Summary

The article "Are the Ultra Wealthy Doing Enough?" questions whether the philanthropic contributions of the ultra-wealthy, such as Steve Ballmer, Oprah, and Jack Dorsey, are proportionate to their net worth and suggests a discussion on the civic duty of the wealthy during crises.

Abstract

The article raises concerns about the adequacy of charitable donations made by some of the world's wealthiest individuals amidst the COVID-19 pandemic. While acknowledging the generosity of figures like Steve Ballmer and Oprah, it points out that their donations represent a very small fraction of their total wealth. In contrast, Jack Dorsey's donation is highlighted as a more significant portion of his net worth. The author calculates equivalent donations for an average American, based on the percentages given by these wealthy individuals, to provide perspective on the scale of their contributions. The piece encourages reflection on what constitutes a sufficient contribution to society, especially from those with vast financial resources, and whether there is a greater responsibility on the ultra-wealthy to lead in times of global crisis.

Opinions

The author believes that while philanthropy is commendable, it is important to consider the proportionality of donations relative to one's wealth.
The article suggests that the contributions of Steve Ballmer and Oprah, while generous in absolute terms, are relatively small when viewed as a percentage of their net worth.
Jack Dorsey's donation is presented as more substantial, setting a different standard for what the ultra-wealthy could potentially contribute.
The author posits that the average American's equivalent donations, proportionate to those of the wealthy, would be much smaller in dollar terms, highlighting the disparity.
There is an implied opinion that during global crises, such as the COVID-19 pandemic,

Are the Ultra Wealthy Doing Enough?

Philanthropy is wonderful, but it can also be misleading

I want to preface this article by saying that these are just thoughts. I want to start a discussion. I am not criticizing anybody, nor am I outwardly saying anybody should be doing anything differently. My philosophy is not to judge personally. But I do want to generate some reflection for you all.

Steve Ballmer donated $25 million to COVID-19 relief. Oprah donated $10 million. These are philanthropic individuals. These are wonderful contributions. These are people whose platforms have the ability to inspire action, change, and hope.

But are these contributions enough? Are these contributions praiseworthy?

Let’s crunch some numbers.

Steve Ballmer is worth $58.6 billion. He publicly made a $25 million-dollar donation. Thus, he donated .04% of his net worth.

Oprah is worth $2.6 billion. She publicly made a $10 million-dollar donation. Thus, she donated .38% of her net worth.

Jack Dorsey, CEO of Square, just made a $1 billion donation, which equates to about 28% of his total net worth.

Now, let’s take an average American’s net worth, which is $68,828.

.04% of $68,828 is $27.53

.38% of $68,828 is $261.55

28% is $19,271.84

So, if the average American wants to make a Steve Ballmer-sized donation, then they would donate $27.53.

If the average American wants to make an Oprah-sized donation, then they would donate $261.55.

If the average American wants to make a Jack Dorsey-sized donation, then they would donate $19,271.84.

I am not going to personally assess whether or not any of these donations are praiseworthy or not. That is not the purpose of this piece. But I do want to raise some questions.

What constitutes as enough? Are these contributions enough? During times like these, is it our civic duty to contribute to society to help the greater good? Should the ultra-wealthy be more responsible for leading the charge financially, or should we all be coming together collectively, and each do our part?

I honestly do not know all or any of the answers to these questions. But maybe you have some ideas. And please, let’s not have these ideas get heated or contentious.

I understand that these people give to so many other causes throughout the year. And they are likely doing so much more than just these public financial declarations. But when as a whole entire world, our backs are against the wall, what should be considered enough? From the average person and from someone who has financial abundance.

We all must do our part. We will get through this.