For the second consecutive year, former New York City Mayor Michael Bloomberg topped the Philanthropy 50 list, a ranking of Americans who made the largest charitable donations last year. In 2024, Bloomberg donated an impressive $3.7 billion to various causes, including arts, education, environmental initiatives, public health, and urban government improvement programs. His contributions come both directly and through Bloomberg Philanthropies, which notably granted $1 billion to Johns Hopkins University to make medical school tuition-free and to provide financial aid for nursing and public health students.
Bloomberg expressed his belief in immediate philanthropy, stating, “I’ve never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?” He emphasized his commitment to creating opportunities for others and leaving a meaningful legacy for future generations.
In 2024, Bloomberg was among six donors who contributed $1 billion or more. Following him were Netflix co-founder Reed Hastings and his wife Patty Quillin, Dell Technologies founder Michael Dell and his wife Susan Dell, investor Warren Buffett, Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan, and retired professor Ruth Gottesman.
Most donations from these philanthropists were directed to foundations and donor-advised funds focusing on education, economic mobility, social justice, and scientific research. Gottesman, similar to Bloomberg, also contributed to making medical education more accessible, with a $1 billion donation to the Albert Einstein College of Medicine.
Collectively, the Philanthropy 50 donors collectively contributed $16.2 billion to charitable causes in 2024, with the median donation amounting to $100 million.
However, this substantial giving does not encompass all of America’s wealthiest individuals; only 19 from the Forbes 400 list met the criteria for the Philanthropy rankings.
Notable lesser-known figures making significant contributions include:
– Thomas Golisano, founder of Paychex, ranked No. 8, who donated $500 million, with nearly $400 million directed toward 123 nonprofits in New York and Florida supporting individuals with developmental, intellectual, and physical disabilities.
– Retired insurance executive Hyatt Brown and his wife Cici (No. 20) who gifted the Museum of Arts & Sciences in Daytona Beach, Florida, $150 million for expansion and development into a children’s museum.
– Venture capital investor Michele Kang (No. 28), who donated $84 million, including $4 million to assist the USA Women’s Rugby Sevens team in Olympic preparations.
Philanthropy continues to be a topic of debate, with some donors, including hedge-fund billionaire Bill Ackman, publicly contesting the institutions they support. Critiques have emerged regarding universities’ responses to current events, particularly the October 7 attacks in Israel and associated campus protests, prompting demands for change and halting support.
In contrast, some philanthropists perceive these debates as distractions from impactful work. K. Lisa Yang, offering $74.5 million this year, primarily to MIT and Cornell University, advocates for individuals with disabilities and emphasizes the urgency of addressing their needs without political interference.
However, the climate of philanthropy has left some donors hesitant to engage in controversial issues, prompting a trend toward anonymous giving. Others are collaborating within donor circles to enhance their collective influence while shielding individual contributors from potential backlash.
This year’s Philanthropy 50 list marks its 25th anniversary, with Warren Buffett being the top donor throughout this period, having contributed a staggering $49.4 billion. Microsoft co-founder Bill Gates and Melinda French Gates follow, contributing $34 billion collectively. Bloomberg, Jeff Bezos, and Elon Musk complete the top five.
Together, these four individuals account for approximately one-third of the $314.5 billion donated by Philanthropy 50 donors since 2000, with Buffett’s 2006 commitment to the Gates Foundation standing as the largest single donation, valued at $36.1 billion at the time.
