Ever since the pandemic desecrated the world, the U.S. stock market is shaken and the employment of people has tumbled. 2022 proved to be tumultuous. Nevertheless, the world’s most generous philanthropists maintained their semblance and never stopped their charitable donations.
In times when fortunes have fallen, according to a Forbes estimate, the nation’s 25 biggest givers who together are worth $936 billion, have overwhelmingly donated over $196 billion across their lifetimes by the end of 2022. Ultimately, the secret to living is giving. Advocating for the people less fortunate than yourself is truly the epitome of a philanthropist.
Famous givers have incredible capital and make an impact by deploying a portion of their monetary wealth into nonprofits and charities that establish valuable end goals.
While most of the prolific billionaires have signed The Giving Pledge, some have even accomplished it. The pledge is a promise from individuals who wish to donate at least half of their fortune during their lifetime or even after their demise. A few notable philanthropists who have met the pledge are MacKenzie Scott, Gordon and Betty Moore, Chuck Feeney, Lynn and Stacy Schusterman, Ted Turner and Denny Sanford. This feature glimpses at the philanthropists we envisage making great change in the world in 2023 with their generosity.
Philanthropists Changing The World In 2023
As Gandhi said, “Be the change you wish to see in the world.”
To discover the deeper purpose of life, many people believe in serving something greater than themselves, through family, community or global. There is a strong culture of philanthropy around the world and famous women too, are leading the charge of choosing to financially aid causes that require support.
There is one honorable mention of one of the greatest philanthropists of all time – Indian pioneer, Sir Jamsetji Tata who passed away more than a century ago yet leads the chronicle by starting his endowments in 1892. His lifetime donations are worth $102.4 billion and are making admirable changes in society.
Here are magnanimous philanthropists to look for, treading 2023.
Bill Gates and Melinda Gates
Lifetime Donations: $38.4 billion
Source of Fortune: Microsoft and Investments
With a focus on healthcare and poverty alleviation, Bill and Melinda Gates co-chair the Bill & Melinda Gates Foundation which is the world’s largest private charitable foundation. After all, the success story of Bill Gates is awe-inspiring.
According to Forbes, by 2026, the Gates Foundation is planning to amplify its grant-making by 50 percent, which is $9 billion annually. Despite their separation in 2021, the pair remain to join forces for their philanthropic contributions. The 2023 budget of the Gates Foundation is estimated to be $8.3 billion. The foundation has worked to advance sanitation in developing countries and also supported around 20,000 lesser fortunate U.S. students of color with university scholarships.
Branching out on her own, in 2019, Melinda committed to donating over $1 billion in the decade towards gender equality. Bill and Melinda Gates’s net worth is $102 billion and $6.6 billion respectively.
Warren Buffett
Lifetime Donations: $51.5 billion
Source of Fortune: Berkshire Hathaway
Since 2000, billionaire Warren Buffett has pledged to financially support causes by giving away nearly all of his wealth. Amongst the top ten richest people in the world, Buffett adjoining Bill and Melinda Gates founded the Giving Pledge in 2010, prompting other wealthy individuals to be kind and contribute to the generosity of philanthropy.
An extraordinary human known for his frugality, compassion and humility, Buffett’s latest benevolence entails $760 million just before Thanksgiving last November to charities set up by his family members. An approximate $2-3 billion worth of stock of Berkshire Hathaway is donated to the Gates Foundation. Buffett’s net worth is estimated to be $108 billion.
Azim Hashim Premji
Lifetime Donations: $21 billion
Source of Fortune: Wipro Limited
Famous Indian businessman Azim Premji became the chairman of Wipro Limited in 1966. Premji strongly believes that those who are fortunate to have wealth should try to contribute to creating a better world for the millions of people who are far less privileged than themselves.
According to Forbes, his net worth is estimated at $9.2 billion. Premji began the non-profit organization Azim Premji Foundation in 2001 and it was to be funded solely by way of the man himself. The objective of the foundation and funding was narrowed down to focus on and facilitate primary education in India as it had been deemed to be a critical factor impacting other issues in the country. Premji is the first Indian billionaire to sign the Giving Pledge, stating that being rich “does not thrill” him. By 2015, his boundless generosity took his contribution to 39 percent of his fortune.
The Azim Premji Foundation works towards fulfilling betterment across marginalized and disadvantaged communities by securing their access to essential services such as healthcare and education – and a dignified future.
Gordon and Betty Moore
Lifetime Donations: $5.8 billion
Source of Fortune: Intel
Silicon Valley pioneer Gordon Moore is the co-founder and former CEO of the semiconductor firm, Intel. Moore is known for his insight and prediction, Moore’s Law which is related to computer processing. Gordon and his wife Betty Moore initiated the Moore Foundation in 2000 and funded it with Intel stock. The foundation today holds over $6 billion in assets and donates an estimated $300 million in grants, every year. As per Forbes, Gordon’s net worth is $7.2 billion.
With key areas of focus on Science Research, Education, Biodiversity, and Environmental Conservation, Moore joined other private funders in the Protecting Our Planet Challenge, which is a $5 billion pledge to protect 30 percent of the most important biodiverse land and oceans by 2030.
Jim and Marilyn Simons
Lifetime Donations: $5.2 billion
Source of Fortune: Hedge Funding
Simons’ philanthropic contributions towards mathematics education and science research through the famous Simons Foundation amounts to billions. Jim and his wife Marilyn pledged to frugality and commenced their foundation in 1994. Simons’ net worth is $28.1 billion and amassed wealth from his quantitative fund, Renaissance Technologies.
In May 2022, the couple pledged $56.6 million to support STEM students from underrepresented backgrounds. Simons Foundation launched SPARK, an autism research initiative with the objective to understand the causes of the neurodevelopmental condition, and leads today as the largest study of autism supported by 100,000 autistic people and 175,000 of their families. The foundation is also the primary funder of Math For America.
Michael Bloomberg
Lifetime Donations: $14.4 billion
Source of Fortune: Bloomberg LP
Former New York City mayor, Michael Bloomberg is the cofounder of Bloomberg and set up Bloomberg Philanthropies to change the world by focussing on climate change, technology, education, public health and gun safety. He made his fortune by expanding his company Bloomberg into an international news agency, radio station, wire service and global television network. In December 2021, Bloomberg committed to a five-year national effort of $750 million.
In May 2022, he pledged $242 million to enhance clean energy transitions in developing countries; in September, $115 million to Resolve to Save Lives for heart disease; $204 million for protecting the ocean; and $85 million to barricade construction of 120 petrochemical projects. In 2022 alone, Bloomberg doled out $1.7 billion. He has fought for tobacco production, and polio, replacing coal as an energy source, and streamlined governments across the U.S. with his endeavors in Bloomberg Philanthropies.
Women Philanthropists To Look Out For In 2023
MacKenzie Scott
Lifetime Donations: $14.43 billion
Source of Fortune: Amazon
MacKenzie Scott has long made a name for herself apart from being titled the ex-wife of Amazon’s Jeff Bezos. Scott delivered on her 2019 promise of giving away her entire fortune, at an astonishingly rapid pace. As a person who does not wish to publicize her philanthropy, Scott was criticized for not being transparent with her endowments. Hence, she disclosed all her grants on a searchable website named Yield Giving.
“Yield Giving is named after a belief in adding value by giving up control.”
In 2022, Scott donated over $5.8 billion to nearly 800 nonprofits that chronicle issues such as racial justice, gender equality and public health, and in less than three years since her promise, she has given away $14.43 billion of her wealth. Her net worth according to Forbes is $24.8 billion.
Edythe Broad
Lifetime Donations: $3.14 billion
Source of Fortune: Investments
Edythe Broad is fulfilling her late husband, Eli Broad’s charitable endeavors. Eli Broad is a homebuilding and insurance billionaire who passed away in 2021. He spent the last decade contributing generously to education, scientific research and the arts of Los Angeles. He has accumulated his wealth by the way of two Fortune 500 companies – Kaufman and Broad (a homebuilder company in Detroit) and SunAmerica (a retirement savings company). After selling SunAmerica for $18 billion in 1999, he and Edythe resolved to philanthropy, full-time. The Eli and Edythe Broad Foundation supports human genomics, stem cell research, museums and art collections, and urban public schools. In 2004, they donated $100 million to create The Broad Institute of MIT and Harvard and have pledged $1 billion to enable this institute’s biomedical research.
Edythe donates to various Los Angeles nonprofits, such as Partnership for Los Angeles Schools (supports public schools in marginalized communities) and The Broad Art Foundation (contemporary art museum).
Lynn and Stacy Schusterman
Lifetime Donations: $2.52 billion
Source of Fortune: Oil and Investments
Lynn and Stacy Schusterman are the wife and daughter of the late billionaire Charles Schusterman who were awarded the Carnegie Medal of Philanthropy in October 2022 for their beneficence through their family’s nonprofit foundation. Their key area of focus is to support initiatives that elevate gender, racial, economic and reproductive equity. When the Supreme Court overturned Roe vs. Wade with the Dobbs decision in June 2022, the Schusterman foundation contributed $10 million to Resources for Abortion Delivery which helped women that needed to travel for healthcare. They also donated to groups that aided women to access reproductive care.
Serena Williams
Lifetime Donations: $1 million
Source of Fortune: Tennis
Forbes 2022 Highest-paid female athlete, Serena Williams is a renowned tennis player who established The Serena Williams Foundation which donates altruistically to education, social welfare, violence prevention and athletic engagement. She founded the Yetunde Price Resource Centre named after her sister who was a gang violence victim. The Centre provides resources to her hometown, Compton’s community members and progresses towards healing and resiliency. Her net worth is estimated to be $260 million. Through her firm, Serena Ventures, the tennis ace has invested in more than 60 startups and raised inaugural funds of $111 million in March 2022.
Williams’ key focus of support extends to diversity and other charities including Driving Force Giving Circle, Hearts of Gold, World Education, Build African Schools and Common Ground Foundation.
Oprah Winfrey
Lifetime Donations: $240 million
Source of Fortune: Television Host, HARPO Studios, OWN
One of the highest-paid entertainers in the world, Oprah Winfrey makes it to the list of the Top Charitable People in the world with her generous endowments to various charities. As a talk show host, actress, author and entrepreneur, Winfrey is a self-made success story who wishes to empower, educate and inspire women across the globe, with her philanthropic giving.
“Think about what you have to give, not just in terms of dollars because I believe that your life is about service.”
Amongst a few institutions, The Oprah Winfrey Foundation supports the United Negro College Fund, Tenessee State University and Harold Washington Library.
