This week’s Leadership newsletter examines a worryingly uneven philanthropic landscape dominated by megadonors and their megagifts. First, Devon Kearney argues that the rise in megagifts—while seemingly politically empowering—puts philanthropy on an undemocratic pathway against social transformation, towards a “monoculture” of the few. We then look at the recent Gilded Giving report, which approaches the megadonor phenomenon with eye-opening data and offers ways forward. Our last two pieces turn to our previous coverage of megadonors, where we examine how they dominate philanthropy (and how this trend ripples across society) and, in the US, how this uneven terrain correlates to a decline in smaller donations by everyone else.