The son of a hardscrabble farmer, Stine became fascinated with seeds when he was a boy growing up in Iowa. 2:. We also interviewed their employees, handlers, rivals, peers and attorneys. v3Classes: "bst-container-fluid", The Meta Platforms (formerly Facebook) CEO and his wife Priscilla Chan, a doctor, have multiple ambitious goals, including to cure, prevent or manage all diseases. In December 2021, Scott declined in a Medium post to reveal the recipients of her latest round of donations, a gesture meant to let nonprofits speak for themselves. He started farming at just five years old, driving a tractor to pick up straw bales . 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. 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. "related-stories-content-list--491610", It rates the billionaires on how good they are at giving back, from 1 (least charitable) to 5 (most charitable). 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. Forbes only took distributions from donor-advised funds into account when list members shared details about the grants that were actually paid. }; The methodology for the index is straightforward. A spokesperson for Soros did not comment on either his net worth or his charitable donations. Simons' foundation has also supported life science research, giving to the New York Genome Center, and autism research through donations to the Autism Research Initiative. To shine a light on the billionaires who are putting their philanthropic dollars to work, weve changed the methodology for The Forbes 400 philanthropy score. (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). This is a list of individuals and couples who are U.S. citizens; as a result, we excluded extended families like the Waltons, controlling shareholders of Walmart, and excluded big givers like Hansjoerg Wyss, who lives in the U.S. but is a Swiss citizen. In 1994, he and his wife Marilyn established the Simons Foundation, which has been the primary giver to Math for America, a nonprofit that supports high school math and science teachers. He got his start in the 1970s selling beer and soda . The couple has given away more than $1 billion to charitable causes. Each score corresponds with a range of giving as a percentage of a persons net worth. The total number of men participating is 210, compared to 141 women. Warren Buffett is the wealthiest person who maintained a philanthropy score of five from 2019 into 2020. As a percentage of net worth, Americas biggest giver for the second year in a row is George Soros, whose Open Society Foundations have, over his lifetime, distributed $16.8 billion to charities across the globe. The organization has given more than $200 million to bankroll research on the disease, including to fund trials in 19 countries. After drawing criticism for her lack of transparency, Scott said she would share more information and disclosed that she is launching a website with a searchable database of gifts. To get to that recognition, a person had to give away at. The Forbes 400 is a list of American citizens; most live and have businesses in the U.S., but some reside outside the country. Those receiving a philanthropic score of 4 (meaning they have given between 10 percent and 19.99 percent of their wealth) include Bill and Melinda Gates ($111 billion, #2), former New York City mayor and Bloomberg Philanthropies founder Michael R. Bloomberg ($55 billion, #14), Home Depot co-founder Bernard Marcus and his wife, Billi ($7.4 Her giving represents 13% of her net worth, giving her a philanthropy score of 4 (indicating shes given away between 10% and 19.9% of her fortune), though at this rate it wont be long before she joins the top tier. Who got this score: eBay founder Pierre Omidyar, hedge fund manager Jim Simons and 42 others. 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. please try again later. The foundation made $5.8 billion in grants in 2020, including spending on research and vaccines for Covid-19. Since July 2020, she has given just under $8.6 billion to nearly 800 organizations. Others declined to comment. Theres a lot of work to be done, 30-year-old crypto billionaire Sam Bankman-Fried told Forbes in 2021 regarding his own giving. Bill Gates announced a $20 billion donation to his Bill and Melinda Gates Foundation, which will address gender equity, disease eradication and infant mortality, among other causes; as a result, the foundation is increasing its annual grants to $9 billion in 2026, up from $6.7 billion in 2021. The newly established 1803 Fund in Portland, Oregon, has announced a $400 million investment in the city's Albina neighborhood from Nike co-founder Phil Knight and his wife, Penny. She quickly clarified that she would share details about the gifts "in the year to come." At the end of 2021, CZI announced a new, ten-year, $3.4 billion initiative focusing on measuring and analyzing biological processes in the human body. In current iterations, Forbes includes the person's net worth, a philanthropy. var contentListProps = { While some billionaires provided documentation for their private assets and companies, others were less forthcoming. ); Specifically, the commitment is to ensure that 30% of the planet is protected in the most important places for biodiversity by 2030. ), 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. Their Ballmer Group has pledged $237.5 million over six years through 2025 as the lead investor in Blue Meridian Partners Place Matters fund, which accelerated its spending on pandemic relief last year, spreading more than $95 million across 20 cities. So, too, do their charitable contributions. 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Get the latest nonprofit news, funding opportunities, job openings, and more delivered to your inbox with Philanthropy News Digest newsletters. You can check out our Privacy Policy to see how we safeguard and use the information you provide us with. But the generosity of these U.S. billionaires hasnt kept pace with the stock markets enormous gains. Timothy Archibald/The Forbes Collection, Simon Dawson/Bloomberg, AP Photo/Elaine Thompson, Michael Prince for Forbes, Charles and Lynn Schusterman Family Foundation. 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. Source of Wealth Investments, Self Made. According to the latest tax filings, Geffen gave $38 million to his foundation in 2017, which brought his lifetime giving to about $1 billion. 2018 Forbes 400 Philanthropy Scores Chart, Only 29 of Americas 400 richest were given the highest possible score. He was followed by last years biggest giver, Bill Gates, who has donated $38.5 billion so far. Thats up from $149 billion last year, partly due to new information uncovered by Forbesbut mostly due to another year of huge giving by these 25 mega-donors. ContentList, In order to create your account we need you to provide your email address. 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. showMobileImage: true, Tech titans Jeff Bezos and Elon Musk made record wealth gains amid Covid-19, but the Forbes Philanthropy Score shows billionaires are giving less to charity than ever Heartwarming exceptions are. Lauder's most high-profile gift came in 2013, when he donated his Cubist art collectionworth over $1 billionto the Metropolitan Museum of Art. We scored the billionaires based on what percentage of their wealth they have given away. 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. 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. In June, the New York attorney general filed a lawsuit against Trump, seeking $2.8 million plus penalties for allegedly using the foundation as a tool for his business and his presidential campaign. 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. A score of 10 is reserved for people who not only grew up poor but overcame significant obstacles in their climb to the top, such as George Soros, who survived the Nazi occupation of his native Hungary before immigrating to the U.S. People like Jeff Bezos and Elon Musk, who came from middle- or upper-middle class families, rank as 8s, while someone who inherited their entire fortune and has done nothing to manage or increase it ranks as a 1. 20) account for 42 percent of the total wealth.". George Bishop founded oil and gas producer GeoSouthern Energy in 1981. In 2017, Soros shifted $18 billion from his Soros Management Fund to his philanthropic network, Open Society Foundations. The new Forbes index will help people understand the actual giving of billionaires, not just how much they pledge. Soros, a longtime former hedge fund manager, has an estimated net worth of $8.6 billion, meaning he has given about two-thirds of his original fortune away. The richest people in America arent all that generous. In June 2021, the Open Society Foundations, which operate in more than 120 countries, announced a reshuffling to meet the challenges of the momentnamely, the rise of authoritarianism around the globe. Reporting by Kerry A. Dolan, Matt Durot, Christopher Helman, John Hyatt, Chase Peterson-Withorn, Rachel Sandler, Michela Tindera and Giacomo Tognini. "related-stories-plugin-headline--491609", Steve Cannon, the vice chairman of AMB Sports + Entertainment, talks with Forbes senior writer Jabari Young. 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. 8 Men Own as Much as the Poorest 3.6 Billion People on the Planet. In many cases, fortunes grew faster than lifetime philanthropic giving. The same month, Broadcom billionaire Henry Samueli pledged $100 million to UCLAs engineering school, the largest gift ever to the department. Hundreds of billions of dollars sit in Forbes 400 members private charitable foundations. Billionaires (2023) #317. To see daily updated net worths of all Forbes billionaires, please visit the Real-Time . Two people who scored a 5 last yearPaul Allen and David Kochpassed away. 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. Therefore philanthropists like Twitter and Square cofounder Jack Dorsey, who announced in April that he plans to donate $1 billion to support Covid relief and other causes, were only scored on what they have parted with so far. Self-made score: Some individuals have traveled further in their lifes journey to make it into the ranks of The Forbes 400. As a result, four dozen people got higher scores this year than a year ago. For a full explanation of each self-made score, please go to www.forbes.com/self-made-score. We reached out to every list member for feedback. 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. 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. However, the spirit of the project harks back to an anecdote that Bill Gates shared at The Forbes 400 Summit on Philanthropy in 2014. It includes his Charles Koch Foundation, 501(c)(4) advocacy groups and public charities, which have limited donor disclosure requirements. In 2021, Bezos announced $1 billion in donations, the most he's given away since Amazon went public in 1997. The former billionaire has given away virtually all of his fortune as part of a lofty goal to die broke. The average Forbes self-made score for 92 of the pledgers scored by Forbes is 7.8 on a scale from 1 to 10 (Kroll 2018 ). "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. 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. bindComponentToDiv( As a result, nontraditional actors have to increasingly fill the funding gaps to ensure the world achieves the Global Goals by 2030. Acton and his wife Tegan, on the other hand, have been expanding their philanthropic network, Wildcard Giving, which they founded in 2014 after Acton sold WhatsApp to Facebook. I'm a deputy wealth editor covering billionaires and their businesses. On a global scale, the arrival of the pandemic has caused setbacks throughout the United Nations Global Goals. In 2021, we started with a list of over 750 candidates and got to work. These 25 philanthropists are a collective $150 billion richer than they were a year ago, up 18% each on average. Forbes catalog of the wealthy started in 1982 with the Forbes 400, which lists the 400 richest Americans. Billionaires including Jeff Bezos and Elon Musk reached new record levels of wealth last year. Click here to see how you can invest like the billionaires on the Forbes 400. Besides Buffett and Soros, this exclusive club includes Intel cofounder Gordon Moore, Oklahoma philanthropist Lynn Schusterman and CNN founder Ted Turner. The billions keep piling up for many of Americas great philanthropists. "related-stories-content-list--491609", Membership in the Giving Pledge includes 131 couples, 79 single males, and 10 single women. Forbes gave Hostetter the highest philanthropy score out of the wealthiest Massachusetts residents. Eighteen other list members besides Gates, such as oil tycoon Trevor Rees-Jones and private equity billionaire David Rubenstein, scored a 4. Nearly a third of the list including the worlds richest person, Jeff Bezos scored a 1, which means theyve donated less than 1% of their fortune. Their main philanthropic vehicle, the Omidyar Network, funds the Open Markets Institute and Public Knowledge, nonprofits that advocate for stronger antitrust laws and are critical of Big Tech. 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. Please contact us at contact@globalcitizen.org if you would like to re-activate your account. Others declined to comment. GRADING THE GIVING This year's Forbes 400. The foundation's largest sum in 2021$51.2 million in totalwent to the Malaria Consortium, which aims to manage and control the disease in Africa and Asia. We track those changes online in our Real-Time rankings at www.forbes.com/real-time-billionaires. (not available). For several years running, we've used Forbes' annual list of the 400 richest people in the U.S. as a way to highlight the fact that most billionaires just don't give much of their money away. $(function() {
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