America's Top Givers: The Most Philanthropic Billionaires
Independent wealth has continued to grow among the wealthy in America. In fact, over the past year, the most wealthy individuals in the country increased their wealth by about 18%. While this growth does seem to be out of proportion in light of the struggles many other Americans are currently facing, from woes tied to inflation or housing crises, there is a silver lining.
Many of the country’s richest billionaires are extremely active philanthropists. Over the past two years, the rate of giving amongst the nation’s wealthiest individuals has skyrocketed and is on a projected path to continue doing so.
We’ve rounded up a list of the top four most impactful philanthropic American billionaires, taking a deeper dive into the good they’re doing in improving the lives of others at home in America and abroad.
Warren Buffett
Buffet makes an annual gift to The Bill and Melinda Gates Foundation, thanks to his Berkshire Hathaway stock investment. Last year, that gift tipped the scales at over $4.1 billion, his most significant so far, and one of the most generous charitable gifts of 2021. A portion of his donation was also given to four other foundations set up by his late wife and their children. Through The Gates Foundation, the funds are allocated to poverty and healthcare initiatives, research for vaccines and support for COVID-19 relief and research.
Over his lifetime, Buffet has donated $46.1 billion to charitable causes so far, in his lifetime goal of donating the entirety of his wealth. In 2006, he pledged, “More than 99% of my wealth will go to philanthropy during my lifetime or at death. Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day.”
MacKenzie Scott
MacKenzie Scott, best known for being the former spouse of Amazon Mogul, Jeff Bezos, has donated upward of $8.5 billion over the past two years to more than 780 different groups, including “high-impact” groups such as the Children’s Defense Fund and the National Council of Nonprofits. The rate at which she’s making charitable contributions has earned her recognition for giving a fortune away “faster than any billionaire ever.”
Scott has no established foundation and is notorious for giving her wealth away in secrecy. She mentions other donations and pledges, none of which have been made public and could catapult her to the top of this list before long.
Bill Gates & Melinda French Gates
Although this iconic couple officially divorced last year, ending their 27-year marriage, the two remain steadfastly committed to their philanthropic efforts and charitable pledges. The Bill and Melinda Gates Foundation continues to be one of the most impactful charity foundations, “fighting poverty, disease, and inequity around the world.” In 2020 alone, the foundation made $5.8 billion in grants, most of which has gone toward research for vaccines, pandemic-related relief and fighting hunger and poverty worldwide.
Melinda has made incredible strides on her own in the past year, with her giving plans evolving into some of the most impactful philanthropy programs in the world. Her investment and incubation company, Pivotal Ventures, is spearheading the charge for women’s equality, helping to broaden women’s power and influence in the United States by 2030.
Philanthropy Looking Forward
The list of billionaires in the United States continues to grow at a reasonably rapid rate. So, too, make their philanthropic efforts. With several billionaires committed to donating large portions of their wealth to charities and nonprofits, these moguls are finding admirable ways to share their worth with the world.
The majority of American billionaires still haven’t come close to giving away even a quarter of their fortunes, leaving the door wide open for continued growth in this philanthropy sector. Hopefully, this trend continues in the direction it’s heading, allowing more good to happen on behalf of those most fortunate among us.