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Philanthropy is the act of giving without expecting rewards or payments. It can be done by anyone, regardless of wealth, through donations of money, time, goods, or services. While famous philanthropists tend to be wealthy, most people who engage in philanthropy are strangers who do not seek recognition. Examples of philanthropy include volunteering, mentoring, and donating to telethons or disaster relief funds. Famous philanthropists include Andrew Carnegie and Warren Buffett, who have made significant contributions to various causes.
According to its most conventional definition, a philanthropist is a person, usually quite wealthy, who donates large sums of money to individuals, groups or organizations advocating for a worthy cause. A philanthropist can also donate land, produce, food, goods, services, or even time. Such an individual doesn’t really need to be wealthy; in the vast majority of cases, people who practice philanthropy come from all walks of life.
While those who do huge benefits are often heavily publicized in the media and lauded with awards and dinners, a philanthropist is anyone who gives without expecting rewards or payments. At its best, philanthropy is an altruistic gesture devoid of any thought of compensation or quid pro quo. One could reasonably argue that philanthropy is the art of sharing one’s fortune with others; simply, it is an act of human kindness.
A philanthropist could be considered the person who spends time volunteering at a local humane society or the individual who makes time to read stories to the blind. It could be the teenager who spends a few hours visiting with elderly inmates, the woman who becomes a child’s mentor, or anyone who gives money to a telethon or disaster relief fund. Most people who engage in philanthropy are strangers and neither desire nor seek recognition for their generous deeds.
The most famous philanthropists in history tend to be the wealthiest, mainly due to the breadth of their endowments. In the late 19th century, Scotsman Andrew Carnegie, founder of the Carnegie Steel Company, contributed over 19 million US dollars (USD) to various causes. Carnegie’s generosity led to the creation of the renowned Carnegie Hall, as well as several trusts dedicated to education and peace. The philanthropist is perhaps best remembered for funding the construction of over 350 public libraries across the United States.
In more recent times, Warren Buffett, founder and chief executive officer (CEO) of investment group Berkshire Hathaway, has established the largest legacy in history. In 2006, Buffett announced that, upon his death, the majority of his $31 billion (USD) fortune would be transferred to the Bill and Melinda Gates Charitable Foundation. Other wealthy philanthropists prefer to remain anonymous. In 2009, nearly US$50 million (USD) was donated to eight American universities by an unknown contributor. The only stipulation included in these massive offers was that the recipients make no effort to identify the donor.
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