In 2010, Bill Gates, Melinda French Gates and Warren Buffett issued a bold call to action: They promised to donate the majority of their vast fortunes to philanthropy. They invited their fellow billionaires to do the same.
The Giving Pledge initiative attracted some of Canada’s wealthiest — including names like John and Marcy McCall MacBain. Within two months, it appeared to be the dawn of a new golden age of giving.
But 15 years later, CNBC reports the momentum has faded.
The rise and stall of The Giving Pledge
At its peak in 2010, The Giving Pledge boasted 57 signatories. Today, it has 256 signatories globally, according to the Institute for Policy Studies (IPS).
Enrollment has slowed significantly. Only four new members joined in 2024. The number ticked slightly upward in 2025 with 11 new pledgers, but that’s still far from the initiative’s early fervour.
Meanwhile, billionaire wealth has ballooned. CNBC reports that over the last decade, the number of billionaires globally has increased by more than 50% to 2,891, and their collective wealth has surged to US$15.7 trillion.
So why are fewer of the world’s wealthiest getting on board?
Too rich to give?
While the Giving Pledge was born in the U.S., Canada has its share of ultra-wealthy families — from the Thomsons and Westons to tech moguls like Shopify’s Tobias Lütke.
Yet so far, Canadian billionaires have been far less visible in the initiative. Andrew Wilkinson and Zoe Peterson joined the pledge in 2023, but few other Canadian names appear on the list.
Canada also has its own philanthropic tradition. The Weston family is known for funding medical research like the microbiome initiative, and the Thomson family supports arts and education through the Woodbridge Company. But unlike their American peers, many Canadian billionaires prefer private or family foundations over high-profile global commitments.
That raises the question: Does Canada need a Giving Pledge of its own to inspire more public accountability in philanthropy?
A shift in giving or a shift in values?
Experts say the stall isn’t necessarily about stinginess. Chuck Collins of the IPS suggests billionaires may be overwhelmed by the sheer scale of their wealth.
“Some of this is fairly sudden, the wealth growth,” Collins told CNBC. “So you got to give people … a decade of slack, if you just land in the billionaire class to figure it out.”
Moreover, younger billionaires are approaching giving differently. Rather than signing pledges, many are opting for collective impact funds, outcome-focused philanthropy or impact investing.
In Canada, this can be seen in initiatives like the Century Initiative, where wealthy donors fund long-term population growth and policy change, or Canadian organizations backing climate-tech startups with both financial and social returns in mind.
What Canadians can take away?
Most Canadians will never face the challenge of giving away billions. But the story of The Giving Pledge still highlights key questions about values, legacy and social responsibility.
For ordinary Canadians, it’s a reminder that giving isn’t just about money — it can be about time, skills, or supporting local organizations.
As the ultra-rich debate how to balance wealth and impact, Canadians of all income levels can reflect on how generosity, big or small, shapes their communities.
Sources
1. Wealth Professional: Canadian billionaires among latest to join The Giving Pledge, by Steve Randall (May 28, 2019)
2. CNBC: The Giving Pledge was meant to turbocharge philanthropy. Few billionaires got on board, by Hayley Cuccinello (Aug 7, 2025)
3. Institute for Policy Studies: The Giving Pledge at 15, by Chuck Collins, Bella DeVaan, Helen Flannery, Dan Petegorsky (Jul 30, 2025)
4. CNBC: The U.S. added a thousand new millionaires a day in 2024: Report, by Hayley Cuccinello (Jun 19, 2025)
5. Tiny Foundation: In 2023, Andrew Wilkinson and Zoe Peterson signed the Giving Pledge, committing a significant amount of their personal profits to the Tiny Foundation
7. BDC: Climate Tech Fund
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.