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. While some billionaires provided documentation for their private assets and companies, others were less forthcoming. 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. Nearly two-thirds have yet to give away even a quarter of their wealth, meaning there are a lot more zeros earmarked for charities in the years to come. We weighted these two factors equally and scored people accordingly. 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. 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. Of. Philanthropy Score 2. Robertson has established a handful of other charitable foundations, including the Tiger Foundation, the Aotearoa and the Blanche and Julian Robertson Family Foundation. Forbes estimates the Gateses have distributed more than $30 billion of their fortune through their foundation and its predecessors, which have made a total of more than $60 billion in grant payments. 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. We reached out to every list member for feedback. Forbes catalog of the wealthy started in 1982 with the Forbes 400, which lists the 400 richest Americans. In September 2020, Feeney and his wife Helga shuttered his foundation, the Atlantic Philanthropies, after it gave away the last of its assets. 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. 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. Forbes doesn't provide a philanthropy score for the many U.S. billionaires who don't rank among the richest 400 Americans. Next we looked at what percent of their fortune they had given away. We reached out to every list member for feedback. In 2011, the couple gave a record-breaking $150 million to Stony Brook University, Simons former employer. 2021 Forbes 400 Methodology: How We Crunch The Numbers (Not to be outdone, Ronald donated his collection of European arms and armour to the Met in 2020. PageHeadlines, Click here to see how you can invest like the billionaires on the Forbes 400. 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. 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. But a few other young billionaires are worth spotlighting. Ten on 2020 Forbes 400 receive top philanthropy score MacKenzie Scott has made big-dollar donations to Planned Parenthood and the Boys & Girls Club of America for $275 million and $281 million, respectively. Back in 2006 when the Omaha native pledged a lifetime donation of 10 million shares of Berkshire Hathaway, he stipulated that the Gates foundation must annually give away at least the value of his previous years donations, plus 5% of its own assets. The Kansas native presides over Koch Industries, America's second largest private company. ". contentListProps ); Do the Forbes Philanthropy Scores Give Foundation Donors Too Much 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. showDescription: false, In May 2021, the Washington residents announced $38 million of new grants over five years to address the states mental health crisis. April 26, 2023. Besides wealth, we also ranked each member based on their generosity and the degree to which their fortunes are self-made or inherited. He made headlines last year after his civic engagement organization Luminate helped Facebook whistleblower Frances Haugen with press and government relations. https://t.co/U7GmoVYEPApic.twitter.com/U6zJ8rYzQu. Age 88. For the first time, Forbes 400 members are ranked not just on their total wealth and on how self-made they are, but also on their generosity. However, the spirit of the project harks back to an anecdote that Bill Gates shared at The Forbes 400 Summit on Philanthropy in 2014. var contentListProps = { Recipients included both disrupted schools and individuals in need of direct cash assistance. These top givers have continued to dole out big dollars. Some, like Stephen Schwarzman, earned a higher score thanks to giving in the past year. 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. 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. Even as billionairesadded an additional $240billion to their wealth over the past year, they'vebecome less generousoverall. About Don Vultaggio & family. Who are the stingiest billionaires of 2021? MacKenzie Scott's You may opt-out by, Jorg Carstensen/Getty Images, Michael Prince for Forbes, Kamil Zihnioglu/AP, 15 Under 40: The Youngest Billionaires On The 2021 Forbes 400, Meet The 44 Newcomers Joining The Forbes 400 List Of America's Richest People, The Richest Women In America: 2021 Forbes 400, The 2021 Forbes 400 List Of Richest Americans: Facts AndFigures, Donald Trump Falls Off The Forbes 400 For First Time In 25Years, 2021 Forbes 400 Methodology: How We Crunch The Numbers, The Forbes 400 Self-Made Score 2021: From Silver Spooners To Bootstrappers, Video: Why This Billionaire-Owned Thoroughbred Horse Farm Is Worth $400 Million. In September, Forbes released its new Forbes 400 philanthropy score, formed in partnership with Global Citizen, to assess how the 400 wealthiest billionaires in the US give directly to charities and nonprofits. 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. This has been a year of record-setting in billionaire philanthropy. Some billionaires were willing to share information on charitable giving for the 2019 list who didnt in 2018. 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. These tax advantaged accounts have neither disclosure nor distribution requirements; so while the list members may use their donations to get tax deductions, their dollars may not reach nonprofit beneficiaries for years. Not far behind (and maybe even ahead): MacKenzie Scott, whose shoestring operationshe has no foundation and gives her wealth away in stealthdonated $5.8 billion to 500 different groups across the country in 2020. bindComponentToDiv( 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. var pageHeadlineProps = { 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. v3Styles: true, Lauder's most high-profile gift came in 2013, when he donated his Cubist art collectionworth over $1 billionto the Metropolitan Museum of Art. From left to right: Noubar Afeyan, Laurene Powell Jobs, Jeff Bezos, Victor Boyko/Getty Image, Steve Jennings/Getty Images, Michael Prince for Forbes. Forbes Lists #1027. Others disagreed with our efforts and our methodology. Some of our lifetime giving estimates may be low due to a lack of transparency or anonymous gifts. Source of Wealth Investments, Self Made. We reached out to every list member for feedback. Self-Made Score 10. ); Philanthropy Score 1. Timothy Archibald/The Forbes Collection, Simon Dawson/Bloomberg, AP Photo/Elaine Thompson, Michael Prince for Forbes, Charles and Lynn Schusterman Family Foundation. Not every billionaire has been a pandemic penny pincher, though. }; In order to create your account we need you to provide your email address. 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. He intends to donate his entire fortune eventually, but has given less than 1% so far, earning him a score of 1. 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 ). These 25 philanthropists are a collective $150 billion richer than they were a year ago, up 18% each on average. 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. Reporting by Kerry A. Dolan, Matt Durot, Christopher Helman, John Hyatt, Chase Peterson-Withorn, Rachel Sandler, Michela Tindera and Giacomo Tognini. thumbnailLinkTabIndex: "-1" contentList: JSON.parse('[{\u0022id\u0022:20357,\u0022thumbnails\u0022:{\u0022medium\u0022:{\u0022landscape\u0022:\u0022https://media.globalcitizen.org/thumbnails/24/c8/24c87059\u002Dc4e9\u002D4947\u002D9d09\u002D68be87c97285/warren\u002Dbuffett\u002Dforbest\u002D400\u002Dglobal\u002Dcitizen\u002Dsocial\u002Dshare.jpg__800x600_q85_crop_subsampling\u002D2.jpg\u0022,\u0022portrait\u0022:\u0022https://media.globalcitizen.org/thumbnails/24/c8/24c87059\u002Dc4e9\u002D4947\u002D9d09\u002D68be87c97285/warren\u002Dbuffett\u002Dforbest\u002D400\u002Dglobal\u002Dcitizen\u002Dsocial\u002Dshare.jpg__600x800_q85_crop_subsampling\u002D2.jpg\u0022,\u0022landscape_16_9\u0022:\u0022https://media.globalcitizen.org/thumbnails/24/c8/24c87059\u002Dc4e9\u002D4947\u002D9d09\u002D68be87c97285/warren\u002Dbuffett\u002Dforbest\u002D400\u002Dglobal\u002Dcitizen\u002Dsocial\u002Dshare.jpg__800x450_q85_crop_subsampling\u002D2.jpg\u0022},\u0022large\u0022:{\u0022landscape_16_9\u0022:\u0022https://media.globalcitizen.org/thumbnails/24/c8/24c87059\u002Dc4e9\u002D4947\u002D9d09\u002D68be87c97285/warren\u002Dbuffett\u002Dforbest\u002D400\u002Dglobal\u002Dcitizen\u002Dsocial\u002Dshare.jpg__1600x900_q85_crop_subsampling\u002D2.jpg\u0022},\u0022credits\u0022:{\u0022caption\u0022:\u0022Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., May 7, 2018.\u0022,\u0022author\u0022:\u0022Nati Harnik/AP\u0022,\u0022description\u0022:\u0022Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., May 7, 2018.\u0022}},\u0022title\u0022:\u00226 Facts About Billionaires You Definitely Need to Know\u0022,\u0022url\u0022:\u0022https://www.globalcitizen.org/en/content/facts\u002Dabout\u002Dbillionaires/\u0022}]'), 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. Some provided specific details about additional donations and recipients. The couple has given away more than $1 billion to charitable causes. Another measure of conservative absence at philanthropy's "commanding She quickly clarified that she would share details about the gifts "in the year to come." (Buffett, who turned 91 in August, stepped down from its board in June.) In 2021, we started with a list of over 750 candidates and got to work. 15 Under 40: The Youngest Billionaires On The 2021 Forbes 400, Meet The 44 Newcomers Joining The Forbes 400 List Of America's Richest People, The Richest Women In America: 2021 Forbes 400, The 2021 Forbes 400 List Of Richest Americans: Facts AndFigures, Donald Trump Falls Off The Forbes 400 For First Time In 25Years, The Forbes 400 Self-Made Score 2021: From Silver Spooners To Bootstrappers, Video: Why This Billionaire-Owned Thoroughbred Horse Farm Is Worth $400 Million, 15 Under 40: The Youngest Billionaires On The 2021 Forbes400, Meet The 44 Newcomers Joining The Forbes 400 List Of Americas RichestPeople, Forbes 400 2021: The Top 20 Richest People InAmerica, Oprah, Trump And 49 Other Billionaires Who Dropped Out Of The Forbes 400Ranks, These Are The Biggest Gainers On The Forbes 400 2021 List Of Richest Americans, The American Billionaires Too Poor To Make The 2021 Forbes 400List.
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