Billionaire Philanthropy: The Value of a Dollar
By Enrico Pelganta, 9/12/2020
607: That’s the number of billionaires in the United States, the highest number of any single country in the world and the 10th highest number of billionaires per capita. There are currently 607 billionaires in America, the highest in number in the world and with the country being 10th highest per capita. This figure has nearly doubled since 2005 and is 15 times what it was at the beginning of the 21st century.
This list of the super-rich is dominated by multiple tech giants, including Jeff Bezos, Bill Gates, Mark Zuckenberg and Elon Musk, who occupy the first, second, third and fourth place, respectively on the Bloomberg Billionaire Index. Investors like Warren Buffet and captains of industry Charles Kock and Jacqueline Mars are also on the list.
However, not all American billionaires created their wealth from their own efforts and entrepreneurial spirit. Around 20% of those on the Forbes 400, a list of the wealthiest American billionaires, have inherited their wealth. This category includes Jim and Alice Walton, who inherited their wealth from their father, the founder of Walmart, Sam Walton.
With a combined wealth of over 3.5 trillion, many individuals often wonder what the richest 0.0001 percent of Americans do with their immense fortunes. Many consider charity to be a likely outlet for some of that wealth, and they would be right. Among the 50 biggest philanthropists in the United States, 39 of them are on the Forbes 400 list, donating a combined figure of more than $14.1 billion in 2018, up from $12.6 billion in 2017.
Berkshire Hathaway Chairman Warren Buffet is the most munific American billionaire, donating more than $3.4 billion in stocks in 2018 to several foundations that work to fight poverty and promote women’s rights and education.
Bill and Melinda Gates are also major philanthropists, the second biggest in the US, donating more than $2.6 billions in a one year period and over $50.1 billion in total since 1994, with most of the donations being directed to the Bill & Melinda Gates Foundation, which in recent years has focused on the matters of global health, international development and U.S. Education.
Former New York City Mayor Michael Bloomberg comes in third on the list of biggest donors, giving over $769 million, mostly directed towards his Bloomberg Foundation, which has donated to charities across 510 cities and 129 countries focusing on the arts, education and public health.
Other notable philanthropists include the Walton Family ($596 million), George Soros ($585 million), Mark Zuchenberg and Priscilla Chan ($410 million), and John and Laura Arnold ($283 million).
A significant number of American billionaires have also taken part in The Giving Pledge, a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to giving back, an idea first envisioned by Warren Buffett and Bill Gates in 2009 and now counts among its participants tech billionaires Mackenzie Bezos, Elon Musk, and Mark Zuckenberg.
Despite this, others among the super-rich have been often criticised for engaging in their own philanthropic efforts, including Jeff Bezos, the world’s richest man with a fortune of over $200 billion, who has refused to sign The Giving Pledge, and only donated $121 million to charity in 2018, far less than many of his less-affluent peers. Other billionaires known for not being philanthropists include Texas banker Andy Beal, US President Donald J. Trump, and Take Stan Kroenke.
Despite the number of billionaires that have made philanthropic donations over the years, it is unclear whether this is enough to compensate for their incredible wealth and gains made in the last decade, as the proportion of income in the hands of the richest 0.01% of Americans reached up to 5.1% in 2015.
This list of the super-rich is dominated by multiple tech giants, including Jeff Bezos, Bill Gates, Mark Zuckenberg and Elon Musk, who occupy the first, second, third and fourth place, respectively on the Bloomberg Billionaire Index. Investors like Warren Buffet and captains of industry Charles Kock and Jacqueline Mars are also on the list.
However, not all American billionaires created their wealth from their own efforts and entrepreneurial spirit. Around 20% of those on the Forbes 400, a list of the wealthiest American billionaires, have inherited their wealth. This category includes Jim and Alice Walton, who inherited their wealth from their father, the founder of Walmart, Sam Walton.
With a combined wealth of over 3.5 trillion, many individuals often wonder what the richest 0.0001 percent of Americans do with their immense fortunes. Many consider charity to be a likely outlet for some of that wealth, and they would be right. Among the 50 biggest philanthropists in the United States, 39 of them are on the Forbes 400 list, donating a combined figure of more than $14.1 billion in 2018, up from $12.6 billion in 2017.
Berkshire Hathaway Chairman Warren Buffet is the most munific American billionaire, donating more than $3.4 billion in stocks in 2018 to several foundations that work to fight poverty and promote women’s rights and education.
Bill and Melinda Gates are also major philanthropists, the second biggest in the US, donating more than $2.6 billions in a one year period and over $50.1 billion in total since 1994, with most of the donations being directed to the Bill & Melinda Gates Foundation, which in recent years has focused on the matters of global health, international development and U.S. Education.
Former New York City Mayor Michael Bloomberg comes in third on the list of biggest donors, giving over $769 million, mostly directed towards his Bloomberg Foundation, which has donated to charities across 510 cities and 129 countries focusing on the arts, education and public health.
Other notable philanthropists include the Walton Family ($596 million), George Soros ($585 million), Mark Zuchenberg and Priscilla Chan ($410 million), and John and Laura Arnold ($283 million).
A significant number of American billionaires have also taken part in The Giving Pledge, a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to giving back, an idea first envisioned by Warren Buffett and Bill Gates in 2009 and now counts among its participants tech billionaires Mackenzie Bezos, Elon Musk, and Mark Zuckenberg.
Despite this, others among the super-rich have been often criticised for engaging in their own philanthropic efforts, including Jeff Bezos, the world’s richest man with a fortune of over $200 billion, who has refused to sign The Giving Pledge, and only donated $121 million to charity in 2018, far less than many of his less-affluent peers. Other billionaires known for not being philanthropists include Texas banker Andy Beal, US President Donald J. Trump, and Take Stan Kroenke.
Despite the number of billionaires that have made philanthropic donations over the years, it is unclear whether this is enough to compensate for their incredible wealth and gains made in the last decade, as the proportion of income in the hands of the richest 0.01% of Americans reached up to 5.1% in 2015.
