); The cofounder and former longtime CEO of Intel and his wife launched their foundation in 2000, funding it with gifts of Intel stock. NEW YORK - Sept. 9, 2020 - An enhanced score that measures the generosity of the Forbes 400 list of richest Americans, inspired by and produced with support from Global Citizen, now counts grants that billionaires put towards actual charitable uses, rather than money parked in their charitable foundations.. 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. Members of this elite club have been scored on a scale of 1 to 5, with 5 being the most philanthropic. Using this year'sstricter criteria, ten billionaires on the 2020 Forbes 400 list received a score of 5, meaning they have given away more than 20 percent of their wealth over their lifetime. Source of Wealth Hardware stores, Self Made. Lauder's most high-profile gift came in 2013, when he donated his Cubist art collectionworth over $1 billionto the Metropolitan Museum of Art. 1: Has given away less than 1% of wealth Who got this score: Tesla CEO Elon Musk, Google cofounder Larry Page and 142 others. Had the Amazon founder immediately distributed the $2 billion he pledged in September to help homeless families and start preschools, his score would have been a 4. Self-made score: Some individuals have traveled further in their lifes journey to make it into the ranks of The Forbes 400. }); The most generous billionaires include investor Warren Buffett, financier George Soros, Intel co-founder Gordon Moore, entrepreneur Eli Broad, philanthropist Lynn Schusterman, hedge fund manager Julian Roberston Jr., media mogul Ted Turner, businessman George Kaiser, businessman Amos Hostetter Jr., and hedge fund manager John Arnold. 2018 Forbes 400 Philanthropy Scores Chart, Only 29 of Americas 400 richest were given the highest possible score. "The new philanthropy ranking is fundamentally flawed, in that it is biased in favor of those who make their gifts widely known, and against donors who choose to make their charitable contributions anonymously, one current Forbes 400 member (who did not wish to be named) argued via email. Forbesnotes that the four hundred billionaires on the list collectively have given a total of $171 billion over their lifetimes, while their aggregate wealth increased 8 percent, to $3.2 trillion, over the last twelve months, helped in part by a rising stock market. "related-stories-content-list--491609", Billionaires including Jeff Bezos and Elon Musk reached new record levels of wealth last year. The nations 25 biggest givers have donated a total of $169 billion over the course of their lifetimes, according to Forbes estimates. 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. We weighted these two factors equally and scored people accordingly. var contentListProps = { Specifically, the commitment is to ensure that 30% of the planet is protected in the most important places for biodiversity by 2030. 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. Hughes, who scored a 2 last year, jumped up to a 4. He made headlines last year after his civic engagement organization Luminate helped Facebook whistleblower Frances Haugen with press and government relations. We didnt count pledges or announced gifts that have yet to be paid out, but we took commitment to philanthropyor lack thereofinto account. Adding to their philanthropic efforts, Moskovitz, who is now the CEO of workplace software giant Asana, and Tuna also cofounded Open Philanthropy, an organization that advises donors and makes grants through a donor-advised fund. To verify the findings, Forbes reached out to the accounting teams of each billionaire, and assigned a score between 1 and 5 to each individual based on direct donations to charitable organizations. But a few other young billionaires are worth spotlighting. 20) account for 42 percent of the total wealth.". Philanthropy Score 2. The new Forbes index will help people understand the actual giving of billionaires, not just how much they pledge. He started farming at just five years old, driving a tractor to pick up straw bales . Forbes 400 (2022) Personal Stats. Billionaires (2023) #317. Some individuals were then bumped up or down based on several other factors, including whether they had signed the Giving Pledge, whether they had pledged significant donations, how personally involved they were in their charitable giving and how quickly and effectively their private foundations distributed dollars. Not every billionaire has been a pandemic penny pincher, though. Others declined to comment. In order to create your account we need you to provide your email address. DATA ARE AS OF SEPTEMBER 2, 2022. Many have foundations with publicly available tax filings that provide details on yearly grants. List members about whom we could find no charitable giving information received an N.A. He has also given billions to the four charities set up by his three children and his late wife. Next we looked at what percent of their fortune they had given away. His organization cofounded the New York City Charter School Center and established the Robertson Scholars Leadership Program, which funds undergraduate students at Duke and UNC Chapel Hill. 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. The same month, Broadcom billionaire Henry Samueli pledged $100 million to UCLAs engineering school, the largest gift ever to the department. If we couldnt find any information about a persons giving and they declined to provide details, they received a score of N/A. In December 2021, calling Americas public education system broken in a Wall Street Journal opinion article, Bloomberg announced a $750 million pledge to support charter schools in 20 metro areas around the U.S. over the next five years. 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. Eight months later the world is a very different place,a shift that has given the Give While You Live campaign a whole new meaning. In 2020, a year before the 100th anniversary of the Tulsa race massacre, the foundation helped launch Build In Tulsa, which seeks to build Black entrepreneurship through programs including a startup accelerator for Black-led firms and a fund that will invest in Black-owned companies. But there are plenty of pressing needs that can hardly wait, and MacKenzie Scott has wasted no time in beginning to give her fortune away since gaining control of tens of billions of dollars in Amazon stock following her 2019 divorce from Jeff Bezos. Forty-one billionaires, including Netflix cofounder Reed Hastings and software billionaire Philip Terry Ragon, got higher scores this year than last year. His Open Society Foundations support causes including economic equity, antidiscrimination, human rights, justice reform and journalism. Residence Gladwyne, Pennsylvania. 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. Since he transitioned from Amazon CEO to chairman in July 2021, Bezos has accelerated his philanthropy enough to land him on this list for the first time. Most members of The Forbes 400 received a 1 or a 2, indicating they have donated less than 5% of their fortune to charity so far. Others scored higher because we were able to find more information about their lifetime giving, through new public documents or details provided to us by Forbes 400 members or their spokespeople. Who got this score: Warren Buffett, George Soros, Gordon Moore, Julian Robertson Jr., Amos Hostetter Jr., Lynn Schusterman, John Arnold and T.DennySanford. 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. His lawyers say the case is politically motivated. It includes his Charles Koch Foundation, 501(c)(4) advocacy groups and public charities, which have limited donor disclosure requirements. 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. The former billionaire has given away virtually all of his fortune as part of a lofty goal to die broke. To subscribe, select any of the newsletters listed below. Bill Gates, who heads the worlds largest private foundation with his wife Melinda, is a notch below at a score of 4. He got his start in the 1970s selling beer and soda . The score ranks list members on a scale of 1 to 5, with 5. Philanthropy Scores Forbes gives each Forbes 400 member a "philanthropy score," on a scale from 1 to 5, based on their lifetime giving. As a result, nontraditional actors have to increasingly fill the funding gaps to ensure the world achieves the Global Goals by 2030. A member of Caltech's board of trustees, Bren first learned about space-based solar energy in 2011 and worked with the university to launch the project. We also interviewed their employees, handlers, rivals, peers and attorneys. Who got this score: MacKenzie Scott, former New York City mayor Michael Bloomberg and nine others. To come up with the scores, we first estimated each list members total lifetime giving. 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. his quest to give away more than 99% of his fortune, has given away virtually all of his fortune, "an effort to ensure the survival of the human species. pageHeadlineProps They include Berkshire Hathaway chair and investorWarren Buffett(net worth: $73.5 billion, #4 on Forbes 400), whom Forbes estimates has given more than $41 billion to nonprofitsmore than anyone else in dollar termsprimarily through theBill & Melinda Gates Foundation, andOpen Society Foundationsfounder George Soros ($8.6 billion, #56), who has donated 64 percent of his original fortune over his lifetime, making him the most generous giver on the list. To that end, we also do not include gifts that have been pledged but not yet paid out, or money given to donor-advised fundsopaque, tax-advantaged accounts that have neither disclosure nor distribution requirementsunless the giver shared details about the grants that were actually paid by such entities. A pioneer in the hedge fund industry, he established the Robertson Foundation in 1996 to support environmental causes, medical research and education. In a few instances, we also used some lifetime-giving information from Boca Raton-based firm SHOOK Research. ), 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. Source of Wealth Investments, Self Made. In current iterations, Forbes includes the person's net worth, a philanthropy. And as the company that made them billionaires ventures further into the cloud, the Ballmers have pledged at least $59 million to help nonprofits and public sector social service organizations do the same by 2023. Our score is based on total lifetime giving and what percent of their fortune members had given away. Andbillionaires receiving a score of 2 or 1 include media mogulOprah Winfrey($2.5 billion, #327),Twitter and Square co-founderJack Dorsey($6.3 billion, #43), Walmart heirsJim Walton($65.5 billion, #11) and Rob Walton ($65.2 billion, #12), and Amazon founderJeff Bezos($179 billion, #1), the world's richest individual. The scores are lower than ever. The South Dakota moguls name adorns everything from the 46-hospital Sanford Health system, to which hes donated $1.5 billion, to the Sanford College of Education at National University, which has gotten $500 million from Sanford. showMobileImage: true, When possible, we met with Forbes 400 members in person or spoke with them virtually or by phone. showDescription: false, Forbes has started including a "Philanthropy Score" in its annual listings. As the United States economy unraveled amid the COVID-19 pandemic creating record unemployment, eviction crises, and miles-long food bank lines American billionaires increased their wealth by at least $637 billion, Business Insider reported in August. Mark Zuckerberg, co-founder and CEO of Facebook, along with Charles Koch, CEO of Koch Industries, received a score of 2. }; (Buffett, who turned 91 in August, stepped down from its board in June.) But only twoChuck Feeney and Soros (who has not signed The Giving Pledge)have hit the mark so far. Simons, the founder of quantitative trading hedge fund Renaissance Technologies and a former math professor, has concentrated his philanthropic giving on STEM research and education. His family's group, The Barr Foundation, donates tens of millions of dollars annually. As a result, Forbes is continuing to count the former couples donations as a combined number. This year's philanthropy scores were lower across the board than in 2020, with eleven billionaires scoring 4 for their lifetime giving of between 10 percent and 19.99 percent of their wealth including MacKenzie Scott ($58.5 billion; #15), Michael R. Bloomberg ($70 billion; #10), and Melinda French Gates ($6.3 billion; #158) down from To see daily updated net worths of all Forbes billionaires, please visit the Real-Time Billionaires List. A spokesperson for Soros did not comment on either his net worth or his charitable donations. "related-stories-content-list--491610", Following the George Floyd protests in 2020, Bloomberg Philanthropies announced a $100 million gift to support four historically Black medical schools. In 2010, the legendary investor cofounded The Giving Pledge alongside Bill and Melinda. Net worths are as of January 18, 2022. h5: "Related Stories", Who got this score: eBay founder Pierre Omidyar, hedge fund manager Jim Simons and 42 others. Residence Austin, Texas . 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. The Stand Together Foundation has supported nonprofits like Caf Momentum, a restaurant that offers paid internships for adolescents exiting the juvenile justice system in Dallas, Nashville and Pittsburgh. Much of Buffetts giving has gone to the Gates Foundation, which has an endowment of nearly $50 billion. We once again counted only out-the-door giving, rather than cash sitting in billionaires private foundations or tax-advantaged donor-advised funds that have not yet made it to those in need. One of the [Middle Eastern magnates] mentioned that in the Quran, it actually says the reason to talk about your philanthropy is [that] it encourages other people to do the same, he said. 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. In 2011, the couple gave a record-breaking $150 million to Stony Brook University, Simons former employer.