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. These 25 philanthropists are a collective $150 billion richer than they were a year ago, up 18% each on average. Who got this score: eBay founder Pierre Omidyar, hedge fund manager Jim Simons and 42 others. HERE'S A GUIDE TO EACH SCORE. Who is the richest person in the world? In 2023, it's not Elon Musk For more details on the philanthropy score, please visit www.forbes.com/philanthropy-score. Harry Stine - Forbes Some, like Stephen Schwarzman, earned a higher score thanks to giving in the past year. Who got this score: MacKenzie Scott, former New York City mayor Michael Bloomberg and nine others. Ira Rennert - Forbes These Are The Biggest Givers On The Forbes 400 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. 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. Besides wealth, we also ranked each member based on their generosity and the degree to which their fortunes are self-made or inherited. Two fresh faces have joined the top philanthropist ranks since last year: Facebook cofounder Dustin Moskovitz and his wife Cari Tuna, and Scotts ex-husband, Jeff Bezos, who has taken to philanthropyannouncing $1 billion in gifts in 2021since stepping down as Amazons CEO in July. 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. Thanks to a soaring stock market, the cumulative wealth of The Forbes 400 richest Americans on the 2021 list grew 40%, to an unprecedented $4.5 trillion. A key area of support was toward initiatives that advance racial, gender and economic equity. 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. 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. className: "pt-0 pb-3 my-0" It rates the billionaires on how good they are at giving back, from 1 (least charitable) to 5 (most charitable). As part of its annualForbes 400package,Forbes, in partnership withGlobal Citizen, has unveiled an enhanced Philanthropy 400 score that counts grants billionaires put toward actual charitable uses rather than assets parked in their foundations. October 4, 2022 Active, outward, consistent conservatives getting top score in Forbes Philanthropy Score 2022: zero. Each score corresponds to a range of giving as a percentage of a persons net worth. 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. Despite Scotts unparalleled pace of giving, Amazons stock price has climbed by enough to make her richer than she was last year, with her net worth rising from $57 billion to $58.5 billion. Two people who scored a 5 last yearPaul Allen and David Kochpassed away. Many have foundations with publicly available tax filings that provide details on yearly grants. The new methodology was inspired by Global Citizens Give While You Live campaign, launched in January to encourage the worlds more than 2,000 billionaires to donate 5% of their wealth annually to end poverty and uplift communities globally. The couple has given away more than $1 billion to charitable causes. 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. This transparency will hopefully spur those who have been blessed with enormous wealth to use it for good and with greater urgency., Who are the richest Americans? 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. Hes spent more than $1 billion to curb tobacco use over the last decade, and in 2018 announced a $1.8 billion pledge to Johns Hopkins University, his alma mater. New Forbes 400 Philanthropy Score Could Help Jump-Start Billionaires Unable to update subscription. Billionaires (2023) #369. Get the latest nonprofit news, funding opportunities, job openings, and more delivered to your inbox with Philanthropy News Digest newsletters. 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. Residence Austin, Texas . Steve Cannon, the vice chairman of AMB Sports + Entertainment, talks with Forbes senior writer Jabari Young. In July 2021, Schusterman Philanthropies joined Melinda French Gates and MacKenzie Scott in the Equality Cant Wait Challenge, aimed at expanding womens power and influence in the U.S., contributing $10 million out of the $40 million in grants awarded. 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. Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the countrys richest people. Much of Buffetts giving has gone to the Gates Foundation, which has an endowment of nearly $50 billion. A team of 32 Forbes journalists delved into public filings, from tax forms for private foundations to press releases, and reached out to 400 members and nonprofits as well. 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. 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. Global Citizen worked with the team at Forbes to gather data on the wealthiest individuals in the US as part of its annual review, cross-checked publicly available records on charitable giving or money out the door to beneficiaries. Our estimates factor in the total lifetime giving of American billionaires, measured in dollars given to charitable recipientsin other words, we are not including money parked in a foundation that has yet to do any good. The 10 are former hedge fund manager John Arnold, home builder and insurance magnate Eli Broad, Berkshire Hathaway CEO Warren Buffett, cable television . }; To calculate the scores, we added the value of each persons total out-the-door lifetime giving to their 2022 Forbes 400 net worth, then divided their lifetime giving by that number. Former president Donald Trump was not ranked, since he fell . French Gates is a newcomer to The Forbes 400 as an individual this year after receiving billions of dollars in stock transfers from her ex-husband, but since their giving remains intertwined, each received a score of 4. The Forbes 400's new methodology was inspired by Global Citizen's 'Give While You Live' campaign. April 26, 2023. The majority of the list either received a score of 1, meaning they have given away less than 1% of their net worth, or N/A. 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. We did not count money put into donor-advised funds. 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 6 Facts About Billionaires You Definitely Need to Know - Global Citizen Forbes 400 (2022) Personal Stats. 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. Forbes introduces a philanthropy score to their 400 richest list In the new edition of the index, just 10 individuals received a score of 5, compared to 29 who received the top score in 2019,while 127 received a score of 1, compared to 76 the year before. 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. Active, outward, consistent conservatives getting top score in Forbes Philanthropy Score 2022: zero. Forbes only took distributions from donor-advised funds into account when list members shared details about the grants that were actually paid. We didnt count pledges or announced gifts that have yet to be paid out. (Buffett, who turned 91 in August, stepped down from its board in June.) DATA ARE AS OF SEPTEMBER 2, 2022. thumbnailLinkTabIndex: "-1" Phil Knight invests $400 million in Portland's Albina neighborhood The former Microsoft CEO and his wife Connie reported giving more than $400 million to nonprofits in 2021, pushing their lifetime total above $2.1 billion. 8 Men Own as Much as the Poorest 3.6 Billion People on the Planet. Not every billionaire has been a pandemic penny pincher, though. 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 }); 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. 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. In May 2021, the Washington residents announced $38 million of new grants over five years to address the states mental health crisis. Turners own namesake foundation is focused on environmental protection, which he views as "an effort to ensure the survival of the human species.". Recipients included both disrupted schools and individuals in need of direct cash assistance. 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. Forbes dug into their known charitable giving and assigned a philanthropy score, ranging from 1 to 5, to each member of The Forbes 400. A pioneer in the hedge fund industry, he established the Robertson Foundation in 1996 to support environmental causes, medical research and education. Bezos, the richest person on The Forbes 400 for the fourth straight year, received a score of 1 again despite announcing a $200 million pledge to the Smithsonian and another $200 million in distributions to political commentator Van Jones and chef Jose Andres to give to charities of their choosing. 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. The son of a hardscrabble farmer, Stine became fascinated with seeds when he was a boy growing up in Iowa. 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. The changes reflect two things: The countrys richest have gotten somewhat more generous, and Forbes had more information to work with this year. George Bishop - Forbes Many have foundations with publicly available tax filings that provide details on yearly grants. We scored each Forbes 400 member on a scale of 1 to 5, based on their giving as a percentage of net worth. h5: "Related Stories", Ten on 2020 Forbes 400 receive top philanthropy score Though 74 billionaires on The Forbes 400 have signed the Giving Pledge a promise to commit at least half of their wealth to charity only ten people on list received our highest philanthropy score of 5, which means theyve given away at least a fifth of their fortune. 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. The former billionaire has given away virtually all of his fortune as part of a lofty goal to die broke. The total number of men participating is 210, compared to 141 women. Billionaires (2023) #73. }; The biggest giver of the bunch, in terms of dollars donated, is Berkshire Hathaways Warren Buffet. "Lower Than Ever." Forbes' Latest Rankings Show the Extent of Though each has given away more than $1 billion, those gifts were less than 20% of their net worth. Bren is the richest real estate baron in the U.S., with a property empire concentrated in Southern California. Altogether she's disclosed a collective $12.7 billion in donations to more than 1,200 organizations since the middle of 2020. Some billionaires were willing to share information on charitable giving for the 2019 list who didnt in 2018. To see how philanthropic the ultrawealthy are, Forbes dug into their known charitable giving and assigned a philanthropy score, ranging from 1 to 5, to each member of The Forbes 400. The Chan Zuckerberg Initiative, their philanthropic and advocacy organization, says it has given out $3 billion in grants since it was founded in 2015, backing scientific and medical research, as well as education and criminal justice reform. Net worths are as of January 18, 2022. We weighted these two factors equally. At the same time, the federal government has been unable to deliver another relief package to help Americans weather the crisis. George Soros, meanwhile, is the biggest giver of allfor the third year runninghaving donated $18.1 billion so farnearly three times what hes worth now. Their Michael & Susan Dell Foundation has given out $2.25 billion since it was founded in 1999 to focus on children living in urban poverty in the U.S., India and South Africa. 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. To value private businesses, we coupled revenue or profit estimates with prevailing price-to-sales, price-to-earnings, or similar ratios for similar public companies and applied a 10% discount, or more in cases where information is scarce. Following the George Floyd protests in 2020, Bloomberg Philanthropies announced a $100 million gift to support four historically Black medical schools. In September 2020, Feeney and his wife Helga shuttered his foundation, the Atlantic Philanthropies, after it gave away the last of its assets. }; So we have ranked each list member on a scale of 1 to 10 to indicate how self-made their fortunes really are. 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. showMobileImage: true, Our score is based on total lifetime giving and what percent of their fortune members had given away. 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. 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. The foundation made $5.8 billion in grants in 2020, including spending on research and vaccines for Covid-19. But the generosity of these U.S. billionaires hasnt kept pace with the stock markets enormous gains. Other billionaires earning a score of 5 include Arnold Ventures LLC co-foundersJohn and Laura Arnold($3.3 billion, #249);Eli and Edythe Broad($6.9 billion, #85), whoseEli & Edythe Broad FoundationandBroad Art Foundationhave awarded grants totaling $4 billion; cable TV pioneer andBarr Foundationco-founder Amos Hostetter, Jr. ($3.5 billion, #228);George Kaiser Family FoundationfounderGeorge B. Kaiser($4.9 billion, #137);Gordon and Betty Moore($10.3 billion, #48), whoseeponymously named foundationawards $300 million in grants annually; Tiger Management founderJulian H. Robertson, Jr.($4.3 billion, #170), who has given $1.1 billion to charitable causes, mostly through theRobertson Foundation;Charles and Lynn Schusterman Foundationco-founderLynn Schusterman($3.4 billion, #238); and CNN founderTed Turner($2.2 billion, #378), who established theUnited Nations Foundationin 1998 with a then-historic gift of $1 billion, among other philanthropic efforts. Forbes doesn't provide a philanthropy score for the many U.S. billionaires who don't rank among the richest 400 Americans. To get to that recognition, a person had to give away at. 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. We did not make a qualitative evaluation of the 400 members charitable gifts. 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. 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. His family's group, The Barr Foundation, donates tens of millions of dollars annually. 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. Forbes 400 (2022) Personal Stats. To see just how philanthropic each of Americas 400 richest people are, Forbes assigned a philanthropy score from 1 to 5, with 5 representing the most generous givers. We track those changes online in our Real-Time rankings at www.forbes.com/real-time-billionaires. Forbes Middle East / <p>Forbes dug into their known charitable giving and assigned a philanthropy score, ranging from 1 to 5, to each member of The Forbes 400.</p> In September, a Los Angeles Times report revealed that B. Wayne Hughes, cofounder of self-storage behemoth Public Storage, had anonymously donated about $400 million to the University of Southern California in his lifetime. (not available). Much of his $46 billion in givingsome $2 billion to $3 billion worth of stock per yearhas gone to the foundation of his friends Bill and Melinda French Gates, which has put it to work on poverty and healthcare initiatives in developing countries and education in the U.S. List members about whom we could find no charitable giving information received an N.A. Seventy-six of the list members received a score of 1, including President Donald Trump, meaning they gave away less than $30 million or less than 1% of their fortune to date. She quickly clarified that she would share details about the gifts "in the year to come." 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.. You can check out our Privacy Policy to see how we safeguard and use the information you provide us with. Who are the stingiest billionaires of 2021? MacKenzie Scott's contentListProps Billionaires Are Still Stingy, but There May Be Grounds for Hope If your Facebook account does not have an attached e-mail address, you'll need to add that before you can sign up. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. 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. 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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 methodology, introduced yesterday as part of the annual Forbes 400 package . Thanks for signing up as a global citizen. Theres a lot of work to be done, 30-year-old crypto billionaire Sam Bankman-Fried told Forbes in 2021 regarding his own giving. Warren Buffett is still the lists biggest giver after donating $4.1 billion worth of Berkshire Hathaway stock in June, helping bring his total lifetime giving to $44 billion. Through his George Kaiser Family Foundation, he has focused on community health, criminal justice, childhood education and arts & culture initiatives in his hometown of Tulsa. In many cases, fortunes grew faster than lifetime philanthropic giving. 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. Some of our lifetime giving estimates may be low due to a lack of transparency or anonymous gifts. The Forbes Philanthropy Score 2022: How Charitable Are The Richest Seventeen of them have signed The. Forbes has been tracking the wealth of the richest Americans since 1982. 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. Members of this elite club have been scored on a scale of 1 to 5, with 5 being the most philanthropic. 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. (not available). ); Leading the pack: Warren Buffett, whose annual summer gift of Berkshire Hathaway stock topped $4.1 billion this year. Its tough to track the far reach of his giving, which flows mainly to whats known as Stand Together, a group of nonprofits focused on poverty, addiction-related issues, criminal justice and education. About Don Vultaggio & family. List members for whom we could find no charitable giving information received an N.A. Arizona Beverages cofounder Don Vultaggio has built his fortune one 99-cent tallboy can of iced tea at a time. The billions keep piling up for many of Americas great philanthropists. To do so, we added the value of lifetime out the door donations to the current Forbes 400 list net worth and then divided lifetime giving by that amount. Warren Buffett, the only person in the top 10 to score a 5 for Philanthropy, saw this net worth increase by $28.5 billion. }; These top givers have continued to dole out big dollars. 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. By focusing on billionaires actual charitable giving, the enhanced philanthropy score of the Forbes 400 index aims to accelerate the much-needed momentum around charitable giving, especially as the US grapples with numerous crises the COVID-19 pandemic, ongoing racial injustice, the climate crisis, and more. The organization has given more than $200 million to bankroll research on the disease, including to fund trials in 19 countries. In all, theyre worth an estimated $1.1 trillion. There were 36 people, for instance, who gave away $1 billion who didnt get the top score and another three who gave away less than $1 billion but still earned a score of 5. Notable top givers include Bill Gates, who has donated $35.8 billion to his charitable foundation, more than anyone else in the world; that figure is 27% of his fortune as of September 7, 2018, the day we locked in net worths for the Forbes 400. Some of The Forbes 400 will get richer or poorer within weeks or even days of publication. We acknowledge that some of our lifetime giving estimates may be low because of a lack of transparency, since it's possible to make charitable gifts anonymously. GRADING THE GIVING This year's Forbes 400. In all, they're worth an estimated $1.1 trillion. thumbnailLinkTabIndex: "-1" He intends to donate his entire fortune eventually, but has given less than 1% so far, earning him a score of 1. . Forbes gave Hostetter the highest philanthropy score out of the wealthiest Massachusetts residents. Only 10 members of the Forbes 400 reached a maximum philanthropy score of 5 based on a lifetime of giving, donating one-fifth or more of their net worth to charities, according to the latest annual list of the world's wealthiest individuals.. In 2017, Soros shifted $18 billion from his Soros Management Fund to his philanthropic network, Open Society Foundations. To see daily updated net worths of all Forbes billionaires, please visit the Real-Time . Billionaires are also less generous than ever in terms of share of wealth they've given away. In a few instances, we also used some lifetime-giving information from Boca Raton-based firm SHOOK Research. In September 2021, the Moore Foundation joined eight other groups, including the Bezos Earth Fund and Bloomberg Philanthropies, to pledge $5 billion over ten years to support biodiversity.