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Ultra-Rich ‘Philanthrocapitalist’ Class Undermining Global Democracy: Report

From Warren Buffett to Bill Gates, it is no secret that the ultra-rich philanthropist class has an over-sized influence in shaping global politics and policies.

And a study (pdf) just out from the Global Policy Forum, an international watchdog group, makes the case that powerful philanthropic foundations—under the control of wealthy individuals—are actively undermining governments and inappropriately setting the agenda for international bodies like the United Nations.

The top 27 largest foundations together possess assets of over $360 billion, notes the study, authored by Jens Martens and Karolin Seitz. Nineteen of those foundations are based in the United States and, across the board, they are expanding their influence over the global south. And in so doing, they are undermining democracy and local sovereignty.

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