What billionaires and their advisers say keeps them from giving more and faster

America’s wealthiest people have urged each other to give away more of their money since at least 1889, the year Andrew Carnegie argued that the richest should give away their fortunes within their lifetimes, in part to lessen the sting of growing inequality. So, what stands in the way of the wealthiest people giving more and giving faster? Philanthropy advisers say some answers are structural, like finding the right vehicles and advisers, and some have to do with emotional and psychological factors, like negotiating with family members or wanting to look good in the eyes of their peers. Piyush Tantia, chief innovation officer at ideas42, points out that unlike everyday donors, who may give in response to an ask from a friend or family member, the wealthiest donors end up deliberating much more about where to give. His advice is to think about philanthropy as a portfolio, with different risk levels and strategies ideally working in concert. That way it’s less about the outcome of any single grant and more about the cumulative impact. Private and open conversations between donors also help them move forward, advisers have found. The Center for High Impact Philanthropy runs an academy that convenes very wealthy donors, their advisers, and the heads of foundations to learn together in cohorts. But executive director Kat Rosqueta said, that sometimes donors struggle with seeing how to make a difference, given that philanthropic funding is tiny compared to government spending or the business sector. Cara Bradley, deputy director at the Gates Foundation, said the scrutiny of billionaire philanthropy also means they feel a huge responsibility to use their funds as best as possible. Deborah Small, a marketing professor at Yale School of Management, said, in general, current social norms value anonymity in giving, which is seen as being more virtuous because the donor isn’t recognized for their generosity. “It would be better for causes, and for philanthropy as a whole, if everybody was open about it because that would create the social norm that this is an expectation in society,” she said. This article was provided by The Associated Press.