Top Philanthropists Have the Clout to Eclipse Government Aid in Africa

Wealthy philanthropists have the potential and the financial clout to do more than the Group of Eight countries to help Africa fight poverty, Jeff Sachs, special adviser to the United Nations secretary-general, said in an interview with the Financial Times.

Mr. Sachs told the newspaper that the influence and international aid work of philanthropists like Bill and Melinda Gates and Warren Buffett, who have pledged billions of dollars to global health and education, could soon become more important than governmental efforts.

Mr. Sachs also suggested that it might be wise for a new organization to be established so that other people could support projects that would speed the elimination of diseases and tackle specific global challenges.

“There are 950 billionaires whose wealth is estimated at $3.5-trillion,” noted Mr. Sachs. “An annual 5 percent ‘foundation’ payout would be $175-billion per year—that would do it. Then we don’t need the G-8 but 950 people on the Forbes list. Maybe private philanthropists will champion solutions to individual problems rather than the G-8.”

(The Group of Eight refers to the major industrialized countries, whose leaders meet regularly.)

See The Chronicle of Philanthropy’s coverage of the top American philanthropists of 2006.