Even in times of uncertainty, these philanthropists have donated more than they have in past years.
America’s top 25 philanthropists have reportedly donated $196 billion over their lifetimes until the end of 2022. There’s been an increase in giving even after both the U.S. stock market and billionaire fortunes have taken a hit.
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More than half of them have signed The Giving Pledge. This is a campaign where the world’s wealthiest individuals and families promise to dedicate at least half of their wealth to charitable causes, during their lifetimes or after they pass away.
Three people on the list—Chuck Feeney, T. Denny Sanford and George Soros—have already met this goal. Soros hasn’t signed up for the campaign but he has already donated more than half of his fortune.
When Russia declared war on Ukraine, Soros’ Open Society Foundations donated $25 million to create the Ukraine Democracy Fund to support civil society in the country, raising an additional $20 million from other donors.
For the past decade, #GivingTuesday has inspired people from all walks of life to give back in whatever ways they can. As we mark its 10th anniversary, I hope this movement continues to grow—and to remind us that everyone has something to offer.https://t.co/C7wLc0aTz1 pic.twitter.com/kOkFI0ueXv
— Melinda French Gates (@melindagates) November 18, 2022
The Giving Pledge co-founders, Warren Buffett and Bill Gates (as well as Melinda French Gates) have topped the list once again. In 2022, it was estimated that Buffett donated $5.4 billion, making it $51.5 billion over the course of his lifetime.
He donates most of the money to the Bill & Melinda Gates Foundation, which is then distributed for poverty and healthcare initiatives in developing countries and education in America.
Buffett has also given away billions to charities set up by his children and late wife. “This is the ultimate endorsement in my kids, and it’s the ultimate statement that my kids don’t want to be dynastically wealthy,” he tells CNBC.
Although the couple is now divorced, Bill Gates and Melinda French Gates still co-chair their Foundation. It’s currently the world’s largest private charitable foundation, with Bill Gates donating $20 billion to the foundation just last year.
Melinda French Gates, through her company Pivotal Ventures, is also committing to donate $1 billion over a decade toward gender equality.
There were two newcomers who joined the list this year, Sergey Brin and Ken Griffin. Brin, Google’s co-founder, has donated $2.55 billion toward Parkinson’s research, climate change and sustainability, as well as poverty alleviation and economic mobility.
Hedge fund magnate Griffin has donated $1.56 billion in total. Among these donations are the $150 million pledge to Harvard for financial aid and $130 million to 40 nonprofit groups in Chicago.
MacKenzie Scott, Amazon founder Jeff Bezos’ former wife, has continued to donate to a large number of groups and is one of the year’s biggest givers. In 2022, she announced that she has given away $5.8 billion to about 800 nonprofits since June 2021.
Scott has made records of these donations available to the public on a website called Yield Giving. Transparency on their charitable giving has become a trend for many philanthropists in recent years.
Banner photo via Twitter @melindagates.
