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Why billionaire philanthropy might not be as generous as you think

By Tobias Jung, Professor of Management, University of St Andrews

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, US.

Walton’s other major philanthropic activities include founding…

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