For the second consecutive year, former New York City mayor Michael Bloomberg emerged as the top donor to charitable causes, as highlighted in the Chronicle of Philanthropy’s exclusive Philanthropy 50 list. In 2024, Bloomberg contributed a remarkable $3.7 billion towards various sectors, including arts, education, environmental initiatives, public health organizations, and programs focusing on enhancing city governments.
Bloomberg's philanthropic efforts are facilitated through his organization, Bloomberg Philanthropies. Notably, last year, the organization awarded a significant $1 billion grant to Johns Hopkins University, his alma mater, aimed at alleviating the financial burden of medical school for students and providing financial support to nursing and public health scholars.
His commitment to philanthropy is underscored by his belief in giving while still alive rather than waiting until death. In an email to the Chronicle, he expressed, “I’ve never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?” He emphasized his determination to utilize his fortune to create opportunities for others and to improve the world for future generations.
Bloomberg was among six donors who each contributed $1 billion or more during the 2024 fiscal year. Following him, in order of total donations, were Netflix co-founder Reed Hastings and his wife Patty Quillin (No. 2), Dell Technologies founder Michael Dell and his wife Susan Dell (No. 3), investor Warren Buffett (No. 4), Facebook co-founder Mark Zuckerberg and his wife, physician Priscilla Chan (No. 5), and retired professor Ruth Gottesman (No. 6). These major contributions largely benefitted foundations and donor-advised funds that advocate for causes spanning education, economic mobility, social justice, and scientific research.
Gottesman, similar to Bloomberg, allocated her $1 billion donation towards making medical school accessible without tuition fees at the Albert Einstein College of Medicine. Collectively, the 50 donors listed contributed a staggering total of $16.2 billion to various charitable pursuits in 2024, with a median donation of $100 million.
However, not all wealthy individuals appear on the Philanthropy rankings, with only 19 of the richest Americans from the Forbes 400 list meeting the donation threshold necessary for inclusion. Among those who have made substantial contributions, though less recognized, is Thomas Golisano, founder of Paychex, who secured the No. 8 spot for giving away $500 million, mostly to nonprofits in New York and Florida, with a focus on supporting individuals with disabilities. Additionally, retired insurance executive Hyatt Brown and his wife Cici made headlines with their $150 million donation to the Museum of Arts & Sciences in Daytona Beach, Florida, aimed at establishing a new building and transforming the existing one into a children’s museum.
Furthermore, Michele Kang, a businesswoman and venture capital investor, ranked No. 28 for donating $84 million, which included $4 million to support the USA Women’s Rugby Sevens team ahead of the Olympics.
The philanthropic landscape is not without its controversies, as discussions arise among donors about the politicization of philanthropic efforts. Noteworthy figures, including hedge-fund billionaire Bill Ackman, have voiced opposition to universities' responses to various political issues, leading to a potential reevaluation of charitable commitments. In contrast, some philanthropists view such politicization as a distraction from their core missions. K. Lisa Yang, for example, provided $74.5 million this year primarily to MIT and Cornell University, advocating for individuals with disabilities and arguing that political debates detract from addressing the pressing needs of those suffering from such disorders.
As a result of increased scrutiny and political divisions surrounding philanthropy, some donors are opting for anonymity in their giving, with practices evolving to include collaborative efforts that offer a means to enhance influence while avoiding personal backlash. Renee Kaplan, CEO of Forward Global, observed that many donors are now hesitant to publicly align their names with specific causes due to fears of becoming targets of criticism.
This year’s Philanthropy 50 list not only marks its 25th anniversary but also reflects the cumulative charitable contributions of prominent figures. Warren Buffett holds the title of the top donor over this period, with lifetime contributions totaling $49.4 billion, followed closely by Microsoft co-founder Bill Gates and Melinda French Gates at $34 billion. Together, the top four donors, including Bloomberg, constitute roughly one-third of the $314.5 billion donated by Philanthropy 50 members since the year 2000, highlighting the vast impact of philanthropic contributions across various sectors.
