As a result, four dozen people got higher scores this year than a year ago. "related-stories-content-list--491609", The Forbes Philanthropy Score 2022: How Charitable Are The Richest The people at the top of the scale, with a score of 5, are those who have given at least 20% of their current net worth to charity so far. 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" 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. (Not to be outdone, Ronald donated his collection of European arms and armour to the Met in 2020. The magazine changed the methodology by which it calculates giving for the philanthropy score this year. His Open Society Foundations support causes including economic equity, antidiscrimination, human rights, justice reform and journalism. Some, like Stephen Schwarzman, earned a higher score thanks to giving in the past year. These 25 philanthropists are a collective $150 billion richer than they were a year ago, up 18% each on average. When possible, we met with Forbes 400 members in person or spoke with them virtually or by phone. 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. We reached out to every list member for feedback. From left to right: Noubar Afeyan, Laurene Powell Jobs, Jeff Bezos, Victor Boyko/Getty Image, Steve Jennings/Getty Images, Michael Prince for Forbes. 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 cofounder and former longtime CEO of Intel and his wife launched their foundation in 2000, funding it with gifts of Intel stock. Besides wealth, we also ranked each member based on their generosity and the degree to which their fortunes are self-made or inherited. At the same time, the federal government has been unable to deliver another relief package to help Americans weather the crisis. v3Styles: true, The new Forbes index will help people understand the actual giving of billionaires, not just how much they pledge. Theres a lot of work to be done, 30-year-old crypto billionaire Sam Bankman-Fried told Forbes in 2021 regarding his own giving. 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. George Bishop founded oil and gas producer GeoSouthern Energy in 1981. 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. Timothy Archibald/The Forbes Collection, Simon Dawson/Bloomberg, AP Photo/Elaine Thompson, Michael Prince for Forbes, Charles and Lynn Schusterman Family Foundation. 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. Each score corresponds with a range of giving as a percentage of a persons net worth. In those instances, we listed both names. 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. MacKenzie Scott has made big-dollar donations to Planned Parenthood and the Boys & Girls Club of America for $275 million and $281 million, respectively. These 25 philanthropists are a collective $150 billion richer than they were a year ago, up 18% each on average. Each score corresponds to a range of giving as a percentage of a persons net worth. Many have foundations with publicly available tax filings that provide details on yearly grants. To that end, we also do not include gifts that have been pledged but not yet paid out, or money given to donor-advised fundsopaque, tax-advantaged accounts that have neither disclosure nor distribution requirementsunless the giver shared details about the grants that were actually paid by such entities. The former New York City mayor and Bloomberg LP cofounder has poured more than $12 billion into charitable causes, including $1.6 billion over the past year, according to his Bloomberg Philanthropies, focusing on climate change, gun safety and public health. We scored the billionaires based on what percentage of their wealth they have given away. To see the full list of Forbes 400 members and their philanthropy scores, please go to the Forbes 400 list. The former Microsoft CEO and his wife Connie reported giving more than $400 million to nonprofits in 2021, pushing their lifetime total above $2.1 billion. 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. Forty-one billionaires, including Netflix cofounder Reed Hastings and software billionaire Philip Terry Ragon, got higher scores this year than last year. 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. Gifts included $443 million to environmental organizations from the The Bezos Earth Fund, $100 million to former president Barack Obama's foundation and $96 million to nonprofits helping homeless families through the Bezos Day One Fund. bindComponentToDiv( Residence Beverly Hills . The effort includes the creation of an institute for advanced biomedical imaging and a hub at Harvard working on using AI and machine learning in biology and medicine. 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. 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. var contentListProps = { 1: Has given away less than 1% of wealth Who got this score: Tesla CEO Elon Musk, Google cofounder Larry Page and 142 others. showMobileImage: true, He got his start in the 1970s selling beer and soda . 2022 Forbes 400: How Charitable Are The Richest Americans? A pioneer in the hedge fund industry, he established the Robertson Foundation in 1996 to support environmental causes, medical research and education. Specifically, the commitment is to ensure that 30% of the planet is protected in the most important places for biodiversity by 2030. Nearly a third of the list including the worlds richest person, Jeff Bezos scored a 1, which means theyve donated less than 1% of their fortune. 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. Age 63. Jeff Bezos and Elon Musk are among the 156 billionaires on the Forbes 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. 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. Residence New York, New . 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. (Buffett was one of the eight people this year who got a Forbes philanthropy score of 5.). In 2021, we started with a list of over 750 candidates and got to work. Longtime residents of Los Angeles, the couple supported the city's education, sciences and arts scene for decades. Residence Austin, Texas . Brian Armstrong, 36, made his fortune as the co-founder of Coinbase, the largest cryptocurrency exchange in the U.S. Just before Bezos flew in his Blue Origin rocket in July 2021 the Smithsonians National Air and Space Museum announced a $200 million gift from Bezos; the gift will be distributed over four years, according to reporting by MarketWatch. Forbes has been tracking the wealth of the richest Americans since 1982. Following the George Floyd protests in 2020, Bloomberg Philanthropies announced a $100 million gift to support four historically Black medical schools. In 2017, Soros shifted $18 billion from his Soros Management Fund to his philanthropic network, Open Society Foundations. Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the countrys richest people. 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. var pageHeadlineProps = { At the time, meeting that goal would have required an additional $350 billion in annual funding with a sizable chunk coming from philanthropists. Philanthropy score: First, we estimated each. Our score is based on total lifetime giving and what percent of their fortune members had given away. Only eight on 2021 Forbes 400 list receive top philanthropy score New Forbes 400 Philanthropy Score Could Help Jump-Start Billionaires When measured as a percentage of net worth, the most generous giver is renowned hedge fund manager George Soros, who has donated 64% of his original fortune. showDescription: false, 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. HERE'S A GUIDE TO EACH SCORE. So far, Scott has distributed at least $8.6 billion in less than two years to 780-plus organizations, focusing on causes including racial justice, gender equality and public health. In May, private equity tycoon Robert F. Smith. List members about whom we could find no reliable charitable giving information received an N.A. Self-Made Score 10. ), 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. We scored each Forbes 400 member on a scale of 1 to 5, based on their giving as a percentage of net worth. In total, at least $171 billion from the coffers of Forbes 400 members a cohort with a collective $3.2 trillion net worth has ended up in the hands of charities and nonprofit institutions. They said they wanted no part of it, that theyd sue us. For more details on the philanthropy score, please visit www.forbes.com/philanthropy-score. Philanthropy Score 2. Steve Cannon, the vice chairman of AMB Sports + Entertainment, talks with Forbes senior writer Jabari Young. 20) account for 42 percent of the total wealth.". 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. ); Who are the stingiest billionaires of 2021? MacKenzie Scott's To get to that recognition, a person had to give away at least $1 billion and/or 20% of their total net worth. We reached out to every list member for feedback. Arkansas has five members on the new Forbes 400 list In November 2021, the Austin-based foundation announced a $38 million pledge to address homelessness in Austin. . In those cases youll see & family. We also included married couples who built fortunes and businesses together if their combined net worth was enough for each person to make the $2.9 billion cutoff. Net worths are as of January 18, 2022. 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. 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). This happens in reporting. At times, our reporting on philanthropic giving received a similar response. Some billionaires worked with Forbes; others refused to cooperate, citing privacy concerns and/or religious beliefs. Many have foundations with publicly available tax filings that provide details on yearly grants. "related-stories-content-list--491610", Forbes catalog of the wealthy started in 1982 with the Forbes 400, which lists the 400 richest Americans. Ten on 2020 Forbes 400 receive top philanthropy score, Enhanced Forbes 400 philanthropy score, produced with support from Global Citizen, measures billionaire money donated directly to charitable organizations, The new Forbes philanthropy score: How we ranked each Forbes 400 billionaire based on their giving, Buffett Tops Forbes Ranking of Biggest Givers in 2018, Buffett Tops Forbes 2019 Ranking of Biggest Lifetime Givers, Twenty-Seven on 2019 Forbes 400 List Receive Top Philanthropy Score, Forbes 400 List of Richest Americans Introduces Philanthropy Score, Bloomberg plans to donate his stake in Bloomberg L.P. to philanthropy, MacKenzie Scotts Yield Giving launches $250 million open call, People in the News (04/23/2023): appointments, promotions, obituaries, Value of volunteer time reached nearly $32 per hour in 2022, 2023 Goldman Environmental Prize winners announced, Marriott Foundation awards $2.3 million for mental health fellowships. 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 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. 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. 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. Source of Wealth Hair products, tequila, Self Made. Forbes Lists #208. 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. The son of a hardscrabble farmer, Stine became fascinated with seeds when he was a boy growing up in Iowa. 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. Phil Knight invests $400 million in Portland's Albina neighborhood The score ranged from 1 to 5, with 5 being the most philanthropic.. 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. Acton and his wife Tegan, on the other hand, have been expanding their philanthropic network, Wildcard Giving, which they founded in 2014 after Acton sold WhatsApp to Facebook. For a full explanation of each self-made score, please go to www.forbes.com/self-made-score. Self-made score: Some individuals have traveled further in their lifes journey to make it into the ranks of The Forbes 400. Edythe Broad and her late husband Elithe home building and insurance tycoon who passed away in April 2021endowed the Broad Institute, a biomedical research center partnered with MIT and Harvard, with a $600 million gift. About Don Vultaggio & family. In June, Blackstone cofounder Stephen Schwarzman donated $189 million to the University of Oxfordthe largest single gift to the school since the Renaissanceto fund its work on humanities. In June 2021, the Open Society Foundations, which operate in more than 120 countries, announced a reshuffling to meet the challenges of the momentnamely, the rise of authoritarianism around the globe. "Much of the wealth is highly concentrated. Source of Wealth Hardware stores, Self Made. Two people who scored a 5 last yearPaul Allen and David Kochpassed away. 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