The events of 2020 have prompted an unprecedented wave of donations, both from wealthy philanthropists and regular citizens. According to the National Philanthropic Trust (NPT), North America's largest sponsor of donor-advised funds, a record $2.11 billion in donor-recommended grants was generated for the year to June 30. The figure represents a 54% increase on the previous year.

Karmagawa, a nonprofit that raises awareness of worthy causes on Instagram, has just revealed plans to donate $1.6 million to a string of initiatives. This includes a program to help Yemeni children impacted by the humanitarian crisis in the country. Co-founded by millionaire stock trader Timothy Sykes, Karmagawa's donation will be used to distribute food packages throughout the country. These cost around $50 and can feed a family of five for a month. Sykes' efforts are part of a broader trend of philanthropic giving on a grand scale.

Tech Tycoons Dig Deep

In 2020, well-known tycoons have dug into their own pockets: back in April, Twitter co-founder Jack Dorsey donated $1 billion worth of Square stock to charity while Bill Gates has earmarked $350m via his Bill and Melinda Gates Foundation.

Those affected by Covid-19 have been the focus of global philanthropic efforts, with around 10.9% of the world's population of 2,825 billionaires having made donations to pandemic-related causes as per the 'Billionaire Census' report by market research firm WealthX. 

Although some critics have insisted wealthy individuals should do more, the report does not take into account money donated anonymously or via third party initiatives. 

Pandemic Could Worsen Humanitarian Crisis in Yemen

As dangerous as Covid-19 is, the pandemic is threatening to have even deadlier consequences in already-troubled regions such as conflict-ravaged Yemen, where millions of citizens already lack access to clean water, proper health care and sanitation. According to the United Nation, 24 million Yemenis depend on foreign aid to survive and some two million children are severely malnourished.

Karmagawa is now raising $1.6 million in aid relief for Yemen under the leadership of co-founder Timothy Sykes. Funds will also be allocated to the victims of the recent explosion in Beirut, to build schools, libraries and feed families that have been affected by the Covid pandemic in Bali, and to help clean up an oil spill in Mauritius.

Sykes, who began trading penny stocks as a teenager and donates 100% of the profits from his small trading account to charity, contributed roughly $600,000 to this $1.6 million donation with the rest coming from charity merchandise sales and donations from Karmagawa's followers on social media. The nonprofit boasts 1.2 million Instagram followers and regularly highlights injustices throughout the world.

"We're really just beginning to see what social media can do for charity, education and changing the world faster than ever before in history," said Sykes in June. With the help of its army of followers, plus Sykes' generous trading profits, Karmagawa has built more than 70 schools in developing countries, with a goal of eventually reaching 1,000.