What is philanthropy? Thanks for asking!

Philanthropy is the feeling which pushes people to help those in need. Most often, it’s manifested by the rich giving to the poor. In times of crisis, like the Covid-19 pandemic, calls for philanthropy are commonplace. It’s almost as if private donations can take on the responsibilities of a state and its public institutions. The concept of charity has existed for a long time, and its philosophies are often associated with religion. While there is somewhat of an overlap, philanthropy is not entirely the same thing. Charity seeks to ease the impact of a social problem, whereas philanthropy looks to address the root cause. Some cite the birth of philanthropy as being during the Age of Enlightenment in Europe. But it really developed in late 19th century America, inspired by newly rich businessmen. The premise is simple: if you have a lot of money and you’re a good person, you should share it; give back to society a little of what it has given you.  

Let's be real, it's also to have a clean conscience and good reputation, right?

It’s also to have a clean conscience and good reputation. By giving, philanthropists can also receive...even more money! A lot of governments support philanthropy by granting tax reductions. In the United States, this figure is 35% of the donation, while in France it goes as high as 60% for companies. Without a doubt, the most well-renowned philanthropists are Bill and Melinda Gates, who donate 2 billion dollars a year through their foundation. Historically they have been the second largest funder of the World Health Organization, just behind the United States of America. Many other philanthropists create their own nonprofit foundations, to donate to causes like healthcare, education and extreme poverty. 

So is it the rich who are going to help us beat Covid-19? And are the rich taking the place of governments then? In under 3 minutes, we answer your questions!

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