Tag Archives: Super-Rich

The Economist Special Report: ‘Philanthropy’

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The Economist SPECIAL REPORTS (January 12, 2024): The latest issue is focused on ‘Philanthropy’ – Move fast and mend things. Charitable organizations are hoping to get money to the needy faster….

The super-rich are trying new approaches to philanthropy

Billionare on a rollercoaster doing a loop-de-loop, holding a spanner with money and tools falling out of the cart

They are hoping to get money to the needy faster, says Avantika Chilkoti

A nudge is not always enough to force change within an industry. Sometimes a series of forceful shoves is required. In the rarified world of Western philanthropy, the shoves began in 2020. The covid-19 pandemic, protests for racial justice across America that summer and the outflow of refugees from Ukraine starting in early 2022 created a new urgency around charitable giving and revealed failings in how it worked. Donors began to consider how they could disburse money faster and with more impact.

No-strings philanthropy is giving charities more decision-making power

Organizations on the ground know best how money should be spent

Give Directly does what it says on the tin

Cash hand-outs can transform communities

Views: Lives Of The Super-Rich In Congo, Africa

Many millionaires live in the Democratic Republic of Congo, one of the world’s poorest countries. This film depicts some of those who have made fortunes amid the chaos, including musicians, mining bosses, entrepreneurs and preachers. The DRC is rich in raw materials, but only a few profit from its natural resources.

While 60% of Congo’s inhabitants live on less than $1.25 per day, businessmen, artists, former rebel leaders and evangelists are reaping the rewards of economic growth. In the capital, Kinshasa, these new rich live in safe and luxurious enclaves, while children toil in coltan mines in the eastern part of the country. Fally Ipupa has made his money with music.

Others rely on their business acumen, like Patricia Nzolantima, who founded a taxi company and aims to give more opportunities to women. With 3,000 mine workers, Cooperamma is the largest employer in North Kivu, in the east of the DRC. Managing director Robert Seninga says his coltan mines are extremely well-run, yet safety standards are poor. Coltan, a globally coveted mineral, is used in cell phones and other devices. It’s both a blessing and a curse for the Congo. It makes some rich, but for others it means death. The region still suffers from ethnic and factional conflicts, with money from illegal coltan smuggling financing new violence. It’s a vicious cycle.