Adapted from an original article published on Medium on April 14. 

One of humanity’s most stunning achievements is that we have lifted so many people out of poverty. For the first time, the number of people living in extreme poverty fell to 10% of the world’s population in 2015.

Yet, many still endure a persistent and perilous financial insecurity and are disproportionately affected by the slightest setback. In the United States, for example, more than 40% of households could not afford basic bills for things like rent, transportation, and food according to a 2018 study by the United Way’s ALICE Project. Many households have less than two week’s worth of liquid financial assets and have virtually no buffer against economic shock without outside help.

The COVID-19 pandemic -- a black swan event -- has the potential to push 500 million people into poverty if the global community does not step up to chart a different course. Projections by the International Monetary Fund (IMF) and the World Bank demonstrate that a failed pandemic response could result in half the world population of 7.8 billion people soon living in poverty.

Nothing less than everyone doing their part will do. Each of us now are called to respond in the ways that we uniquely can for the sake of our individual and collective wellbeing — which we now know are inextricably intertwined.

Philanthropy’s Moment: What Individuals with Wealth Can Do

Roughly one in 10 billionaires have announced a commitment to give away at least half of their wealth during their lifetime or upon their death. Meanwhile, a recent study by The Bridgespan Group found that households with wealth of $500 million or more would have to increase giving tenfold to give away half over a span of the next 20 years. What more perfect time than now to fulfill those aspirations?

We’ve already seen some high-profile efforts during the pandemic -- Twitter founder Jack Dorsey recently pledged more than a quarter of his wealth, $1 billion, to address COVID-19. True leadership is each of us doing what we can. We need everyone.

Here are some steps those with wealth can take to help alleviate escalating hardship and chart a course toward a more resilient future.

Give cash. Direct cash transfers can help prevent food insecurity and housing instability, especially if government assistance is slow or insufficient. Across the globe, people without cash may be pushed into abject poverty which can lead to an explosion of other humanitarian crises, such as child enslavement or trafficking.

  • GiveDirectly is a global charitable organization that has delivered $150 million in direct cash transfers to people over the last decade.
  • Special funds have been created to help workers in hard-hit industries. The Plate Fund in Seattle is providing individual restaurant workers with a one-time cash grant of $500.

Give now to nonprofits working locally and around the world. Nonprofits often are on the front lines, providing essential services to the poor or working on their behalf. Some nonprofits are pivoting amidst the pandemic to serve emerging needs. Without these organizations, we risk losing the enormous infrastructure that has been built over decades to tend to the poorest and most marginalized.

  • Provide unrestricted gifts so organizations can weather the short-term loss of revenue from canceled fundraising events, lost income from suspended services, and other factors.
  • Listen to those asking for help and inviting your partnership.

Give more. Give faster. Draw down your Donor-advised Fund. Transfer more to your philanthropically focused LLC or private foundation. Bypass traditional giving vehicles and make larger gifts directly to operating charities doing vital work. Contribute to relief funds. Invest in nonprofits — 501(c)3s and 501(c)4s — poised to play an important role in the recovery and reimagining of a more equitable world. Invest in the public health needs for testing, vaccines, delivery and health services. Invest in preparedness and community resilience.

Give visibly. Every time someone announces a commitment publicly, it inspires others and nudges norms. Now is not the time to give anonymously. Communities are suffering and need to know that solidarity comes in many forms, including just systems and policies but also in the form of giving, sharing, caring.

The role of the government and private sector cannot and should not be underestimated. We all must take action. Individuals with wealth have an essential role to play in addressing urgent needs, but we must also think about how our dollars can shape the systems that will pull everyone on the planet out of poverty once the pandemic ends. Even as the emergency response continues full throttle, now is also the time to begin reimagining our social and economic practices for a more equitable and just future.

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By Akhtar Badshah, Distinguished Practitioner & Senior Lecturer, University of Washington, Evans School of Public Policy & Governance and School and author of the “Purpose Mindset: How Microsoft Inspires its Employees and Alumni to Change the World.”

By Barbara Weber, PhD, has worked in global development for more than two decades and is the author of “Portraits of Philanthropic Largesse.”