Ramli similarly reported in September that a group of five Chinese heirs has made climate change the singular focus of their philanthropy, despite being the fifth most popular cause for Chinese philanthropists across all age ranges.
Amid heatwave, Delhi's power demand soars to May's highest ever at 7,572 MW
84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey
Go Digit IPO allotment – How to check allotment, GMP, listing date and more
Next Story