The giving of America’s great philanthropists continues to grow. According to Forbes’ estimates, the 25 wealthiest individuals in the country have given a total of $169 billion to various charitable organizations over their lives. This is up from last year’s total of $150 billion. The increase was mainly due to new information that Forbes uncovered.
This year, Warren Buffett, the chairman and CEO of Berkshire Hathaway gave away over $4 billion worth of stock. The funds went to the Bill and Melinda Gates Foundation, which focuses on fighting poverty and improving healthcare. His other charitable organizations include foundations his children and his late wife established.
In 2020, philanthropist and entrepreneur Mackenzie Scott gave away over $5 billion to various nationwide organizations. She has no foundation and uses her wealth to give away in secret. Last year, she gave away another almost $3 billion, making her the wealthiest person in the world to give away more than any other billionaire. She had given away over $8.6 billion by that time. Some organizations she supported included the National Council of Nonprofits and the Children’s Defense Fund.
Two new individuals joined the top philanthropists’ list in 2019. Facebook co-founder and CEO Moskovitz and his wife, Cari, were joined by Scott’s ex-husband, Jeff Bezos, who stepped down as the CEO of Amazon in July. He gave away $1 billion in donations in 2021. The total lifetime giving of American billionaires is computed by considering the donations these individuals make to charitable organizations and foundations.
- Warren Buffett
Since he started giving away more than 99% of his wealth, Warren Buffett has become one of the most prominent philanthropists in the world. He has given away $46 billion, about $2 billion to $3 billion annually. Most of his donations have been to the Bill and Melinda Gates Foundation, which has worked on various healthcare and poverty-fighting initiatives in developing countries. In 2010, he co-founded The Giving Pledge, which also helped raise awareness about charitable giving.
- Bill Gates and Melinda French Gates
Despite their separation last year, the Gateses still co-chair the Bill and Melinda Gates Foundation. As a result, Forbes still counts their donations as about $46 billion. In 2020, the foundation made a grant of $5.8 billion, which included the spending on vaccines and research for Covid-19.
Since 2007, Forbes has been analyzing the grantmaking activities of the foundation between the Gateses and major donors, such as Warren Buffett. Melinda has also given through her company, which is an incubation and investment firm.
- Michael Bloomberg
Since he left his job as the mayor of New York City, Michael Bloomberg has been able to support various charitable causes. He has given away more than $12 billion, which includes $1.6 billion in the past year. Most of his donations have been to Bloomberg Philanthropies, which focuses on public health, climate change, and gun safety. In 2018, he also announced a $1.8 billion grant to Johns Hopkins University.