Michael Bloomberg tops Chronicle of Philanthropy’s list of America’s biggest donors in 2023 | Trending Viral hub

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Michael Bloomberg, former New York City mayor, donated the most to charitable causes last year, followed by Nike co-founder Phil Knight and his wife, Penny, and Michael Dell and his wife, Susan, according to the list exclusive to the Chronicle of Philanthropy. of the 50 Americans who donated the largest amounts to nonprofits last year.

Bloomberg contributed $3 billion to support arts, education, the environment, public health and programs aimed at improving city governments around the world, while the Knights donated $1.24 billion, including support to the University of Oregon and an ambitious anti-poverty effort in Portland. , Oregon. The Dells contributed nearly $976 million to their charitable funds, which distribute donations to a wide range of charities.

For the first time, Bill Gates and Melinda French Gates appear separately on the list: she at number 9 and he at number 16. And all three co-founders of Home Depot are on the list: Bernie Marcus at number 10, Ken Langone at 12th place and Arthur Blank in 21st place.

Together, the 50 donors on the list contributed a total of $11.9 billion to charities in 2023. The average amount they donated was $100 million.

While those numbers are considerable, not all of the country’s richest people appear on the list. Only 23 of the richest Americans on the Forbes 400 gave enough to appear in the Philanthropy ranking.

“We still see most wealth holders on the sidelines,” says Renee Kaplan, CEO of Forward Global, which advises wealthy people on their giving. “More resources need to be unlocked.”

Among those who gave a lot, but are less known, are:

— Franklin Antonio, an early employee of chipmaker Qualcomm, is ranked No. 6. He bequeathed $400 million to the Summer Science Program and the SETI Institute, which seeks to detect evidence of life elsewhere in the universe.

— Ohio investor Hugh Hoffman, ranked 11th, left $231.7 million to the ALS Association, the University of Cincinnati Foundation and the Cincinnati Zoo. & Botanical Garden, Cincinnati Nature Center, Yale University and other groups.

—Tim Springer and Chafen Lu, Boston academics and researchers, were early investors in Moderna. At number 13 on the list, they contributed $210 million to the Institute for Protein Innovation, which shares their data with scientists for free.

— At No. 23, Jay Kahn of San Diego worked in the textile industry for many years and was an early investor in Price Club and Apple. He bequeathed $106 million to the San Diego Foundation.

While donor-created foundations and colleges and universities were the largest recipients of last year’s donations, many donors supported a wide range of causes including:

— Alzheimer’s and Parkinson’s disease research: The Lauder family, ranked 14th, contributed $200 million to the Alzheimer’s Drug Discovery Foundation. Among the beneficiaries of Google co-founder Sergey Brin’s $67.3 million, at No. 34, is the Michael J. Fox Foundation for Parkinson’s Research.

— Fighting anti-Semitism: Businessman and New England Patriots owner Robert Kraft, No. 24, pledged $100 million to expand the work of the Foundation to Combat Anti-Semitism.

— Helping women and girls: Recipients of Lucia Woods Lindley’s $63 million donations, the 35th, included the Ms. Foundation for Women and the Chicago Foundation for Women.

— Understanding artificial intelligence: At No. 36, David and Kathleen LaCross awarded $57 million to the University of Virginia Darden School of Business, which will support a broad artificial intelligence program. And at No. 8, eBay founder Pierre Omidyar and his wife, Pam, gave $264 million in donations, including a contribution to the AI ​​Collaborative, a nonprofit that distributes funds to ensure the AI promotes the public interest.

The next wave of megadonors, people in their 40s, 50s and 60s, have begun to emerge, signaling a changing of the guard in philanthropy. They are likely to dominate the next 20 to 30 years of big giving, and they are different from their predecessors.

They are less interested in making large donations to large institutions like universities and hospitals. Causes including the environment, social justice, and scientific research drive their giving: they want to create tangible change in the world.

The next generation actively participates in their donations. Some are deeply analytical, like John and Laura Arnold (No. 5). John, who ran his own hedge fund, and Laura, a lawyer, are looking at policy areas, such as criminal justice and health care, that have been largely ignored and where big strides can be made, even if it takes a decade or so. further.

“It became very clear to us that if we really wanted to address the injustice that manifests itself in the education system, we needed to really think about the systemic issues that led to that dysfunction outside of the education system,” says Laura Arnold.

Wendy Schmidt and her husband, former Google CEO Eric Schmidt, (No. 7) hope to turn around broken systems, especially when it comes to environmental issues like climate change.

The giving vehicles of many next-generation donors vary. They are not used to having a traditional base. Some use donor-advised funds or a limited liability company. They could use a 501(c)(4) to include political donations as part of a broader strategy. Or a combination of approaches.

“Most young people who are getting rich and are under 50 are not interested in big institutional philanthropy. They don’t even like the word philanthropist,” says Kaplan, the giving advisor. “They consider themselves agents of change, social entrepreneurs or community partners.”

Among the report’s other findings:

— When they start giving big: Four of Philanthropy 50 donors are under 40 years old. The youngest donor is Jeff Sobrato, 34, a real estate investor.

— Where they live: Fifteen of the top donors live in California, seven in New York, five in Florida, four in Texas and three in Virginia and three in Washington. Thirty-four states and the District of Columbia have no donors listed.

— Where they donate: Twenty recipients of donations from the largest donors are based in California, 12 in New York, 11 in Hawaii, seven in Ohio, five in Virginia and four in Massachusetts.

— How they got rich: Donors with ties to the financial industry were most frequently on the list (ten donors with $2.2 billion in contributions); followed by those who made fortunes in technology (nine donors with $2.6 billion in donations) and real estate (six donors with $397 million in contributions).

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Maria Di Mento is a senior reporter and Jim Rendon is a senior writer at the Chronicle of Philanthropy, where you can read the full article. Chronicle of Philanthropy staff writer Kay Dervishi contributed to this report. This article was provided to The Associated Press by the Chronicle of Philanthropy as part of a partnership to cover philanthropy and nonprofits supported by the Lilly Endowment. La Crónica is solely responsible for the content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

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