The 400 richest Americans have given away just 6% of their combined fortunes. At the last count in 2022, almost $1.2trn was sitting in American private foundations and $230bn in donor-advised funds, a sort of savings account for philanthropists. Plenty of money is being earmarked for do-goodery. But it is not getting to worthy causes fast enough. What makes the money difficukt to give away ?

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