Philanthropy from billionaires has become a defining feature of extreme wealth in the 21st century. The most famous billionaire philanthropy initiative is the Giving Pledge — launched by Warren Buffett and Bill Gates in 2010 — which encourages billionaires to commit the majority of their wealth to charitable causes during their lifetime or in their will.
Major philanthropic vehicles include private foundations (like the Bill & Melinda Gates Foundation), donor-advised funds, and direct gifts to universities, hospitals, and nonprofits. The Gates Foundation has donated over $60 billion to global health, poverty alleviation, and education.
Philanthropic giving by billionaires is sometimes criticized as a way to maintain influence over societal outcomes while receiving significant tax benefits on donated assets.