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NEW YORK (AP) — The huge philanthropic pledge by Facebook CEO Mark Zuckerberg and his wife — totaling perhaps $45 billion — reflects the fast-paced emergence of a new Gilded Age of giving. The changes excite many in the charity world but also raise questions about effectiveness, ethics and the impact on older charities that may not share in any windfall.

Foremost, there is applause for the new wave of philanthropists — led over the past five years by Bill Gates and Warren Buffett, and subsequently joined by Zuckerberg and many other billionaires.

The Giving Pledge, founded in 2010 by Gates and Buffet, now has 138 billionaire signatories from 15 countries who’ve pledged to give away more than half their wealth. Many want to be personally engaged in the oversight of their pledged funds.