New Rich Could Mean Shift in Philanthropy

With the announcement of the world’s new richest man could come a shift in global philanthropy. Forbes magazine announced last week that Mexican telecommunications tycoon Carlos Slim Helu had amassed $53.5 billion to wrest the title from Bill Gates, while noting that Brazil, Russia, and Turkey showed significant growth in their numbers of super-wealthy people. And with that growth, more charitable donations could be originating in developing countries, according to the Chronicle of Philanthropy. Slim said he would increase his charitable foundation’s endowment from $4 billion to $10 billion over the next year.