As the world’s leading bilateral donors deprioritize international cooperation, many stakeholders are increasingly looking to private foundations to see if they can step up and fill the widening gap.
As a result, the collective influence of these foundations continues to grow.
The latest data from the Organisation for Economic Co-operation and Development shows that in 2023, the world’s largest philanthropic donors spent $12.5 billion on development — an 8% increase from the $11.5 billion they collectively spent in 2022.