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Here's exactly how much money each of America's 10 wealthiest people gave away to charity in 2018
Here's exactly how much money each of America's 10 wealthiest people gave away to charity in 2018
Taylor Nicole RogersNov 27, 2019, 19:47 IST
Drew Angerer/Getty Images
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America's 10 wealthiest people gave an average of 0.94% of their net worths to charity in 2018, according to a new analysis of the charitable contributions of America's wealthiest people by UC Berkeley economist Gabriel Zucman.
Billionaires aren't as generous as they may let on, a new analysis of the charitable contribution of America's wealthiest people by UC Berkeley economist Gabriel Zucman reveals.
America's 10 wealthiest people gave an average of 0.94% of their net worths to charity in 2018, according to Zucman. To compile the ranking, Zucman used data from the Forbes 400 and the magazine's America's Top 50 Givers lists in 2018.
Of all the multibillionaires on this list, only Bill Gates, Warren Buffett, and Michael Bloomberg gave more than 1% of their net worths to charity in 2018. Some of the low figures can be explained by the "lumpy" nature of charitable giving, according to Vox's Dylan Matthews - billionaires often make large lump-sum gifts, with other, smaller donations in between.
Google cofounder Sergey Brin for example, gave 0.0% of his net worth to charity in 2018 according to Zucman's analysis, but gave $2.2 billion between 2000 and 2017 according to the Chronicle of Philanthropy. Several of the billionaires on this list, including Larry Ellison, Mark Zuckerberg, Warren Buffett, and Bill Gates, have also signed onto the Giving Pledge, promising that they will give away the majority of their fortunes before or after they die.
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Keep reading to learn how much money the richest men in America gave to charity in 2018, arranged in order of increasing total net worths as of 2018.
10. Presidential candidate Michael Bloomberg is one of three billionaires on this list who gave more than 1% of their net worths to charity in 2018.
Net worth in October 2018: $51.8 billion
2018 charitable giving: $767 million
Giving as a percentage of net worth: 1.5%
In 2018, Bloomberg pledged to give $1.8 billion to Johns Hopkins University to fund financial aid for low and middle-income students. The fund will likely be paid out over a number of years.
The former mayor of New York City built his fortune running Bloomberg LP, a financial data and media company, Business Insider previously reported. In a recent investigation, Business Insider's Becky Peterson, J.K. Trotter, and Nicole Einbinder detailed two decades' worth of legal complaints against Bloomberg, with multiple women alleging that he enabled senior men to target less senior women in the organization for sex.
9. Despite being a leading philanthropist in years past, Google cofounder Sergey Brin didn't donate much in 2018.
Net worth in October 2018: $52.4 billion
2018 charitable giving: $25 million*
Giving as a percentage of net worth: 0.0%
Brin, 46, founded the search engine in a garage in California in 1998 with Larry Page, Business Insider previously reported.
Brin donated $2.2 billion between 2000 and 2017 primarily to fund Parkinson's research and underserved populations through his Brin Wojcicki Foundation and the Sergey Brin Family Foundation, according to the Chronicle of Philanthropy.
*Per Zucman's analysis, those billionaires who didn't appear on Forbes' 2018 "America's Top 50 Givers" ranking were assigned a donation amount of $25 million, which is the amount the lowest-ranked person on the givers list donated (and therefore represents the most an unlisted billionaire may have given in 2018). Brin's actual 2018 giving amount is unknown.
8. David Koch gave away $54 million in 2018, before passing away in August.
Net worth in October 2018: $53.5 billion
2018 charitable giving: $54 million
Giving as a percentage of net worth: 0.1%
Koch's death followed a long battle with prostate cancer, Business Insider previously reported. Koch donated millions of dollars to the Prostate Cancer Foundation before his death. He was also a major patron of the Lincoln Center for the Performing Arts and Memorial Sloan Kettering Cancer Center.
7. Charles Koch gave away five times more money than his brother did in 2018.
Net worth in October 2018: $53.5 billion
2018 charitable giving: $245 million
Giving as a percentage of net worth: 0.5%
Koch controlled industrial giant Koch Industries alongside his late brother, David. The two have been known for their donations to conservative causes, Business Insider previously reported. In 2018, Koch Industries gave $1,325,115 to congressional candidates, with some of the top recipients of the Kochs' money being Republicans Marsha Blackburn, Orrin Hatch, Lee Zeldin, Ron Estes, and Karen Handle.
6. Larry Page gave away significantly more money in 2018 than his business partner.
Net worth in October 2018: $53.8 billion
2018 charitable giving: $25 million*
Giving as a percentage of net worth: 0.0%
Page, 46, is the CEO of Google parent company Alphabet, Business Insider previously reported.
*Per Zucman's analysis, those billionaires who didn't appear on Forbes' 2018 "America's Top 50 Givers" ranking were assigned a donation amount of $25 million, which is the amount the lowest-ranked person on the givers list donated (and therefore represents the most an unlisted billionaire may have given in 2018). Page's actual 2018 giving amount is unknown.
5. Oracle cofounder Larry Ellison is one of three billionaires on this list who gave 0.0% of his net worth to charity in 2018.
Net worth in October 2018: $58.4 billion
2018 charitable giving: $25 million*
Giving as a percentage of net worth: 0.0%
Ellison, 74, is known for having a playboy reputation, Business Insider previously reported.
*Per Zucman's analysis, those billionaires who didn't appear on Forbes' 2018 "America's Top 50 Givers" ranking were assigned a donation amount of $25 million, which is the amount the lowest-ranked person on the givers list donated (and therefore represents the most an unlisted billionaire may have given in 2018). Ellison's actual 2018 giving amount is unknown.
4. Facebook CEO Mark Zuckerberg does most of his charitable giving through the Chan Zuckerberg Initiative, the private foundation he funds alongside his wife, Dr. Priscilla Chan.
Net worth in October 2018: $61 billion
2018 charitable giving: $410 million
Giving as a percentage of net worth: 0.7%
Zuckerberg became a billionaire at age 23 after founding the social networking site, Business Insider previously reported. At the time, he was the world's youngest self-made billionaire. Forbes has since given that title to Kylie Jenner, whose cosmetics line made her a billionaire at age 21.
Zuckerberg and Chan, have donated more than $1 billion toward education and medical research, including a multimillion-dollar donation to a San Francisco hospital later named after Zuckerberg, Business Insider previously reported. The couple created the Chan Zuckerberg Initiative in 2015 to focus on "personalized learning, curing diseases, and connecting people." When they announced the Initiative's launch, Zuckerberg and Chan also pledged they would give away 99% of their Facebook shares to charity during their lifetimes.
3. Warren Buffett, however, prefers to give to the foundation run by his friends (and fellow billionaires) Bill and Melinda Gates.
Buffett announced in July that he would give away $3.6 billion to five charities, including the Gates Foundation.
2. Bill Gates is a full-time philanthropist and the second-largest donor on this list after Buffett.
Net worth in October 2018: $97 billion
2018 charitable giving: $2.5 billion
Giving as a percentage of net worth: 2.6%
The Microsoft founder and full-time philanthropist recently faced criticism for his connections to deceased sex offender Jeffrey Epstein, Business Insider previously reported.
1. Jeff Bezos has previously been criticized for not giving enough to charity and for his refusal to sign the Giving Pledge.
Net worth in October 2018: $160 billion
2018 charitable giving: $131 million
Giving as a percentage of net worth: 0.1%
Amazon founder and CEO Jeff Bezos is currently the richest person alive, after briefly losing that title to Gates earlier this month. However, LVMH CEO Bernard Arnault could surpass them both after his company's record-breaking acquisition of Tiffany, Business Insider previously reported.
Bezos's nonprofit Day One Fund donated $98.5 million to multiple charities fighting homelessness, CNBC reported on November 21.
