Many of the world’s rich and powerful will gather at the Swiss resort of Davos next week to discuss the future of the world, including how to make it a more equitable place. According to most estimates, the richest one percent of the world’s population owns more than half of its wealth. Overall, the rich have spent billions in projects ranging from healthcare, education and humanitarian assistance to scientific research and good governance. But critics say that in the United States, only a fifth of the money actually went to the poor.

So, is there a need to redefine philanthropy for the rich? Who should decide where their money should be spent? And, would their money be better spent by the state through taxation instead of their charitable foundations?

Julian Worricker and a panel of expert guests discuss whether philanthropy works.