Why billionaire philanthropy might not be as generous as it appears

Walmart heiress Alice Walton is one of the richest people in the world and a celebrated philanthropist, whose lifetime giving total recently hit an estimated US$1.5 billion (£1.2 billion). Her largest gift to date, US$390 million in the year to September 2023, included US$249 million for the Alice L Walton School of Medicine in her family's hometown in Arkansas, U.S.