Donations and charity endeavors play a significant role in the lives of the wealthiest citizens of the United States. Actually, very few people lack their base. a nonprofit enterprise that certain people have elevated to the pinnacle.
Making money is fine, but only if it is then distributed. In the US, generosity is ingrained in the culture. a reaction to presumed and unchecked capitalism and a responsibility in a decent society. Because of this, the wealthiest 1% of the population generate 50% of the nation’s donations, or around $500 billion annually (compared to 22% in France). well reported humanitarian events, including New York’s Met Gala. Every year, pictures of these wealthy benefactors strutting the red carpet in even more extravagant costumes spread around the globe, even though their primary goal is to raise money for the city’s Costume Institute.
Forbes, which has been including a “philanthropy score” in its list of the 400 American billionaires for a number of years, is not immune to the issue. They donated $250 billion in total in 2023, based on a count by an American magazine. That represents less than 6% of their overall wealth, with significant differences according on the individuals ranked.
A platform in front of the donation area
No one personifies this charitable industry more than Microsoft CEO Bill Gates and billionaire Warren Buffett (Berkshire Hathaway). The former has already donated $56.7 billion, or 30% of his estimated $131 billion lifetime income, throughout his lifetime (the count ended at the end of 2023). The man who made his money through stock market investments has long stated he wants to donate more than 99% of his wealth, so it’s likely he won’t stop there either. In the year 2021, he wrote: “Leave your children enough so that they can do everything, but not enough so that they can do nothing.” Additionally, Bill and Melinda Gates have already donated $46.6 billion, or 24% of their lifetime fortune (about $136 billion at this time), through their foundation, the most well-endowed in the world.
This outcome is not shocking considering that the two men started the Giving Pledge campaign in 2010 and asked the wealthy to publicly pledge to donate at least 50% of their wealth either while they were still alive or after they passed away.
With 21 billion in total donations, financier George Soros (Quantum Fund) rounds out the podium. This amount represents 65% of his lifetime income, which is now estimated to be 6.7 billion. Among the Top 10, he has the best ratio of donations to riches. When combined, the three biggest American philanthropists have donated around 5% of the Forbes 400 fortunes’ total donations in 2023.
philanthropists who are not on target
Notable billionaires who have made the Giving Pledge include Jeff Bezos and Mark Zuckerberg (Meta), the creator of Facebook, who make up the remainder of the ranking. Nonetheless, the leader of the ranking is far ahead of the founder of Amazon. Over the course of his lifetime, he has donated 3.3 billion dollars, or 2% of his current estimated 196 billion dollar fortune. Additionally, the novelist MacKenzie Scott, his ex-wife, who has already contributed $16.6 billion to the fight against racial, gender, and economic inequality, effectively deposes him. That represents 32 percent of her lifetime wealth, which is estimated to be 35.3 billion dollars, which she earned following her divorce from the founder of the firm she co-founded, Amazon. Melinda Gates left the foundation with 12.5 billion dollars after her divorce from Bill Gates, of which she gave $1 billion to women’s rights right away.
And Elon Musk, who is reportedly worth $234 billion, is the richest person in the world? Despite not being in the Top 10, he did sign the Giving Pledge. not among the Top 25. His fortune page provides an explanation; with a “philanthropy score” of 1, it indicates that he has donated less than 1% of his lifetime’s worth of wealth. Still a far way from the 50% he promised.
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