Hes making progress on his 2020 commitment to give $10 billion by 2030 to fight climate change, though has still distributed only a fraction of that pledgeabout $865 millionto date. The new Forbes index will help people understand the actual giving of billionaires, not just how much they pledge. 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. 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. This happens in reporting. At times, our reporting on philanthropic giving received a similar response. Bill Gates, who heads the worlds largest private foundation with his wife Melinda, is a notch below at a score of 4. unorderedWithImage: true, Members of this elite club have been scored on a scale of 1 to 5, with 5 being the most philanthropic. Only eight on 2021 Forbes 400 list receive top philanthropy score Who got this score: MacKenzie Scott, former New York City mayor Michael Bloomberg and nine others. This year, Warren Buffett led the list of top givers with $38.8 billion in lifetime giving, which is 32% of his net worth, and earned the top score of 5. Enhanced Forbes 400 Philanthropy Score, Produced With Support From Then, in December, Scott published a Medium post mentioning that shed made another round of giftsbut provided no details on who got the grants or how much she doled out. ". Feeney, who cofounded the Duty Free Shoppers retail chain in 1960, began by donating parts of his fortune anonymously but eventually went public with his Giving While Living idea, which influenced the Gateses and Buffett to launch The Giving Pledge in 2010. Forbes catalog of the wealthy started in 1982 with the Forbes 400, which lists the 400 richest Americans. Some billionaires worked with Forbes; others refused to cooperate, citing privacy concerns and/or religious beliefs. 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. Philanthropy Score 2. Residence Austin, Texas . Bill Gates received a score of 4 in the index, meaning he gave between 10% and 19.99% of his wealth to charity. Starting last year, Forbes now gives each billionaire a "philanthropy score." Analyzing public filings, tax forms, press reports and other information, Forbes ranks the 400 richest Americans' lifelong giving on a scale of one to five (five being the most philanthropic). 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 focus on money out the door, as opposed to money accruing interests in funds waiting to be deployed, is a crucial distinction while there are urgent humanitarian causes that need funding here and now. Thanks for signing up as a global citizen. 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. For more details on the philanthropy score, please visit www.forbes.com/philanthropy-score. Forbes Releases 40th Annual Forbes 400 Ranking of the Richest Americans Philanthropy Score 2. As a result, four dozen people got higher scores this year than a year ago. Some of [the members] told us to drop dead, James Michaels, veteran editor of Forbes, told the New York Times in a 1982 story about the lists debut. Mark Zuckerberg, co-founder and CEO of Facebook, along with Charles Koch, CEO of Koch Industries, received a score of 2. Forbes 400 (2022) Personal Stats. 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. To see daily updated net worths of all Forbes billionaires, please visit the Real-Time . In some instances, Forbes explains, billionaires have been bumped up or brought down based on other factors like personal involvement in their charitable giving. 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. pledged an estimated $30 million to wipe out the student debt of the entire 2019 graduating class of Morehouse College. Philanthropy score: First, we estimated each billionaires total lifetime giving, delving into public filings, tax forms, press reports and more. List members about whom we could find no charitable giving information received an N.A. Don Vultaggio & family - Forbes "related-stories-plugin-headline--491610", The top twenty-one richest on the list (there is a tie at No. As a result, Forbes is continuing to count the former couples donations as a combined number. When Scott publishes an update on Medium, the nonprofit world pays attention. Forbes divides the grantmaking by the foundation since 2007 between the Gateses and major donor Warren Buffett. In 2011, the couple gave a record-breaking $150 million to Stony Brook University, Simons former employer. Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the countrys richest people. We didnt count pledges or announced gifts that have yet to be paid out, but we took commitment to philanthropyor lack thereofinto account. 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. If we couldnt find any information about a persons giving and they declined to provide details, they received a score of N/A. Self-made score: Some individuals have traveled further in their lifes journey to make it into the ranks of The Forbes 400. 1: Has given away less than 1% of wealth Who got this score: Tesla CEO Elon Musk, Google cofounder Larry Page and 142 others. 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. Source of Wealth Hair products, tequila, Self Made. We did not count money put into donor-advised funds. Philanthropy Scores Forbes gives each Forbes 400 member a "philanthropy score," on a scale from 1 to 5, based on their lifetime giving. 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. His lawyers say the case is politically motivated. In 2017, Soros shifted $18 billion from his Soros Management Fund to his philanthropic network, Open Society Foundations. 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. In November 2021, the Austin-based foundation announced a $38 million pledge to address homelessness in Austin. Source of Wealth Investments, Self Made. Warren Buffett, the only person in the top 10 to score a 5 for Philanthropy, saw this net worth increase by $28.5 billion. Reporting by Kerry A. Dolan, Matt Durot, Christopher Helman, John Hyatt, Chase Peterson-Withorn, Rachel Sandler, Michela Tindera and Giacomo Tognini. 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. $(function() { It rates the billionaires on how good they are at giving back, from 1 (least charitable) to 5 (most charitable). This has been a year of record-setting in billionaire philanthropy. 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. She quickly clarified that she would share details about the gifts "in the year to come." Forbes 400 (2022) . When possible, we met with Forbes 400 members in person or spoke with them virtually or by phone. 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. He also scored the lowest for Philanthropy (1 out of 5). However, the spirit of the project harks back to an anecdote that Bill Gates shared at The Forbes 400 Summit on Philanthropy in 2014. 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. Get the latest nonprofit news, funding opportunities, job openings, and more delivered to your inbox with Philanthropy News Digest newsletters. The billions keep piling up for many of Americas great philanthropists. Instead of counting the dollars that list members have put in their foundations over a lifetime, we tallied the grants made by those foundations (technically, adjusted qualifying distributions), plus direct gifts we could track, to estimate how much The Forbes 400 has actually given away. 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. 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. 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. As humanitarian funding gets diverted to COVID-19, areas such as education, food production, womens rights, and more are receiving less financing. In 2020, the San Diego school postponed its plan to rebrand itself Sanford National University after ProPublica reported that Sanford had been investigated for possible possession of child pornography. 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. 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. These are the 25 local names on Forbes' billionaires list Theres a lot of work to be done, 30-year-old crypto billionaire Sam Bankman-Fried told Forbes in 2021 regarding his own giving. 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 foundation made $5.8 billion in grants in 2020, including spending on research and vaccines for Covid-19. 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Billionaires Are Still Stingy, but There May Be Grounds for Hope To see daily updated net worths of all Forbes billionaires, please visit the Real-Time Billionaires List. }; Some, like Stephen Schwarzman, earned a higher score thanks to giving in the past year. Recipients included both disrupted schools and individuals in need of direct cash assistance. A spokesperson for Soros did not comment on either his net worth or his charitable donations. Forbes 400 (2022) Personal Stats. We scored each Forbes 400 member on a scale of 1 to 5, based on their giving as a percentage of net worth. Some billionaires worked with Forbes; others refused to cooperate, citing privacy concerns and/or religious beliefs. MacKenzie Scott has made big-dollar donations to Planned Parenthood and the Boys & Girls Club of America for $275 million and $281 million, respectively. 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 andBloomberg PhilanthropiesfounderMichael R. Bloomberg($55 billion, #14), Home Depot co-founderBernard Marcus and his wife, Billi($7.4 billion, #72), andParticipant MediaandSkoll FoundationfounderJeff Skoll($5.5 billion, #115). Leading the pack: Warren Buffett, whose annual summer gift of Berkshire Hathaway stock topped $4.1 billion this year. $(function() { If your Facebook account does not have an attached e-mail address, you'll need to add that before you can sign up. Philanthropy score: First, we estimated each. thumbnailLinkTabIndex: "-1" We did not make a qualitative evaluation of the 400 members charitable gifts. (Not to be outdone, Ronald donated his collection of European arms and armour to the Met in 2020. Arizona Beverages cofounder Don Vultaggio has built his fortune one 99-cent tallboy can of iced tea at a time. The methodology, introduced yesterday as part of the annual Forbes 400 package . 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. 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. 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. Eighteen other list members besides Gates, such as oil tycoon Trevor Rees-Jones and private equity billionaire David Rubenstein, scored a 4. className: "pt-0 pb-3 my-0" The richest people in America arent all that generous. 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. Forbes Lists #818. 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. A pioneer in the hedge fund industry, he established the Robertson Foundation in 1996 to support environmental causes, medical research and education. Age 63. 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. 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. George Bishop - Forbes In 2021, the Moore foundation awarded nearly $350 million in grants. 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 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. 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. Forbes has bumped its lifetime giving estimate for the Nike cofounder by $1.9 billion since January 2021, due primarily to new information about the pace at which hes paying out more than $2.5 billion in pledges to three universities: the University of Oregon, where he cofounded the sportswear giant with his track coach; Oregon Health & Science University; and Stanford University, where he got his MBA. 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. 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. 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. ContentList, Moore donates to environmental causes and science, Kaiser invests in education and global health, and Buffett sends most of his donations to the Bill and Melinda Gates Foundation. As a result, nontraditional actors have to increasingly fill the funding gaps to ensure the world achieves the Global Goals by 2030. v3Classes: "bst-container-fluid", Active, outward, consistent conservatives getting top score in Forbes Philanthropy Score 2022: zero. The scores are lower than ever. Forbes released its 41 st annual Forbes 400 list of the wealthiest Americans late last month. Forbes' 2021 philanthropy scores paint a picture of a U.S. billionaire class that remains almost wholly disconnected from that reality, content to sit on stock market gains and make only minor tweaks to their charitable giving while the world burnsoften literally. For a full explanation of each self-made score, please go to www.forbes.com/self-made-score. We also interviewed their employees, handlers, rivals, peers and attorneys. }; The Forbes Philanthropy Score 2021: How We Ranked Each Forbes 400 Harry Stine - Forbes 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. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. 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. New Forbes 400 Philanthropy Score Could Help Jump-Start Billionaires Of his $8 billion in donations, some $3.7 billion went to education, including $1 billion to his alma mater, Cornell. 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. The New Forbes Philanthropy Score: How We Ranked Each Forbes 400 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. To see the full list of Forbes 400 members and their philanthropy scores, please go to the Forbes 400 list. He was followed by last years biggest giver, Bill Gates, who has donated $38.5 billion so far. Thats why the worlds richest person Jeff Bezos is ranked a 2 out of 5 and not higher. Following the George Floyd protests in 2020, Bloomberg Philanthropies announced a $100 million gift to support four historically Black medical schools. 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. Two people who scored a 5 last yearPaul Allen and David Kochpassed away. We reached out to every list member for feedback. At the same time, the federal government has been unable to deliver another relief package to help Americans weather the crisis. showDescription: false, thumbnailLinkTabIndex: "-1" In 1984, they founded the Broad Art Foundation, which includes an art lending library that has lent more than 8,500 works to 500 museums. We scored the billionaires based on what percentage of their wealth they have given away. Much of Buffetts giving has gone to the Gates Foundation, which has an endowment of nearly $50 billion. He intends to donate his entire fortune eventually, but has given less than 1% so far, earning him a score of 1. Even as billionairesadded an additional $240billion to their wealth over the past year, they'vebecome less generousoverall. Uncovering their fortunes required us to pore over thousands of Securities and Exchange Commission documents, court records, probate records and news articles. Elon Musk, in second place, saw his personal wealth almost triple in the last year. List members about whom we could find no reliable charitable giving information received an N.A. 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. 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. Please contact us at contact@globalcitizen.org if you would like to re-activate your account. Today Forbes released the 40th edition of our flagship Forbes 400 list of Americas wealthiest people. HERE'S A GUIDE TO EACH SCORE. 1: Has given away less than 1% of wealth Who got this score: Tesla CEO Elon Musk, Google cofounder Larry Page and 142 others. 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. In that case, you have an obligation to talk about your philanthropy. We agree, and hope to spark more conversation about the nations richest and their commitment to the public good. The same month, Broadcom billionaire Henry Samueli pledged $100 million to UCLAs engineering school, the largest gift ever to the department. 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. We weighted these two factors equally and scored people accordingly. contentListProps Some provided specific details about additional donations and recipients. Who got this score: eBay founder Pierre Omidyar, hedge fund manager Jim Simons and 42 others. ); ), 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. Timothy Archibald/The Forbes Collection, Simon Dawson/Bloomberg, AP Photo/Elaine Thompson, Michael Prince for Forbes, Charles and Lynn Schusterman Family Foundation. In the meantime, Forbes is only crediting her with her known, public donations. }; Brian Armstrong, 36, made his fortune as the co-founder of Coinbase, the largest cryptocurrency exchange in the U.S. The Forbes 400's new methodology was inspired by Global Citizen's 'Give While You Live' campaign. Forty-one billionaires, including Netflix cofounder Reed Hastings and software billionaire Philip Terry Ragon, got higher scores this year than last year. Hughes, who scored a 2 last year, jumped up to a 4. Besides wealth, we also ranked each member based on their generosity and the degree to which their fortunes are self-made or inherited. 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. 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. In April 2018, Soros, who fled his home country Hungary during World War II, launched a $10 million emergency assistance fund to help Rohingya Muslims fleeing Myanmar during an ethnic cleansing campaign. Others disagreed with our efforts and our methodology. 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. 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. Forbes introduces a philanthropy score to their 400 richest list ContentList, Steve Cannon, the vice chairman of AMB Sports + Entertainment, talks with Forbes senior writer Jabari Young. bindComponentToDiv( 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. Billionaires including Jeff Bezos and Elon Musk reached new record levels of wealth last year. Others declined to comment. In a few instances, we also used some lifetime-giving information from Boca Raton-based firm SHOOK Research. Additionally, Melinda has done some giving via her investment and incubation company, Pivotal Ventures. On a global scale, the arrival of the pandemic has caused setbacks throughout the United Nations Global Goals. Per Forbes 400, Rich People Are Getting Less Generous - InsideHook 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. Some of our lifetime giving estimates may be low due to a lack of transparency or anonymous gifts. But the generosity of these U.S. billionaires hasnt kept pace with the stock markets enormous gains. The other finance moguls who've distributed over 20% of their wealth to charity are George Soros, Eli Broad, Julian Robertson and John Arnold. 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. We weighted these two factors equally. A Record 156 Billionaires Donated Less Than 1% to Charity: Forbes