Capital In Difficult Places

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"We are moving from the era of Wealth 1.0, led by a generation driven by wealth creation and preservation, to the age of Wealth 2.0.

This younger generation of wealth owners has a strong desire to direct wealth for good and seeks to shape change that is meaningful and has impact."

That's what Bill and Melinda Gates are saying at the World Economic Forum in Davos, Switzerland, where they're kicking off what they're calling a "new age of philanthropy" in which they're putting their money where their mouth is, CNBC reports.

Their philanthropic initiative, called the Giving Pledge, aims to give away $100 million a year by the end of 2020 and another $30 million by the end of 2023.

The Gateses are among the world's richest people, with Bill Gates worth an estimated $35 billion and his wife, Melinda, worth an estimated $30 billion.

But they're not just putting their money where their mouth is: They're also investing in climate change initiatives.

"Climate change is the fundamental challenge of our times, and the decisions and actions we take today will have far-reaching implications for future well-being and indeed, survival," Bill Gates said at the forum, per CNBC.

"Philanthropy alone is not enough; we also

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