"Gates Foundation CEO Urges Billionaires to Ramp Up Philanthropy Amid Growing Budget"
The CEO of the Bill & Melinda Gates Foundation, Mark Suzman, is urging billionaires to give away more of their wealth to address inequality and do it soon, following the example of philanthropist Chuck Feeney. The foundation plans to increase its annual budget to $9 billion next year and is advocating for the Giving Pledge, which encourages billionaires to donate the majority of their wealth. However, challenges include the increasing concentration of wealth and the growing portion of charitable dollars going to donor-advised funds, which allow donors to delay giving to charitable causes.