The Rise of Philanthropy in the U.S.: A Notebook of Notable Donors
In recent years, the charitable contributions of America’s wealthiest individuals have seen a significant increase, but this growth has not matched the expansion of their fortunes. The lifetime giving of the top 25 philanthropists in the U.S. reached $241 billion by the end of 2024, a 14% rise from the previous year. This increase, however, follows a period of substantial wealth accumulation, with their combined net worth climbing 18.5% to $1.6 trillion. While 15% of their total wealth is given away, this is the smallest percentage since Forbes began tracking their donations in 2021.
Among the most generous donors, Warren Buffett stands out, having contributed $62 billion, or 30% of his fortune. He notably distributed $5.3 billion in Berkshire Hathaway stock in 2024, a steadfast practice since 2006. His donations include significant grants to the Gates Foundation and foundations run by his children. Meanwhile, George Soros has given away an impressive 76% of his net worth, primarily through his Open Society Foundations, which focus on democracy and human rights. impresario MacKenzie Scott, once Jeff Bezos’ wife, has made $19.25 billion in unrestricted gifts since 2019, second only to Buffett, Gates, and Melinda French Gates.
Newcomers like Netflix cofounder Reed Hastings have emerged as notable donors, giving away $2.1 billion through donor-advised funds, often aimed at education. The evolution of philanthropy is evident in the growing role of foundations and donor-advised funds, which allow for more flexible and conveying giving strategies. For instance, Bill and Melinda Gates have expanded their reach through collaborations with international partners, such as Saudi Arabia’s crown prince, to support nonprofit initiatives. Meanwhile, Michael Bloomberg’s $3 billion contributions highlight his focus on climate change, education, and healthcare.
The methodology behind this ranking reflects a rigorous approach, including lifetime giving estimates based on public records and excluding pledged gifts. It also accounts for donations made through foundations, ensuring transparency in charitable efforts. This data-driven approach underscores the importance of tracking and attributing donations accurately.
The role of philanthropy has become increasingly Linked to political and social movements. Billionaire Mike Bloomberg’s commitment to funding climate initiatives reflects his advocacy in the face of political withdraw from international agreements, such as the Paris Accord. Similarly, George Soros’ philanthropic efforts are rooted in his belief in the power of democracy to drive change. These examples illustrate the interplay between personal wealth, philanthropic vision, and societal impact.
Over the years, the philanthropic landscape has evolved with the rise of new donors and shifting priorities. The deaths of notable figures like Jim Simons and Bernard Marcus have seen their successors continue their legacy of giving, largely through their foundations. This continuity highlights the enduring impact of philanthropic families, ensuring that their legacy endures beyond their lifetimes.
In a rapidly changing world, philanthropy continues to adapt, with innovative approaches like impact investing and diversified giving strategies becoming increasingly common. The stories of these donors, their contributions, and the methodologies behind tracking them provide insight into the evolving nature of wealth and generosity in the U.S.
