The world’s largest foundation said it was “doubling down” to hand out more money than ever this year, while also responding to criticism that it wields too much power with little accountability. The Bill & Melinda Gates Foundation plans to give away $8.3 billion in 2023, an estimated 15% increase over its 2022 payout, the foundation’s chief executive officer, Mark Suzman, said in an annual letter.
“This puts us in the privileged position of being able to give away more money than any other philanthropy,” he wrote. “It also raises an important question we hear often: Does our spending, along with the doors that it opens, give us too much power and influence?” As the world’s largest foundation, the Gates Foundation is a frequent target of critics who say it holds too much sway in setting global priorities while being accountable to no one. Suzman took the opportunity to address some of those criticisms, writing, “One critique we hear a lot: ‘Why are a couple of unelected billionaires setting the agenda for global health and development?’” He continued, “Yes, our founders are billionaires. But neither they, I, nor the rest of our board of trustees set the world’s agenda; as a foundation, we respond to it.” Suzman said the Gates Foundation’s goals are guided by the United Nations Sustainable Development Goals. Suzman said in …