The era dominated by billionaire baby boomer men steering global philanthropy is drawing to a close. As icons like Bill Gates and Warren Buffett wind down their historic contributions, a new wave is rising—wealthy women, led by the likes of MacKenzie Scott, are now taking charge of charitable giving. With proposed tax reforms threatening the traditional foundation model, the future of philanthropy is being reshaped by trust-based giving and innovative donation strategies pioneered by these women.
Bill Gates and Warren Buffett once stood as titans of philanthropic giving, often compared to the Rockefellers and Carnegies for their transformational impact. They brought about a new Gilded Age of charity, establishing a model for billionaire benevolence. However, this landscape is undergoing dramatic changes. As liberal institutions face mounting tax pressures and unconventional giving strategies gain ground, a broader and more diverse group of philanthropists is poised to redefine the field.
Earlier in May, Gates revealed his plan to close the Bill and Melinda Gates Foundation, committing to distribute $200 billion by 2045 and to give away his personal $100 billion fortune in the process. Amir Pasic, dean of the Lilly Family School of Philanthropy at Indiana University, reflected on the ripple effects of Gates’ decision, saying, “There’s an air of anticipation in terms of if and how people are going to follow in his footsteps.”
Simultaneously, Warren Buffett, now 94, is preparing to step away from the helm of Berkshire Hathaway. His Giving Pledge, which inspired 240 billionaires to commit around $600 billion to philanthropic causes, dramatically expanded the culture of elite giving. But with Buffett stepping back, questions arise about the continuity of these commitments and whether future billionaires will uphold the pledge’s intentions in his absence.
Despite these transitions, experts say the philanthropic momentum won’t stop—instead, it may accelerate and become more inclusive. “We’re likely to see more women come out of the shadows,” Pasic predicted, signaling a shift in who holds influence in the charitable sector.
One major force reshaping philanthropy is a proposed change in U.S. tax policy. A recently approved budget reconciliation package includes a 10% tax on foundations with assets exceeding $5 billion. This move could significantly impact large liberal institutions such as those founded by Gates, George Soros, and Mark Zuckerberg.
Kathleen McCarthy, director of the Center on Philanthropy at CUNY, warned that the impact would be uneven. “The reason this is insidious is that it’s going to really hit the big liberal foundations like Gates, Ford, and Soros,” she said. “Whereas the conservative foundations are much smaller and they will pay a much lower rate.”
This shift in taxation is prompting billionaires to reevaluate their giving strategies. “They will start looking at alternative mechanisms once they realize that they’re going to be forced to sunset foundations,” McCarthy explained. “That’s what’s being jeopardized right now.”
One of the most significant alternatives gaining attention is the method used by MacKenzie Scott. Her model of “stealth giving” involves donating large sums directly to nonprofits without imposing restrictions or demanding detailed reports. She simply trusts recipients to make good use of the money.
As traditional foundation-based models come under strain, Scott’s direct and discreet approach is gaining traction. “I think she’s a trendsetter and sort of moral ballast to the way that Gates has been,” noted Bella DeVaan, associate director of the charity reform initiative at the Institute for Policy Studies. “I do see that being not just a trend, but shifting common sense towards trust-based philanthropy.”
Scott’s donations come through her Yield Giving foundation, which has disbursed more than $19.25 billion to 2,450 nonprofits. Her impact has proven that significant giving can be accomplished without elaborate bureaucracies. Experts believe her style will inspire other billionaires to adopt a more streamlined and anonymous model of charity to avoid taxation and bureaucratic hurdles.
DeVaan also anticipates that Melinda French Gates, another philanthropic heavyweight, could lead the way in adopting the philanthropic limited liability company (LLC) model—an alternative to traditional foundations that offers more flexibility and privacy.
A deeper pattern is emerging across the philanthropic landscape: women are no longer just supporting roles in charitable work—they’re becoming the primary drivers. In 2024 alone, more than 200 new billionaires have been minted—an average of four every week—and many of them are women. As more women accumulate wealth and power, their presence in philanthropy is becoming increasingly prominent and may soon define the sector.
When experts are asked who might fill the void left by Gates and Buffett, one name consistently surfaces: MacKenzie Scott. Her unique approach to giving—bypassing traditional vetting and bureaucracy—sets her apart. “This is a woman making a pretty bold statement about how she’s going to give her money away: by trusting the recipients, and not asking for any reporting back,” Pasic observed. “She’s in contrast to the very technocratic way that Bill Gates has approached matters.”
Melinda French Gates also remains a key player. Having played a vital role in the Gates Foundation, she continues to lead independent efforts in global health, gender equality, and family planning. Meanwhile, other philanthropic couples like Mark Zuckerberg and Priscilla Chan are investing heavily in human health innovations.
Though these women may appear to be breaking new ground, their involvement in philanthropy is not without precedent. Historical figures like Madam C.J. Walker—a pioneering African American businesswoman and the first self-made female millionaire—were notable benefactors in their time, even if they received less public recognition.
Now, in 2025, women in the U.S. have greater access to wealth, education, and leadership than ever before. As they rise into top executive positions and assert control over their finances, their influence in philanthropy continues to grow.
“You’ll see women becoming much more prominent mega donors,” McCarthy concluded. “They’re very comfortable handling money. They’re very comfortable doing research, and they’re looking for ways to change the system.”
The torch of philanthropy is being passed to a new generation—one shaped not just by shifting tax codes and policy reforms, but by the quiet revolution of women donors who are reshaping giving on their own terms. The era of Gates and Buffett may be ending, but a new, more inclusive chapter is already being written.