The Rise of Strategic Philanthropy: A Look at America’s Top Donors in 2024
Michael Bloomberg Leads the Charge in Philanthropy for the Second Consecutive Year
For the second year in a row, Michael Bloomberg, the former mayor of New York City, has topped the Chronicle of Philanthropy’s Philanthropy 50 list as the largest donor in America. In 2024, Bloomberg donated a staggering $3.7 billion to support a wide range of causes, including the arts, education, environmental initiatives, public health, and programs aimed at improving city governance. His contributions were made both directly to charities and through his philanthropic organization, Bloomberg Philanthropies. One of the most notable grants awarded by Bloomberg Philanthropies last year was a $1 billion donation to Johns Hopkins University, his alma mater, to make medical school free and provide financial aid to nursing and public health students. Bloomberg’s approach to philanthropy is rooted in his belief that giving back should not be postponed until after one’s death. “I’ve never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?” he wrote in an email to the Chronicle. “I’ve been very lucky, and I’m determined to do what I can to open doors for others and to leave a better world for my children and grandchildren.”
Billion-Dollar Donors: A Who’s Who of America’s Most Generous
Bloomberg was one of six donors in 2024 who contributed $1 billion or more to charitable causes. The others on this elite list include Netflix co-founder Reed Hastings and his wife, Patty Quillin; Dell Technologies founder Michael Dell and his wife, Susan Dell; investor Warren Buffett; Facebook co-founder Mark Zuckerberg and his wife, Priscilla Chan; and retired professor Ruth Gottesman. Many of these donations were directed toward foundations and donor-advised funds, which support causes such as education, economic mobility, social justice, and scientific research. Ruth Gottesman, for instance, donated $1 billion to the Albert Einstein College of Medicine to make medical school free, echoing Bloomberg’s commitment to education and healthcare.
The collective impact of these donations is profound. Together, the 50 donors on the Philanthropy 50 list contributed a total of $16.2 billion to charity in 2024, with the median donation amounting to $100 million. While these figures are undeniably impressive, it’s worth noting that not all of America’s wealthiest individuals made the cut. Only 19 of the richest Americans on the Forbes 400 list donated enough to appear in the Philanthropy rankings. This highlights the gap between wealth and philanthropy, even among the nation’s elite.
Behind the Headlines: Lesser-Known Donors Making a Big Impact
While names like Bloomberg, Buffett, and Zuckerberg are household names, some of the donors on this year’s Philanthropy 50 list are less well-known but equally impactful. Take, for example, Thomas Golisano, the billionaire founder of Paychex, who ranked No. 8 on the list after donating $500 million in 2024. Almost $400 million of his contributions went to 123 nonprofits in New York and Florida, with no strings attached. Many of these organizations are small groups that rarely receive donations of this size, and a significant portion of the funding was directed toward organizations that serve people with developmental, intellectual, and physical disabilities. This cause is deeply personal for Golisano, whose son has a developmental disability.
Another notable donor is Hyatt Brown, a retired insurance executive, and his wife, Cici, who ranked No. 20 after donating $150 million to the Museum of Arts & Sciences in Daytona Beach, Fla. The donation will fund a new building and transform the museum’s current location into a children’s museum. Meanwhile, businesswoman and venture capital investor Michele Kang, ranked No. 28, donated $84 million last year, including $4 million to support the USA Women’s Rugby Sevens team as they prepared for the Olympics. These examples illustrate the diverse ways in which philanthropists are using their wealth to drive meaningful change.
Philanthropy in the Crossfire: Debates Over Donations and Politics
The world of philanthropy is not without its challenges and controversies. In recent years, some donors have become increasingly vocal about their views on the causes they support, with some even criticizing the institutions they have previously funded. One notable example is hedge-fund billionaire Bill Ackman, who has publicly pushed back against universities over their responses to the October 7 attacks in Israel and campus protests against the war in Gaza, as well as their diversity, equity, and inclusion programs. Ackman’s criticisms have led him to demand changes and even pledge to halt his support for certain institutions.
Not all philanthropists agree with this approach. K. Lisa Yang, a retired investment banker who donated $74.5 million in 2024, believes that politicizing philanthropy is unhelpful and counterproductive. Yang, who has long been a advocate for people with disabilities and autism-spectrum disorders, argues that such debates distract from the urgent needs of those who are suffering. “The people who are suffering from these disorders, they don’t have the luxury of time,” she says. “When you have a rare disease and they do politics, to the people who are suffering from the disorder, it is totally irrelevant. They’re still suffering.”
In response to these tensions, some donors are choosing to step back from the spotlight or make their contributions anonymously. According to Renee Kaplan, CEO of the donor advisory firm Forward Global, some donors are shifting their strategies out of fear of being targeted for criticism. “Donors are starting to say, ‘I’ll do more anonymously. I’m not going to put my name on things. I’m going to slow down our foundation for a while because I’m worried I’ll be a target,’” Kaplan explains. “I think there’s genuine concern and pause and fear that’s affecting donors.” This trend underscores the complex interplay between philanthropy, public perception, and the challenges of making a positive impact in an increasingly polarized world.
A Quarter Century of Giving: Reflecting on the Philanthropy 50 Legacy
This year marks the 25th anniversary of the Philanthropy 50 list, a milestone that provides an opportunity to reflect on the long-term trends and contributions of America’s top donors. Over the past quarter century, Warren Buffett has emerged as the top donor, with cumulative gifts totaling $49.4 billion. Microsoft co-founder Bill Gates and his ex-wife, Melinda French Gates, follow closely, having donated $34 billion together. (Since their divorce, both have appeared on the list individually.) Bloomberg, Jeff Bezos, and Elon Musk round out the top five donors over this period. Together, Buffett, Gates and French Gates, and Bloomberg account for roughly one-third of the $314.5 billion in giving by Philanthropy 50 donors since 2000. The largest single gift during this time was Buffett’s 2006 pledge of $36.1 billion to the Gates Foundation.
The 25th anniversary of the Philanthropy 50 list serves as a reminder of the transformative power of philanthropy and the enduring impact of those who have dedicated their wealth to making the world a better place. As the landscape of giving continues to evolve, it will be important for donors, nonprofits, and society at large to navigate the challenges and opportunities of strategic philanthropy with integrity, compassion, and a shared commitment to the greater good.
