However, the nature of philanthropy is also changing, according to Judith Rodin, president of the Rockefeller Foundation, the $4bn (£2.6bn) -endowment charity founded by John D Rockefeller in 1913.

“There simply isn’t enough money in philanthropy and in governments and development aid to solve all the problems in the world effectively,” she says.

“So we’ve been looking at ways to unlock private capital and the innovation and the energy of the capital markets towards a social purpose.

“We started to see a number of very wealthy younger investors who were saying that they didn’t want to do their philanthropy with the right hand and their investing with their left hand.