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. 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. The. They said they wanted no part of it, that theyd sue us. If we couldnt find any information about a persons giving and they declined to provide details, they received a score of N/A. The couple has given away more than $1 billion to charitable causes. The changes reflect two things: The countrys richest have gotten somewhat more generous, and Forbes had more information to work with this year. 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. showMobileImage: true, The son of a hardscrabble farmer, Stine became fascinated with seeds when he was a boy growing up in Iowa. But because the IRS effectively requires them to pay out only a tiny fraction each year, just a sliver of that sum is deployed annually to causes and communities in need. 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. 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. Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the countrys richest people. 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. Arizona Beverages cofounder Don Vultaggio has built his fortune one 99-cent tallboy can of iced tea at a time. Net worths are as of January 18, 2022. Membership in the Giving Pledge includes 131 couples, 79 single males, and 10 single women. 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. Warren Buffett is the wealthiest person who maintained a philanthropy score of five from 2019 into 2020. 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. ), 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. 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. Self-Made Score 10. DATA ARE AS OF SEPTEMBER 2, 2022. Some billionaires worked with Forbes; others refused to cooperate, citing privacy concerns and/or religious beliefs. (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). We factored in debt and charitable giving. Elon Musk, in second place, saw his personal wealth almost triple in the last year. The Give While You Live campaign aims to shed light on the fact that while some of the worlds wealthiest are giving big and giving now, most arent. Brian Armstrong, 36, made his fortune as the co-founder of Coinbase, the largest cryptocurrency exchange in the U.S. Philanthropy score: First, we estimated each billionaires total lifetime giving, delving into public filings, tax forms, press reports and more. 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 billionaires were willing to share information on charitable giving for the 2019 list who didnt in 2018. We track those changes online in our Real-Time rankings at www.forbes.com/real-time-billionaires. 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. 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. List members for whom we could find no charitable giving information received an N.A. Heres the full list of Americas 25 most generous givers: Buffett is likely the biggest philanthropist of all time thanks to his quest to give away more than 99% of his fortune. 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. Get the latest nonprofit news, funding opportunities, job openings, and more delivered to your inbox with Philanthropy News Digest newsletters. 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. The move brought Soros lifetime giving to a total of $32 billion, or 79% of his wealth. (not available). In 2020, the couple donated $136 million, including to Covid-19 testing for college students and voter education and outreach. 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 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. It includes his Charles Koch Foundation, 501(c)(4) advocacy groups and public charities, which have limited donor disclosure requirements. 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. It rates the billionaires on how good they are at giving back, from 1 (least charitable) to 5 (most charitable). 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. Forbes has started including a "Philanthropy Score" in its annual listings. Private equity tycoon Robert F. Smiths pledge in May to wipe out the student debt of the entire 2019 graduating class of Morehouse Collegegenerated lots of headlines but did not end up changing his score because the gift wasnt big enough to move him up a notch. 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. Each score corresponds with a range of giving as a percentage of a persons net worth. Philanthropy Score 2. We took into account all types of assets: stakes in public and private companies, real estate, art, yachts, planes, ranches, vineyards, jewelry, car collections and more. 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. Forbes only took distributions from donor-advised funds into account when list members shared details about the grants that were actually paid. }; In 2017, Soros shifted $18 billion from his Soros Management Fund to his philanthropic network, Open Society Foundations. h5: "Related Stories", His lawyers say the case is politically motivated. 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. Others declined to comment. 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. 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. With no foundation to distribute the grants, no website and no mailing address, her no-strings-attached donations often leave recipients in disbelief. 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 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. To get to that recognition, a person had to give away at least $1 billion and/or 20% of their total net worth. As a result, nontraditional actors have to increasingly fill the funding gaps to ensure the world achieves the Global Goals by 2030. Of course, with markets riding high, its easier to dole out billions. Forbes will annually track and update the scores as these billionaires make good on their promises. pageHeadlineProps For a full explanation of each self-made score, please go to www.forbes.com/self-made-score. 8 Men Own as Much as the Poorest 3.6 Billion People on the Planet. MacKenzie Scott has made big-dollar donations to Planned Parenthood and the Boys & Girls Club of America for $275 million and $281 million, respectively. Philanthropy Score 2. The billions keep piling up for many of Americas great philanthropists. }; Credit: Wikipedia Commons. Residence Gladwyne, Pennsylvania. 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. 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. 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. 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. 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.. Philanthropy Score 2. Hundreds of billions of dollars sit in Forbes 400 members private charitable foundations. Our score is based on total lifetime giving and what percent of their fortune members had given away. 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. A spokesperson for Soros did not comment on either his net worth or his charitable donations. 2:. October 4, 2022 Active, outward, consistent conservatives getting top score in Forbes Philanthropy Score 2022: zero. We reached out to every list member for feedback. But it was only a matter of time: like many other philanthropic billionaires, Turner signed the Giving Pledge and will donate the majority of his wealth eventuallyhes just closer than most to reaching this goal. 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 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. HERE'S A GUIDE TO EACH SCORE. US President Donald Trump also received a 1, along with the media mogul Rupert Murdoch. 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. 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. 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? In many cases, fortunes grew faster than lifetime philanthropic giving. 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. "The remarkable growth in fortunes of the Forbes 400 stands out at a time of pandemic-induced economic upheaval," said Kerry A. Dolan, assistant managing editor for wealth atForbes. Who got this score: Warren Buffett, George Soros, Gordon Moore, Julian Robertson Jr., Amos Hostetter Jr., Lynn Schusterman, John Arnold and T.DennySanford. In August 2021, Caltech revealed that Bren had donated $100 million to the school in 2013 for its Space-based Solar Power Project, which is working to develop technology to generate solar power in space and beam it back to Earth. (Buffett, who turned 91 in August, stepped down from its board in June.) New Forbes 400 Philanthropy Score Could Help Jump-Start Billionaires' Charitable Giving. 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. This has been a year of record-setting in billionaire philanthropy. Billionaires are also less generous than ever in terms of share of wealth they've given away. 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. According to the latest tax filings, Geffen gave $38 million to his foundation in 2017, which brought his lifetime giving to about $1 billion. 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. 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. Forbes divides the grantmaking by the foundation since 2007 between the Gateses and major donor Warren Buffett. 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. 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. 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 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. On a global scale, the arrival of the pandemic has caused setbacks throughout the United Nations Global Goals. Forbes releases their list of the most wealthy and also ranks the most philanthropic. HERE'S A GUIDE TO EACH SCORE. 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. Though the number of the biggest giversthose who scored a 5stayed flat in 2019, those who received scores of 4 and 3 increased compared with a year ago. bindComponentToDiv( Forbes ' Philanthropy Scores rank every member of the Forbes 400 the 400 wealthiest people in the U.S. by their lifetime charitable giving as a proportion of their net worth, on a scale from 1 to 5. 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. 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. When possible, we interviewed Forbes 400 members and executives from their foundations. In those instances, we listed both names. Each person also gets a philanthropy score on a scale of one to five, measuring how much they give to charity. We didnt count pledges or announced gifts that have yet to be paid out, but we took commitment to philanthropyor lack thereofinto account. (not available). Longtime residents of Los Angeles, the couple supported the city's education, sciences and arts scene for decades. Some Forbes 400 members said they have chosen to donate anonymously, citing religious or privacy concerns. In current iterations, Forbes includes the person's net worth, a philanthropy. 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) wrote to us last year. Who got this score: Amazon founder Jeff Bezos, Tesla CEO Elon Musk and154others. contentListProps 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). Collectively, the magazine reports, the 400 are worth approximately $4 trilliondown $500 billion from last year. The wife and daughter of late oil billionaire Charles Schusterman (d. 2000) run the familys foundation, which awarded $310 million in grants in 2021. Billionaires (2023) #369. 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 In some instances, Forbes explains, billionaires have been bumped up or brought down based on other factors like personal involvement in their charitable giving. "Much of the wealth is highly concentrated. To see daily updated net worths of all Forbes billionaires, please visit the Real-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. 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. But a few other young billionaires are worth spotlighting. Forbes 400 (2022) Personal Stats. 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 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.