At a certain level, any decision made by any individual with autonomy is anti-democratic. The greater that person's autonomy, the larger the effects, and for billionaires those effects are large. They aren't always "better at picking" than the government, but having diversifying our methods of problem solving yields better results. The world would not get eradicated of polio as quickly if the Bill and Melinda Gates foundation didn't work on it. The Against Malaria Foundation does a more cost effective job of preventing malaria than just about any organization on the planet. Habitat for Humanity completes an amazing mission of building affordable housing, teaching skills to interested volunteers, and helping people invest in their community all at the same time.
If government is the only tool in the toolbox, you'll only hammer the nails that governments can hammer.