It’d be fair to say Bill Gates and Warren Buffett make up the Dynamic Duo of the philanthropy world.  Much like Batman and Robin, Gates and Buffett seem to be able to surprise the world when we least expect it, fighting social problems for the greater good with their immense wealth.  They have quickly and smartly realized that with wealth comes power, and with power comes responsibility.  More than ever before, the public is looking to the world’s elite to solve social problems because they have the means to scale social efforts with Batmobile-like speed.

Yesterday, the Dynamic Duo announced 40 new members to The Giving Pledge, a roster of “the wealthiest individuals and families in America [who] commit to giving the majority of their wealth…to philanthropic causes and charitable organizations of their choice.”  This commitment can be fulfilled during or after a member's life but the bottom line is at least half of their money will be put to society’s use.

As of now, four of the top ten wealthiest Americans have committed to The Giving Pledge (as of 8/5/10).  Their estimated net worth according to Forbes is sizeable:

1. Bill Gates - $53Bn
2. Warren Buffett - $47Bn
3. Larry Ellison - $28Bn
4. Christy Walton - $23Bn
5. Jim Walton - $21Bn
6. Alice Walton - $21Bn
7. S. Robinson Walton - $20Bn
8. Michael Bloomberg - $18Bn
9. Sergey Brin - $18Bn
10. Charles Koch - $18Bn

It is obvious that financial means of this magnitude have the power to create social change.  I am not contesting that.  What is often overlooked, however, are the results produced from these enormous contributions.  While the convening power and persuasive rhetoric of the Dynamic Duo is impressive, I am more interested in how much social impact this pledge will produce quantified into dollars.  Many of these philanthropists accumulated their wealth with astute business acumen, a vision that strived to create disproportionately high financial results for the amount of capital invested.  It is critical for the organizations and causes funded by these dollars (and any dollars for that matter) to be able to demonstrate progress towards their overall mission with data.  Here’s to hoping these folks utilize the same rigorous investment principles with their philanthropy.

Billionaires beware: the Dynamic Duo won't stop until they've reached their $600Bn goal.