Michael Bloomberg topped the list of the United States’ biggest charitable donors, for the second year in a row, the Chronicle of Philanthropy announced Tuesday.
The billionaire’s Bloomberg Philanthropies awarded significant grants to four historically Black medical schools: Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, and Charles R. Drew University of Medicine & Science.
Bloomberg also gave $1 billion to his alma mater Johns Hopkins University. The grant money will make Johns Hopkins Medical School tuition free for students from families earning under $300,000 and will also increase financial aid for students pursuing degrees in nursing and public health.
While Bloomberg continues to give away much of his vast fortune, many of the most prominent billionaires in the U.S. failed to do the same. Just 19 of the richest Americans on the Forbes 400 made the Chronicle of Philanthropy’s list of the country’s 50 biggest donors. Bill Gates came in 18th place, while his ex-wife Melinda came in seventh place. Elon Musk, Jeff Bezos, Larry Ellison, and Larry Page all failed to make the rankings, despite being among the 10 wealthiest people in the country.
Some experts are concerned that the U.S. is in the midst of a crisis of generosity. In 2023, there was a 2.1% decline in charitable giving, according to the philanthropy research foundation Giving USA.
Even more dramatically, Vox reported that 20 million fewer households donated to charity in 2016 compared to 2000. Experts cite several reasons for this decrease, including declining participation in organized religion, increased anger over failures to address inequality, and a lack of disposable income among Gen Z and Millennials.
One demographic that continues to give to nonprofits, however, is the ultra-wealthy. This is particularly the case because wealthy individuals receive disproportionate benefits from the charitable tax deduction system. Experts caution, however, that relying on donations from the one percent isn’t the most sustainable of money-raising strategies.
“This is a challenging time for many nonprofit organizations. They are confronting a diminishing share of Americans who donate, the effects of inflation, and, most recently, potentially significant cutbacks in government support,” said Maria Di Mento, who directs the Philanthropy 50, in a statement.
“The Philanthropy 50 demonstrates that even America’s wealthiest donors, who generously back a range of different causes and organizations, will never be able to give enough money to replace the vital role of government funding or meet the needs of the nonprofit sector.”
Continue reading to learn more about the 10 most charitable individuals and couples in America.
