We weighted these two factors equally and scored people accordingly. Each score corresponds with a range of giving as a percentage of a persons net worth. Last year, she continued giving her fortune away faster than any billionaire ever, announcing in June another $2.7 billion in gifts to 286 high-impact groups such as the Childrens Defense Fund and the National Council of Nonprofitspushing her estimated lifetime donations above $8.6 billion. "related-stories-plugin-headline--491610", Some of our lifetime giving estimates may be low due to a lack of transparency or anonymous gifts. h5: "Related Stories", unorderedWithImage: true, For the second year in a row, Forbes tracked the philanthropic giving of the richest 400 individuals in the U.S. and gave each member of The Forbes 400 list a philanthropy score. Private equity tycoon Robert F. Smiths pledge in May to wipe out the student debt of the entire 2019 graduating class of Morehouse Collegegenerated lots of headlines but did not end up changing his score because the gift wasnt big enough to move him up a notch. These top givers have continued to dole out big dollars. Bill Gates, who heads the worlds largest private foundation with his wife Melinda, is a notch below at a score of 4. ), If not for his $1.4 billion of lifetime giving, the man behind Turner Broadcasting and CNN wouldnt have fallen off Forbes list of the 400 richest Americans in 2021. Citizenship United States. Mark Zuckerberg, co-founder and CEO of Facebook, along with Charles Koch, CEO of Koch Industries, received a score of 2. The number of people receiving a 1 rose from 127 to 156, while the number of recipients of every score from 2 to 5 declined compared to a year ago. By giving just a fraction of their wealth to organizations such as Gavi, the Vaccine Alliance and the International Fund for Agricultural Development (IFAD), these individuals could ensure basic human rights for all people. Lauder's most high-profile gift came in 2013, when he donated his Cubist art collectionworth over $1 billionto the Metropolitan Museum of Art. Philanthropy score: First, we estimated each. Please contact us at contact@globalcitizen.org if you would like to re-activate your account. Even as billionairesadded an additional $240billion to their wealth over the past year, they'vebecome less generousoverall. Others have a long way to go, as some have admitted. Credit: Wikipedia Commons. The son of a hardscrabble farmer, Stine became fascinated with seeds when he was a boy growing up in Iowa. Much of Buffetts giving has gone to the Gates Foundation, which has an endowment of nearly $50 billion. The Facebook cofounder and with his wife, former Wall Street Journal reporter Cari Tuna, founded Good Ventures, which has been donating to a variety of causes, from criminal justice reform to combating malaria, since 2012. When possible, we interviewed Forbes 400 members and executives from their foundations. DATA ARE AS OF SEPTEMBER 2, 2022. He was followed by last years biggest giver, Bill Gates, who has donated $38.5 billion so far. The new Forbes index will help people understand the actual giving of billionaires, not just how much they pledge. https://t.co/U7GmoVYEPApic.twitter.com/U6zJ8rYzQu. It includes his Charles Koch Foundation, 501(c)(4) advocacy groups and public charities, which have limited donor disclosure requirements. In contrast, hedge fund manager Steve Mandel, whose lifetime giving Forbes estimates at $690 million, has donated more than 20% of his fortune to causes like reversing climate change and education equity. Philanthropy Score 2. showMobileImage: true, This years Forbes 400 list assesses how much money the 400 wealthiest billionaires in the US have given to charities and nonprofits, as opposed to money pledged sometime in the future or stowed away in a foundation or donor-advised fund. Ten on 2020 Forbes 400 receive top philanthropy score A spokesperson for Soros did not comment on either his net worth or his charitable donations. Three AirBnB cofoundersJoe Gebbia, Brian Chesky, Nathan Blecharczykreceived a 2; their publicly-disclosed giving so far is minimal, in large part because their company is private, but all three have signed the Giving Pledge and made clear they will be active philanthropists. Here are some highlights from the newly introduced philanthropy score: Out of 400 people who have a net worth of at least $2.9 billion, only 29 received the highest score of five. The richest person on the list is Jeff Bezos, with an estimated net worth of $114. The elder son of makeup entrepreneur Este Lauder, he has raised millions for the Alzheimer's Drug Discovery Foundation, which he co-chairs with his billionaire brother Ronald. (not available). To see daily updated net worths of all Forbes billionaires, please visit the Real-Time . pageHeadlineProps The effort includes the creation of an institute for advanced biomedical imaging and a hub at Harvard working on using AI and machine learning in biology and medicine. Billionaires (2023) #317. The number of those who scored the highest, a 5 (indicating theyd donated 20% or more of their fortune in out-the-door giving) dropped to eight this year from 10 last year. Some billionaires worked with Forbes; others refused to cooperate, citing privacy concerns and/or religious beliefs. (Editors Note: Elon Musk was erroneously included as 1 when Forbes first published the list; In 2015 Musk, who signed the Giving Pledge, gave 1.2 million Tesla shares worth $254 million to his foundation). Net worths are as of January 18, 2022. When measured as a percentage of net worth, the most generous giver is renowned hedge fund manager George Soros, who has donated 64% of his original fortune. We scored the billionaires based on what percentage of their wealth they have given away. She quickly clarified that she would share details about the gifts "in the year to come." He noted in a statement that he has now given away half of his original Berkshire stake and wondered whether it would have been better to wait longer to start giving, as the value of those shares would have increased to $100 billion. Self-Made Score 10. Those who gave more than 20% of their income to charities and nonprofits received a philanthropy score of 5, while those who gave less than 1% of their wealth received a 1. 2021 Forbes 400 Methodology: How We Crunch The Numbers These are the 25 local names on Forbes' billionaires list Global Citizen is proud to partner with Forbes on this historic initiative, which launches at a time when the role of philanthropy has never been more important in tackling the many challenges in the fight against poverty and inequality, said Hugh Evans, co-founder and CEO of Global Citizen. Residence Gladwyne, Pennsylvania. 2:. 8 Men Own as Much as the Poorest 3.6 Billion People on the Planet. Hundreds of billions of dollars sit in Forbes 400 members private charitable foundations. To calculate the scores, we added the value of each persons total out-the-door lifetime giving to their 2021 Forbes 400 net worth and divided their lifetime giving by that number. In 2020, the couple donated $136 million, including to Covid-19 testing for college students and voter education and outreach. Elon Musk, in second place, saw his personal wealth almost triple in the last year. Others declined to comment. Instead of counting the dollars that list members have given to their foundations, we tallied the grants made by those foundations, plus direct gifts we could track, to see how much money has actually reached nonprofits. In 2021, Bezos announced $1 billion in donations, the most he's given away since Amazon went public in 1997. Though the Gateses ended their 27 year marriage last year, they continue to co-chair the Bill & Melinda Gates Foundation, the vehicle for nearly all their philanthropic giving. Since we first established the philanthropy rankings in 2018, our goal has always been to spotlight those who are giving big and giving now and ideally using those funds investing in a better future for everyone., would have required an additional $350 billion in annual funding, setbacks throughout the United Nations Global Goals. Though the number of the biggest giversthose who scored a 5stayed flat in 2019, those who received scores of 4 and 3 increased compared with a year ago. We track those changes online in our Real-Time rankings at www.forbes.com/real-time-billionaires. 15 Under 40: The Youngest Billionaires On The 2021 Forbes 400, Meet The 44 Newcomers Joining The Forbes 400 List Of America's Richest People, The Richest Women In America: 2021 Forbes 400, The 2021 Forbes 400 List Of Richest Americans: Facts AndFigures, Donald Trump Falls Off The Forbes 400 For First Time In 25Years, The Forbes 400 Self-Made Score 2021: From Silver Spooners To Bootstrappers, Video: Why This Billionaire-Owned Thoroughbred Horse Farm Is Worth $400 Million, 15 Under 40: The Youngest Billionaires On The 2021 Forbes400, Meet The 44 Newcomers Joining The Forbes 400 List Of Americas RichestPeople, Forbes 400 2021: The Top 20 Richest People InAmerica, Oprah, Trump And 49 Other Billionaires Who Dropped Out Of The Forbes 400Ranks, These Are The Biggest Gainers On The Forbes 400 2021 List Of Richest Americans, The American Billionaires Too Poor To Make The 2021 Forbes 400List. April 26, 2023. Turners own namesake foundation is focused on environmental protection, which he views as "an effort to ensure the survival of the human species.". Nike cofounder Phil Knight and former Microsoft chief executive Steve Ballmer each received a score of 4. Recipients included both disrupted schools and individuals in need of direct cash assistance. showDescription: false, contentListProps When Scott publishes an update on Medium, the nonprofit world pays attention. We didnt count pledges or announced gifts that have yet to be paid out, but we took commitment to philanthropyor lack thereofinto account. var pageHeadlineProps = { bindComponentToDiv( In one of the biggest scores of the oil boom, GeoSouthern sold its south Texas fields to Devon Energy for $6 billion in 2013. We reached out to every list member for feedback. Comparing Forbes 400 Lists From 1982 and 2019 Shows How Differently Richest Americans Not Maxing-Out Giving - The NonProfit Times Forbes only took distributions from donor-advised funds into account when list members shared details about the grants that were actually paid. Only eight on 2021 Forbes 400 list receive top philanthropy score "Lower Than Ever." Forbes' Latest Rankings Show the Extent of 1: Has given away less than 1% of wealth Who got this score: Tesla CEO Elon Musk, Google cofounder Larry Page and 142 others. 1: Has given away less than 1% of wealth Who got this score: Tesla CEO Elon Musk, Google cofounder Larry Page and 142 others. (not available). US President Donald Trump also received a 1, along with the media mogul Rupert Murdoch. Only nine have given away more than 20%, earning them a score of 5: Bill Gates, Melinda French Gates, MacKenzie Scott, Warren Buffett, George Soros, Gordon Moore, Amos Hostetter Jr., Lynn Schusterman and John Arnold. At the same time, the federal government has been unable to deliver another relief package to help Americans weather the crisis. The ex-wife of Amazon founder Jeff Bezos doesn't have a website and doesn't talk publicly about her philanthropybut has been using the blogging site to chronicle her efforts to give away her massive post-divorce fortune at a faster pace than any billionaire ever. Americas most high-profile philanthropic couple, Bill Gates and Melinda French Gates, surprised many when they announced in May they were divorcing after 27 years of marriage. The same month, Broadcom billionaire Henry Samueli pledged $100 million to UCLAs engineering school, the largest gift ever to the department. Seventeen of them have signed The. In October 2021, the Omidyar Network announced a new program that aims to invest $10 million in organizations that hold corporations accountable for their impact on society. Jeff Bezos and Elon Musk are among the 156 billionaires on the Forbes Billionaires like DreamWorks Pictures founder David Geffen and WhatsApp cofounder Brian Acton moved up to the top score after each scored a 4 last year. To get to that recognition, a person had to give away at least $1 billion and/or 20% of their total net worth. Others disagreed with our efforts and our methodology. showMobileImage: true, Thanks for signing up as a global citizen. Forbes 400 (2022) . In April 2021, Soros pledged $500 million to the endowment of Bard College, a 2,400-student liberal arts school 90 miles north of New York City to which he has longstanding ties. ContentList, The funds, as usual, went to The Bill and Melinda Gates Foundationwhere they are being put to work on poverty and healthcare initiatives, including research and vaccines for Covid-19plus to foundations set up by his late wife and three children. The Forbes 400's new methodology was inspired by Global Citizen's 'Give While You Live' campaign. A key area of support was toward initiatives that advance racial, gender and economic equity. But the generosity of these U.S. billionaires hasnt kept pace with the stock markets enormous gains. Edythe Broad and her late husband Elithe home building and insurance tycoon who passed away in April 2021endowed the Broad Institute, a biomedical research center partnered with MIT and Harvard, with a $600 million gift. Uncovering their fortunes required us to pore over thousands of Securities and Exchange Commission documents, court records, probate records and news articles. Forbes has been tracking the wealth of the richest Americans since 1982. Of course, with markets riding high, its easier to dole out billions. The score ranks list members on a scale of 1 to 5, with 5. pageHeadlineProps Our estimates are a snapshot of each members wealth as of September 3, 2021; we used closing stock prices and currency exchange rates from that day. The former billionaire has given away virtually all of his fortune as part of a lofty goal to die broke. Brian Armstrong, 36, made his fortune as the co-founder of Coinbase, the largest cryptocurrency exchange in the U.S. Forbes released its 41 st annual Forbes 400 list of the wealthiest Americans late last month. Forbes Lists #818. var contentListProps = { Since its inception in 1993, Open Society Foundations distributed $14 billion to a variety of organizations, including UN Women, Planned Parenthood, Amnesty International, the Roma Education Fund, and the Civil Liberties Union for Europe. The. Nearly two-thirds have yet to give away even a quarter of their wealth, meaning there are a lot more zeros earmarked for charities in the years to come. The wife and daughter of late oil billionaire Charles Schusterman (d. 2000) run the familys foundation, which awarded $310 million in grants in 2021. In total, at least $171 billion from the coffers of Forbes 400 members a cohort with a collective $3.2 trillion net worth has ended up in the hands of charities and nonprofit institutions. Another Measure of Conservative Absence at Philanthropy's "Commanding 2022 Forbes 400: How Charitable Are The Richest Americans? HERE'S A GUIDE TO EACH SCORE. Forbes will annually track and update the scores as these billionaires make good on their promises. After all, Forbes can only measure what it can see. Just before Bezos flew in his Blue Origin rocket in July 2021 the Smithsonians National Air and Space Museum announced a $200 million gift from Bezos; the gift will be distributed over four years, according to reporting by MarketWatch. The magazine changed the methodology by which it calculates giving for the philanthropy score this year. Some billionaires were willing to share information on charitable giving for the 2019 list who didnt in 2018. The people at the top of the scale, with a score of 5, are those who have given at least 20% of their current net worth to charity so far. contentListProps Though weve been at it a long time, our reporters always dig deep to uncover new details. (Not to be outdone, Ronald donated his collection of European arms and armour to the Met in 2020. His Open Society Foundations support causes including economic equity, antidiscrimination, human rights, justice reform and journalism. Eric Smidt - Forbes The scores are lower than ever. Who are the stingiest billionaires of 2021? MacKenzie Scott's Membership in the Giving Pledge includes 131 couples, 79 single males, and 10 single women. The most prolific giver in the Forbes ranking was George Soros, whose $16.8 billion of giving has outsized his $8.6 billion net worth. Self-made score: Some individuals have traveled further in their lifes journey to make it into the ranks of The Forbes 400. In 2011, the couple gave a record-breaking $150 million to Stony Brook University, Simons former employer. For a full explanation of each self-made score, please go to www.forbes.com/self-made-score. Timothy Archibald/The Forbes Collection, Simon Dawson/Bloomberg, AP Photo/Elaine Thompson, Michael Prince for Forbes, Charles and Lynn Schusterman Family Foundation. The bulk of his philanthropy came before 2014, when he completed a $1 billion pledge to establish the United Nations Foundation, enabling the U.N. to raise money from philanthropists. However, the spirit of the project harks back to an anecdote that Bill Gates shared at The Forbes 400 Summit on Philanthropy in 2014. In order to create your account we need you to provide your email address. To get to that recognition, a person had to give away at. Source of Wealth Investments, Self Made. The total number of men participating is 210, compared to 141 women. In June, Blackstone cofounder Stephen Schwarzman donated $189 million to the University of Oxfordthe largest single gift to the school since the Renaissanceto fund its work on humanities.
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