Tycoons used to compete for their place on the Forbes and Fortune lists of wealthiest people. If they did give back, it was often late in life and involved museums or the arts. They spent far more philanthropic dollars on oil paintings of women than on improving the lives of real women.
Turner’s gift helped change that culture, reviving the tradition of great philanthropists like Rockefeller and Carnegie. Turner publicly began needling other billionaires — including Bill Gates and Warren Buffett — to be more generous. That was a breach of etiquette, but it worked.
“It’s a starting point for me of this modern era of high-profile big public giving,” reflected Matthew Bishop, co-author of “Philanthrocapitalism,” a terrific book about how the business world is reshaping philanthropy. “He called on others to step up, which did have a crystallizing effect on others. It allowed journalists and others who were talking to Bill Gates to say: ‘Why aren’t you giving more?’ ” Then they tormented Buffett with the same question.
Ultimately, Gates and Buffett made huge contributions that are transforming the struggle against global disease and poverty. My hunch is that Gates will be remembered less for his work on personal computers than for his accomplishments against malaria, AIDS and poverty itself.
Gates and Buffett are both now recruiters for the Giving Pledge, which commits zillionaires to give away at least half their wealth. The giving pledge adds to the expectation that those who have won the global jackpot should give something back.
Turner channeled his money through the United Nations Foundation where it was leveraged to get other contributions so as to bring $2 billion to finance causes from malaria to polio, from climate change to family planning.
The gift brought new respect to the United Nations and made it increasingly fashionable for billionaires to worry about global poverty. These tycoons bring not just their checkbooks to the table but also a business sensibility that introduces greater rigor and evaluation to the world of bleeding hearts.
All this has helped shine a greater spotlight on neglected issues — which, in turn, has led to extraordinary results. A study this month reported that infant mortality around the world dropped by more than half from 1990 to 2010. That’s millions of lives saved each year.
Mega philanthropy is not a new phenomenon–the oil, steel and rail tycoons of the turn of the century were all dedicated givers–but that tradition died off for most of the 20th century until Ted Turner made his historic gift.