Altogether she's disclosed a collective $12.7 billion in donations to more than 1,200 organizations since the middle of 2020. 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. To get to that recognition, a person had to give away at least $1 billion and/or 20% of their total net worth. Nike cofounder Phil Knight and former Microsoft chief executive Steve Ballmer each received a score of 4. Click here to see how you can invest like the billionaires on the Forbes 400. 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}]'), 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. The Forbes 400 is a list of American citizens; most live and have businesses in the U.S., but some reside outside the country. Who got this score: Amazon founder Jeff Bezos, Tesla CEO Elon Musk and154others. 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. In July 2021, Knight and his wife Penny announced a second $500 million pledge to expand the University of Oregons scientific research campus bearing their names. 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. These top givers have continued to dole out big dollars. 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. However, the spirit of the project harks back to an anecdote that Bill Gates shared at The Forbes 400 Summit on Philanthropy in 2014. 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. Some billionaires were willing to share information on charitable giving for the 2019 list who didnt in 2018. }; 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. 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. bindComponentToDiv( According to the latest tax filings, Geffen gave $38 million to his foundation in 2017, which brought his lifetime giving to about $1 billion. Bill Gates received a score of 4 in the index, meaning he gave between 10% and 19.99% of his wealth to charity. 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. In November 2021, the Austin-based foundation announced a $38 million pledge to address homelessness in Austin. 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. Ira Rennert - Forbes 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). Another measure of conservative absence at philanthropy's "commanding 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. 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. Eric Smidt - Forbes So we have ranked each list member on a scale of 1 to 10 to indicate how self-made their fortunes really are. contentListProps Last year, she continued giving her fortune away faster than any billionaire ever, announcing in June another $2.7 billion in gifts to 286 high-impact groups such as the Childrens Defense Fund and the National Council of Nonprofitspushing her estimated lifetime donations above $8.6 billion. The scores are lower than ever. It rates the billionaires on how good they are at giving back, from 1 (least charitable) to 5 (most charitable). 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. The score ranks list members on a scale of 1 to 5, with 5. But only twoChuck Feeney and Soros (who has not signed The Giving Pledge)have hit the mark so far. 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. He also scored the lowest for Philanthropy (1 out of 5). She quickly clarified that she would share details about the gifts "in the year to come." We did not count money put into donor-advised funds. 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. In 2021, Bezos announced $1 billion in donations, the most he's given away since Amazon went public in 1997. Source of Wealth Investments, Self Made. bindComponentToDiv( Some billionaires worked with Forbes; others refused to cooperate, citing privacy concerns and/or religious beliefs. This happens in reporting. At times, our reporting on philanthropic giving received a similar response. }; Their Ballmer Group has pledged $237.5 million over six years through 2025 as the lead investor in Blue Meridian Partners Place Matters fund, which accelerated its spending on pandemic relief last year, spreading more than $95 million across 20 cities. 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. 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}]'), 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. className: "pt-0 pb-3 my-0" If we couldnt find any information about a persons giving and they declined to provide details, they received a score of N/A. The 10 are former hedge fund manager John Arnold, home builder and insurance magnate Eli Broad, Berkshire Hathaway CEO Warren Buffett, cable television . thumbnailLinkTabIndex: "-1" Forty-one billionaires, including Netflix cofounder Reed Hastings and software billionaire Philip Terry Ragon, got higher scores this year than last year. 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. John Paul DeJoria - Forbes (Buffett, who turned 91 in August, stepped down from its board in June.) Longtime residents of Los Angeles, the couple supported the city's education, sciences and arts scene for decades. Arizona Beverages cofounder Don Vultaggio has built his fortune one 99-cent tallboy can of iced tea at a time. Of his $8 billion in donations, some $3.7 billion went to education, including $1 billion to his alma mater, Cornell. Members of this elite club have been scored on a scale of 1 to 5, with 5 being the most philanthropic. Who got this score: Warren Buffett, George Soros, Gordon Moore, Julian Robertson Jr., Amos Hostetter Jr., Lynn Schusterman, John Arnold and T.DennySanford. We weighted these two factors equally. showDescription: false, Enhanced Forbes 400 Philanthropy Score, Produced With Support From Much of Buffetts giving has gone to the Gates Foundation, which has an endowment of nearly $50 billion. The Forbes Philanthropy Score 2022: How Charitable Are The Richest This years scoring was produced with research assistance from advocacy group Global Citizen and its Give While You Live initiative. Steve Cannon, the vice chairman of AMB Sports + Entertainment, talks with Forbes senior writer Jabari Young. He made headlines last year after his civic engagement organization Luminate helped Facebook whistleblower Frances Haugen with press and government relations. He intends to donate his entire fortune eventually, but has given less than 1% so far, earning him a score of 1. "related-stories-plugin-headline--491610", 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. Billionaires Are Still Stingy, but There May Be Grounds for Hope But the generosity of these U.S. billionaires hasnt kept pace with the stock markets enormous gains. Brian Armstrong, 36, made his fortune as the co-founder of Coinbase, the largest cryptocurrency exchange in the U.S. The top twenty-one richest on the list (there is a tie at No. Forbes has been tracking the wealth of the richest Americans since 1982. In those instances, we listed both names. Even as billionairesadded an additional $240billion to their wealth over the past year, they'vebecome less generousoverall. Forbes only took distributions from donor-advised funds into account when list members shared details about the grants that were actually paid. That's also where he's focused his philanthropy, with more than $400 million in gifts to universities and schools in the Golden State, in addition to the more than 57,000 acres of land he's donated as open space and protected parklands. h5: "Related Stories", 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. 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. 2:. Residence Beverly Hills . His lawyers say the case is politically motivated. The former billionaire has given away virtually all of his fortune as part of a lofty goal to die broke. Seventeen of them have signed The Giving Pledge, promising to donate at least half their fortune to charity over their lifetimes or upon their deaths. In many cases, fortunes grew faster than lifetime philanthropic giving. 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. Mark Zuckerberg, co-founder and CEO of Facebook, along with Charles Koch, CEO of Koch Industries, received a score of 2. 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. We also interviewed their employees, handlers, rivals, peers and attorneys. 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. Eighteen other list members besides Gates, such as oil tycoon Trevor Rees-Jones and private equity billionaire David Rubenstein, scored a 4. Please contact us at contact@globalcitizen.org if you would like to re-activate your account. Recipients included both disrupted schools and individuals in need of direct cash assistance. The Hungarian native, now worth an estimated $8.6 billion, has distributed more than $15 billion to nonprofits through his Open Society Foundations, an international grantmaking network that supports advancing justice, education, public health and independent media. As a result, nontraditional actors have to increasingly fill the funding gaps to ensure the world achieves the Global Goals by 2030. 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. (not available). Robertson has established a handful of other charitable foundations, including the Tiger Foundation, the Aotearoa and the Blanche and Julian Robertson Family Foundation. Forbes Releases 40th Annual Forbes 400 Ranking of the Richest Americans We didnt count pledges or announced gifts, or money given to donor-advised funds, that have yet to be paid out. 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. Self-Made Score 10. Net worths are as of January 18, 2022. GRADING THE GIVING This year's Forbes 400. Each score corresponds to a range of giving as a percentage of a persons net worth. showDescription: false, Do the Forbes Philanthropy Scores Give Foundation Donors Too Much I'm a deputy wealth editor covering billionaires and their businesses. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. Richest Americans Not Maxing-Out Giving - The NonProfit Times In 2021, we started with a list of over 750 candidates and got to work. Since July 2020, she has given just under $8.6 billion to nearly 800 organizations. The. 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. 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. 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. 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. The billions keep piling up for many of Americas great philanthropists. }; "Lower Than Ever." Forbes' Latest Rankings Show the Extent of 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. When Scott publishes an update on Medium, the nonprofit world pays attention. 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. "related-stories-content-list--491610", The fund will combine elements of private investing and philanthropy with a focus on helping people thrive and communities prosper. George Bishop - Forbes To see the full list of Forbes 400 members and their philanthropy scores, please go to the Forbes 400 list. Besides wealth, we also ranked each member based on their generosity and the degree to which their fortunes are self-made or inherited. 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. 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. 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. A score of 10 is reserved for people who not only grew up poor but overcame significant obstacles in their climb to the top, such as George Soros, who survived the Nazi occupation of his native Hungary before immigrating to the U.S. People like Jeff Bezos and Elon Musk, who came from middle- or upper-middle class families, rank as 8s, while someone who inherited their entire fortune and has done nothing to manage or increase it ranks as a 1. US President Donald Trump also received a 1, along with the media mogul Rupert Murdoch.
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