America’s 50 largest charitable donors gave away $14.7 billion final yr, with Invoice and Melinda Gates main the listing with a $four.eight billion donation to their basis, in line with a brand new report.
Giving by the highest 50 donors greater than doubled in 2017, hovering to $14.7 billion from $5.6 billion in 2016, in line with the Philanthropy 50, compiled by the Chronicle of Philanthropy. It was the biggest donation quantity since 2008 — earlier than the monetary disaster put a dent in charitable giving — and it was the third-largest complete ever.
The listing exhibits that the “rich are flush with money” and that the U.S. financial system is robust. The report additionally exhibits that charitable giving – like wealth – is shifting towards youthful tech billionaires. Rating second on this yr’s charitable giving listing was Fb CEO Mark Zuckerberg and his spouse Priscilla Chan, who donated $2 billion to their basis and donor-advised fund. In third place was Michael Dell, who alongside together with his spouse Susan gave $1 billion to their basis.
“The 2017 giving spree was fueled by enormous donations from many main philanthropists who’re nonetheless accumulating nice wealth — and who’re prone to make huge items for years to come back,” in line with the Chronicle of Philanthropy. “That has not been the case with earlier Philanthropy 50 spikes when a number of bequests or the largesse of a single donor drove the quantity increased.”
Among the largest givers final yr weren’t on the listing, regardless that they wrote huge checks. That is as a result of the rankings depend multiyear pledges solely as soon as, as a lump sum within the yr the dedication was made. Warren Buffett, as an example, gave $2.four billion to the Invoice & Melinda Gates Basis however did not make the listing as a result of the donation was a part of his 2006 pledge of greater than $36 billion in Berkshire shares to the muse.