This study investigates a discourse about billionaire philanthropy established in letters submitted by 187 of 209 signatories of the Giving Pledge. The philanthropy of the wealthy is gaining increasing public attention and is subject to growing criticism, which demands additional study of how the wealthy collectively explain their generosity. The mixed-method analysis finds a strong emphasis on education and health causes and identifies two distinct and coherent rationales for being generous. The majority of letters express a social–normative rationale, consisting of two prevailing explanations: an expressed gratitude and desire to “give back” (1) and references to family upbringing as a socializing force (2). A minority of letters articulate a personal–consequentialist rationale, highlighting three separate explanations: a large inheritance may harm offspring (1), giving as personal gratification (2), and an acknowledgment of excess wealth with no better use (3). An expressed desire to have impact and make a difference appears in both rationales. The overall dominance of a social–normative rationale projects a discourse emphasizing benevolence as well as a narrative in which billionaires are an exceptionally productive and grateful subset of society. While previous studies have primarily focused on identifying individual psychological motives, this study shows how the Giving Pledge letters reflect a philanthropic discourse among the wealthy going back to Andrew Carnegie’s Gospel of Wealth.

Billionaire philanthropists claim to play a key role in advancing well-being and public goods across the world. One of the most prominent recent expressions of these efforts is the Giving Pledge, created in 2010 by Bill and Melinda Gates in collaboration with Warren Buffett. After a decade of its existence, this analysis of the Giving Pledge population and its commitment letters shows an overall dominance of white, male, and US-based billionaires among the signatories. Tech billionaires are a wealthier and younger subgroup of pledgers than their counterparts in other industries. The pledge letters reveal an emphasis on education and health as dominant philanthropic causes. Among explanations for giving, the four most frequent reasons mentioned are a desire to make a difference, a wish to give back, a sense of personal fulfillment resulting from giving, and references to being socialized into philanthropic giving early in life. While the Giving Pledge is the most prominent global effort to increase philanthropic giving among the wealthy, the voluntary nature and relatively modest commitment goal make it difficult to assess its significance and impact.