Philanthropists Urge Bold Action Amid Generosity Crisis

A gathering of prominent figures in arts, sports, and business convened at One World Trade Center Thursday for the inaugural TIME100 Philanthropy Impact Dinner, an event spotlighting individuals dedicated to charitable giving. The dinner took place against a backdrop of declining charitable donations and increasing global inequality, prompting honorees to address both challenges and inspire continued support for vital causes.

Recent data reveals a concerning “generosity crisis,” with fewer Americans donating to charity than in the early 2000s—a drop from two-thirds to less than half by 2020. This trend coincides with decreased federal funding for foreign aid and programs promoting diversity, equity, and inclusion. Simultaneously, a Pew Research Center study indicates that nearly three-quarters of Americans believe their children will face worse financial prospects than they did, a sentiment echoed in several other developed nations.

Honorees at the dinner acknowledged these tensions, emphasizing the importance of sustained and innovative philanthropy. Ken Griffin, CEO of Citadel, highlighted the digital divide and his $7.5 million contribution to provide internet access for Chicago students, framing philanthropists as “venture capitalists of humanity.” Ayesha Curry, co-founder of Eat. Learn. Play., described a shift in her organization’s approach during the pandemic, focusing on community-driven support for children’s wellbeing.

Elizabeth Alexander, president of the Andrew W. Mellon Foundation, underscored the importance of collective action and courage, particularly in the face of attacks on arts funding. Lin-Manuel Miranda, founder of the Miranda Family Fund, championed diversity in the entertainment industry and countered anti-immigrant rhetoric, famously quoting his musical Hamilton: “Immigrants, we get the job done.”

Badr Jafar, CEO of Crescent Enterprises, called for a transformation in philanthropic thinking, moving beyond transactional charity to a more impactful and reflective approach. Scott Miller, former U.S. ambassador to Switzerland, honored activists who paved the way for LGBTQ+ rights, invoking the legacy of Frank Kameny and the phrase “Gay is Good.”

Investor K. Lisa Yang highlighted her commitment to supporting research into gene therapy for autism and creating a more inclusive world for neurodiverse individuals. David Beckham, emphasizing the plight of young women and girls in conflict zones, urged continued support for UNICEF’s efforts to end gender-based violence and increase access to education.

The TIME100 Impact Dinner, presented by The Art of Living Foundation, Cessna by Textron Aviation, and IBM, served as a platform for these leaders to share their visions for a more equitable and sustainable future, and a reminder that philanthropic efforts are more critical than ever in a time of growing challenges. It’s clear that while financial contributions are essential, a shift towards addressing systemic issues and fostering long-term solutions is paramount. The dinner wasn’t just a celebration of giving, but a call to action, urging both individuals and institutions to embrace a bolder, more transformative approach to philanthropy.