Warren Buffett, Bill and Melinda Gates initiated the Giving Pledge in June 2010, encouraging ultra-wealthy individuals to donate at least half of their assets to charity. The pledge has 256 commitments, representing 12% of U.S. billionaires, but enrollment has slowed since 2010.

The annual number of Giving Pledge sign-ups has decreased, with only 12 new members in 2020. Worldwide, the number of billionaires increased to 2,891, with a combined wealth of $15.7 trillion. The surge in wealth growth has made it challenging for billionaires to give away money quickly, contributing to slower pledge enrollment.

The Institute for Policy Studies report described the Giving Pledge as “unfulfilled” and identified only one living couple, John and Laura Arnold, to have fulfilled the pledge. Despite criticism, the Giving Pledge spokesperson emphasized its impact in creating new norms of generosity and fostering a global learning community among high-net-worth individuals.

Alternative philanthropic approaches, such as impact investing, have gained popularity among tech billionaires like Larry Ellison and Marc Andreessen. Ellison chose to focus on technology research over traditional nonprofit organizations, blurring the lines between for-profit ventures and charitable giving. Andreessen believes innovating technology can be philanthropic in itself.

Bill Gates’ recent commitment to give away almost all his wealth in the next 20 years may reinvigorate interest in the Giving Pledge. Dean Pasic of the Indiana University Lilly Family School of Philanthropy believes Gates’ pledge could bring new energy to the initiative, potentially spurring other forms of collective philanthropy in turbulent times.

Read more at CNBC: After 15 years, the Giving Pledge yields mixed results