Giving Compass' Take:

• Hugh Evans highlights philanthropists' responsibility to give more during the pandemic in order to effectively impact lives right now.

• How might the pandemic be a turning point for the world's wealthiest people to give with impact? What are you doing in your giving strategy to impact lives right now for the better?

• Learn more about how important your giving is to avoid pandemic disaster and impact lives right now.

The rise in global philanthropy over the past 40 years has been a welcome sight to the world. But as we grapple with the collective impact of COVID-19, the reality is the wealthiest among us can and should do more.

Recent estimates suggest that the world’s wealthiest have collectively amassed a net worth of 8 trillion dollars. And while a small handful of billionaires are giving big and giving now, the vast majority are not, with less than 10 percent signing on to give away their wealth through programs like the Giving Pledge.

But I believe this pandemic has brought us to the cusp of a major shift in philanthropic giving — where billionaires shift their priorities to impact lives now, not thirty years down the road.

Starting this year, Forbes will begin refining its methodology to focus on actualized giving, and not just on how much money a foundation has. With Forbes’ new focus on actualized giving, more philanthropic leaders should be inspired to move faster, to go further and to actualize their giving, not just pledge.

Encouragingly, there are a handful of billionaires who have recognized the need to give now. During this pandemic, which has disproportionately impacted communities of color in the United States and globally, billionaires have stepped up to give back.

In fact, during the Forbes 400 Summit on Philanthropy, Bill and Melinda Gates commented, “The expertise you get out of collaborative giving, we're really emphasizing that and particularly for people to get started out and to spend a higher percentage during their lifetime.” Melinda added, “We're trying to role model that. It's why we've stepped up even more during this time.”

Read the full article about giving to impact lives right now by Hugh Evans at Forbes.