Visions dawned on Monday of a new Golden Age of philanthropy with Bill Gates atop a mammoth US$60 billion charity machine, with a global punch to rival world aid bodies and even governments.
Investment guru Warren Buffett's US$31 billion donation to the Bill and Melinda Gates Foundation will double the size of Gates' fund and make it by far the world's largest charitable foundation.
The gift, born from Berkshire Hathaway tycoon Buffett's decision to hand over 85 percent of his estimated US$44 billion wealth, represented the biggest-ever single philanthrophic giveway, analysts said.
It came weeks after Gates signalled he would soon give up daily duties as head of Microsoft in favor of his foundation, famous for work in the developing world including on HIV/AIDS and for US education initiatives.
Astonishing
"The Buffett gift is astonishing, and given that the Gates Foundation already had US$30 billion, you add another US$31 [billion] to that and you have something that is of an extraordinary scale," said Kathleen McCarthy, Director of the Center on Philanthropy and Civil Society at City University, New York.
Professor Michael Bisesi, Director of the Non Profit Leadership Center at Seattle University said Buffett's gift, which will be accompanied by giveaways to smaller foundations, was unprecedented.
"This is the single largest gift at one time, it will have a significant impact," he said.
The Gates Foundation's heft can be seen by comparison to UNESCO -- which had a budget for 2004 and last year of US$610 million.
The Bill and Melinda Gates Foundation paid out US$1.36 billion in grants on global health, libraries, educational and other initiatives last year alone.
But even Gates cannot match the giving power of governments -- though experts say foundations have the advantage in speed of response and targeting of aid.
According to the Organization for Economic Cooperation and Development, official development assistance from governments topped US$100 billion last year, a quarter from the US.
However, the figures may not be directly comparable, as last year they included money written off as debt relief for nations like Iraq and Nigeria and "one time" tsunami disaster payments.
Some observers have questioned whether it is desirable to have so much wealth, so concentrated, as in the Gates foundation.
"It is up to us to make sure we build advisors in and around our programs," Melinda Gates said on Monday.
"The money is not coming to us, it is being entrusted to us to give back to society," she said.
Business logic would question whether doubling the size of an organization will necessarily double its effectiveness.
"I have watched the Gates Foundation for a number of years, I think in their field, I would be amazed if results diminished proportional to capital," Buffett said at a news conference on Monday.
Foundations are also reined in by the necessity to report tax information to the US government -- so their accounts are essentially a public document, and open to press scrutiny.
The software mogul said his foundation's mission could be seen in its funding for research into diseases in the developing world which might not make sense for pharmaceutical giants.
"Our key role is where the market isn't going to come up with and develop a solution," Gates said.
McCarthy suggested private foundations had an edge over governments as they are untamed by red tape.
"It can turn on a dime in a way a government cannot, when you have an entrenched bureaucracy," McCarthy said.
An organization like the Gates charity giant, could also offer leadership, Bisesi said.
More than money
"Beyond the dollars ... it serves as a powerful symbol about dealing with world issues. Instead of sprinkling their money across the world to every conceivable cause, they have made a decision about targeting their funds where they can have the most impact," Bisesi said.
Independent bodies were also insulated from political pressure, McCarthy said.
"[Gates] can give the money on the basis of need and not on the basis of political agendas," she said.
Bisesi added: "private philanthropy is able to address issues for which either a legislative majority or an elective majority cannot be mobilized."
The Buffett gift spurred comparisons to the 20th century when philanthropy by the likes of the Rockefeller Foundation and Ford Foundation spurred advances in US health care, and social improvements.
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