v3Styles: true, GRADING THE GIVING This year's Forbes 400. 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. 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. Illustration by Wesley Bedrosian for Forbes, 2022 Forbes 400 Methodology: How We Crunch The Numbers, 10 Under 40: The Youngest Billionaires On The 2022 Forbes 400, The 2022 Forbes 400: The 20 Richest People In America, The 2022 Forbes 400 List Of Richest Americans: Facts And Figures, Trump Rejoins The Forbes 400 A Year After Falling Off The List, The 2022 Forbes 400 Self-Made Score: From Silver Spooners To Bootstrappers, Americas Richest Sports Team Owners 2022, Yahoos Jerry Yang, Rivians RJ Scaringe, The Winklevoss Twins: Heres Who Fell Off The 2022 Forbes 400 List Of Richest Americans, From The New York Jets Owner To An Elon Musk Fanboy, Meet The 20 Newcomers To The 2022 Forbes 400, Americas Richest Tech Billionaires Have Lost $315 Billion In The Past Year, Mark Zuckerberg Is No Longer One Of The 10 Richest Americans, Crypto Winter Knocks 3 People Off Forbes 400 List Of Richest Americans, Oprah, Kanye, Charlie Munger: The American Billionaires Too Poor To Make The 2022 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. The former billionaire has given away virtually all of his fortune as part of a lofty goal to die broke. To come up with the information on which we based our score, Forbes reporters looked at tax filings for charitable foundations, annual statements, SEC filings and news about new gifts. 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. 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. var contentListProps = { In percentage terms, George Soros has donated more than any other Forbes 400 member. Robertson has established a handful of other charitable foundations, including the Tiger Foundation, the Aotearoa and the Blanche and Julian Robertson Family Foundation. Source of Wealth Hair products, tequila, Self Made. Others declined to comment. Other big donations: a $500 million pledge to a small liberal arts college by George Soros, a $3.4 billion initiative over ten years from Mark Zuckerberg to measure and analyze biological processes in the human body and a $5 billion, ten-year pledge toward biodiversity conservation by a handful of groups, include three top givers: Bezos, Michael Bloomberg and Gordon and Betty Moore. We also interviewed their employees, handlers, rivals, peers and attorneys. George Bishop - Forbes Others declined to comment. We did not make a qualitative evaluation of the 400 members charitable gifts. Each score corresponds with a range of giving as a percentage of a persons net worth. Others have a long way to go, as some have admitted. "related-stories-plugin-headline--491609", thumbnailLinkTabIndex: "-1" 6 Facts About Billionaires You Definitely Need to Know - Global Citizen Please contact us at contact@globalcitizen.org if you would like to re-activate your account. The Forbes Philanthropy Score 2021: How We Ranked Each Forbes 400 This years scoring was produced with research assistance from advocacy group Global Citizen and its Give While You Live initiative. 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. Billionaires in Global Philanthropy: a Decade of the Giving Pledge These 25 philanthropists are a collective $150 billion richer than they were a year ago, up 18% each on average. 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. Besides wealth, we also ranked each member based on their generosity and the degree to which their fortunes are self-made or inherited. 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 magazine changed the methodology by which it calculates giving for the philanthropy score this year. }); 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. 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. Bill Gates received a score of 4 in the index, meaning he gave between 10% and 19.99% of his wealth to charity. Net worths are as of January 18, 2022. We reached out to every list member for feedback. His Open Society Foundations support causes including economic equity, antidiscrimination, human rights, justice reform and journalism. 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. The total number of men participating is 210, compared to 141 women. 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. Residence Gladwyne, Pennsylvania. 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. Hundreds of billions of dollars sit in Forbes 400 members private charitable foundations. 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. Others declined to comment. 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. Billionaires (2023) #73. The score ranged from 1 to 5, with 5 being the most philanthropic.. 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. var pageHeadlineProps = { className: "pt-0 pb-3 my-0" 2021 Forbes 400 Methodology: How We Crunch The Numbers . The scores are lower than ever. ), 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. 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. 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. unorderedWithImage: true, According to the latest tax filings, Geffen gave $38 million to his foundation in 2017, which brought his lifetime giving to about $1 billion. Arthur Dantchik - Forbes Self-Made Score 10. $(function() { List members about whom we could find no charitable giving information received an N.A. 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. But only twoChuck Feeney and Soros (who has not signed The Giving Pledge)have hit the mark so far. An attorney for Sanford has said that authorities "did not find information or evidence that supported or resulted in any criminal charges, though earlier this month ProPublica reported that the investigation remains ongoing. 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. 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. Jeff Bezos and Elon Musk are among the 156 billionaires on the Forbes Age 63. To see daily updated net worths of all Forbes billionaires, please visit the Real-Time . $(function() { }); The Give While You Live campaign was launched earlier this year as the global humanitarian community set its sights on the UNs Global Goals target of ending poverty by 2030. 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. Some of our lifetime giving estimates may be low due to a lack of transparency or anonymous gifts. In current iterations, Forbes includes the person's net worth, a philanthropy. 2:. ContentList, We didnt count pledges or announced gifts, or money given to donor-advised funds, that have yet to be paid out. The Forbes 400 is a list of American citizens; most live and have businesses in the U.S., but some reside outside the country. v3Classes: "bst-container-fluid", After all, Forbes can only measure what it can see. "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. 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. 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 biggest giver of the bunch, in terms of dollars donated, is Berkshire Hathaways Warren Buffet. 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. Leading the pack: Warren Buffett, whose annual summer gift of Berkshire Hathaway stock topped $4.1 billion this year. They insist they will try to keep it business as usual at their Bill & Melinda Gates Foundation, though French Gates will resign in two years if they decide they cant work together. Altogether she's disclosed a collective $12.7 billion in donations to more than 1,200 organizations since the middle of 2020. contentList: JSON.parse('[{\u0022id\u0022:20266,\u0022thumbnails\u0022:{\u0022medium\u0022:{\u0022landscape\u0022:\u0022https://media.globalcitizen.org/thumbnails/94/05/94058280\u002D7a31\u002D4462\u002D95f9\u002Ddb462781ad95/priyanka\u002Dchopra\u002Djonas\u002Ddavos\u002Dglobalcitizen\u002D2020\u002Dsocial\u002Dshare2.jpg__800x600_q85_crop_subsampling\u002D2.jpg\u0022,\u0022portrait\u0022:\u0022https://media.globalcitizen.org/thumbnails/94/05/94058280\u002D7a31\u002D4462\u002D95f9\u002Ddb462781ad95/priyanka\u002Dchopra\u002Djonas\u002Ddavos\u002Dglobalcitizen\u002D2020\u002Dsocial\u002Dshare2.jpg__600x800_q85_crop_subsampling\u002D2.jpg\u0022,\u0022landscape_16_9\u0022:\u0022https://media.globalcitizen.org/thumbnails/94/05/94058280\u002D7a31\u002D4462\u002D95f9\u002Ddb462781ad95/priyanka\u002Dchopra\u002Djonas\u002Ddavos\u002Dglobalcitizen\u002D2020\u002Dsocial\u002Dshare2.jpg__800x450_q85_crop_subsampling\u002D2.jpg\u0022},\u0022large\u0022:{\u0022landscape_16_9\u0022:\u0022https://media.globalcitizen.org/thumbnails/94/05/94058280\u002D7a31\u002D4462\u002D95f9\u002Ddb462781ad95/priyanka\u002Dchopra\u002Djonas\u002Ddavos\u002Dglobalcitizen\u002D2020\u002Dsocial\u002Dshare2.jpg__1600x900_q85_crop_subsampling\u002D2.jpg\u0022},\u0022credits\u0022:{\u0022caption\u0022:\u0022Actor, producer, and activist Priyanka Chopra\u002DJonas joined Global Citizen and CEO advisory firm Teneo at the World Economic Forum in Davos, Switzerland, on Tuesday.\u0022,\u0022author\u0022:\u0022John Werner Photography\u0022,\u0022description\u0022:\u0022Actor, producer, and activist Priyanka Chopra\u002DJonas joined Global Citizen and CEO advisory firm Teneo at the World Economic Forum in Davos, Switzerland, on Tuesday.\u0022}},\u0022title\u0022:\u0022Priyanka Chopra Jonas Urges Worlds Billionaires to Give While You Live\u0022,\u0022url\u0022:\u0022https://www.globalcitizen.org/en/content/priyanka\u002Dchopra\u002Djonas\u002Dbillionaires\u002Dextreme\u002Dpoverty/\u0022}]'), She quickly clarified that she would share details about the gifts "in the year to come." These top givers have continued to dole out big dollars. ); 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. Each score corresponds to a range of giving as a percentage of a persons net worth. Forbes dug into their known charitable giving and assigned a philanthropy score, ranging from 1 to 5, to each member of The Forbes 400. 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. 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. Philanthropy score: First, we estimated each. As a result, four dozen people got higher scores this year than a year ago. US President Donald Trump also received a 1, along with the media mogul Rupert Murdoch. 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. If we couldnt find any information about a persons giving and they declined to provide details, they received a score of N/A. Of. Many have foundations with publicly available tax filings that provide details on yearly grants. I'm a deputy wealth editor covering billionaires and their businesses. Residence Austin, Texas . 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. Forbes only took distributions from donor-advised funds into account when list members shared details about the grants that were actually paid. 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 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. Forbes will annually track and update the scores as these billionaires make good on their promises. 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. 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. Recipients included both disrupted schools and individuals in need of direct cash assistance. Kaiser is the second-richest personand one of the biggest philanthropistsin his home state of Oklahoma, where he owns a stake in the Oklahoma City Thunder NBA team. Billionaires like DreamWorks Pictures founder David Geffen and WhatsApp cofounder Brian Acton moved up to the top score after each scored a 4 last year. Following the George Floyd protests in 2020, Bloomberg Philanthropies announced a $100 million gift to support four historically Black medical schools. 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. Hughes, who scored a 2 last year, jumped up to a 4. 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. 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. Arnold and wife Laura emphasize that their $200 million-plus in evidence-based annual giving is all about maximizing opportunity and minimizing injustice. Among 540 active grantees, the Arnolds have earmarked nearly $30 million to the Center for Effective Public Policy to study pretrial reforms, $30 million to America Achieves to support a national tutoring program and more than $100 million to The City Fund to improve public education in the U.S. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. showDescription: false, The most prolific giver in the Forbes ranking was George Soros, whose $16.8 billion of giving has outsized his $8.6 billion net worth. Arizona Beverages cofounder Don Vultaggio has built his fortune one 99-cent tallboy can of iced tea at a time. Former president Donald Trump was not ranked, since he fell . 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. v3Styles: true, Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the countrys richest people. Forbes 400 (2022) . 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. In 2010, the legendary investor cofounded The Giving Pledge alongside Bill and Melinda. Another Measure of Conservative Absence at Philanthropy's "Commanding 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. As humanitarian funding gets diverted to COVID-19, areas such as education, food production, womens rights, and more are receiving less financing. These are the 25 local names on Forbes' billionaires list Some Forbes 400 members said they have chosen to donate anonymously, citing religious or privacy concerns. (To calculate giving as a percent of net worth, we added the value of the gift to the September 2018 net worth and then divided lifetime giving into that amount.). Others scored higher because we were able to find more information about their lifetime giving, through new public documents or details provided to us by Forbes 400 members or their spokespeople. Forbes estimates that a whopping $40 billion of the nonagenarians fortune, which now stands at $73.5 billion, has been distributed to nonprofits, primarily through the foundation of his longtime friends Bill and Melinda Gates. Who got this score: Amazon founder Jeff Bezos, Tesla CEO Elon Musk and154others. When possible, we met with Forbes 400 members in person or spoke with them virtually or by phone. Forbes' "philanthropy scores," which assign each billionaire a rating of 1 to 5 (or N/A) for how much of their fortunes they've moved out the door, tell that story plainly.
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