The Power of Philanthropy: 2024’s Top Donors and Trends in Giving

Michael Bloomberg Leads the Charge in Philanthropy for the Second Year

For the second consecutive year, Michael Bloomberg, the former mayor of New York City, has topped the Chronicle of Philanthropy’s Philanthropy 50 list as the largest donor to charitable causes in 2024. Bloomberg’s contributions reached an impressive $3.7 billion, supporting a wide range of initiatives, including the arts, education, environmental causes, public health, and programs aimed at improving city governments. Through his philanthropic organization, Bloomberg Philanthropies, he also awarded a $1 billion grant to his alma mater, Johns Hopkins University, to make medical school free and provide financial aid to nursing and public health students. Bloomberg’s approach to philanthropy is proactive and personal: “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 Growing Trend in Philanthropy

Bloomberg was not alone in his generosity. In 2024, six donors gave $1 billion or more to charitable causes. Alongside Bloomberg, the list included Netflix co-founder Reed Hastings and his wife, Patty Quillin, who ranked second; Dell Technologies founder Michael Dell and his wife, Susan Dell, who came in third; investor Warren Buffett, who placed fourth; Facebook co-founder Mark Zuckerberg and his wife, physician Priscilla Chan, who were fifth; and retired professor Ruth Gottesman, who rounded out the top six. Gottesman, like Bloomberg, donated $1 billion to make medical school free, specifically to the Albert Einstein College of Medicine.

The majority of these large gifts were directed toward foundations and donor-advised funds, which support causes such as education, economic mobility, social justice, and scientific research. This trend reflects a growing preference among wealthy donors to channel their contributions through intermediaries that can strategically allocate funds to maximize impact.

The Philanthropy 50: A Snapshot of Generosity in 2024

The Philanthropy 50 list for 2024 highlights the collective impact of the nation’s most generous donors. Together, the 50 individuals on the list contributed a staggering $16.2 billion to charity last year, with the median donation amounting to $100 million. While these figures are undeniably impressive, it’s worth noting that not all of the country’s wealthiest individuals appear on the list. Only 19 of the richest Americans on the Forbes 400 list donated enough to rank among the Philanthropy 50.

This discrepancy raises important questions about the role of wealth and philanthropy in society. While some billionaires are leveraging their resources to drive meaningful change, others remain less visible or engaged in large-scale giving. The gap between these two groups underscores the complexities of wealth distribution and the varied motivations behind philanthropic efforts.

Beyond the Headlines: Lesser-Known Donors Making a Big Impact

While the names of billionaires like Bloomberg, Buffett, and Zuckerberg often dominate the headlines, the Philanthropy 50 list also shines a light on lesser-known donors who are making significant contributions to charitable causes. For instance, Thomas Golisano, the billionaire founder of Paychex, ranked eighth on the list after giving away $500 million last year. Nearly $400 million of his donations went to 123 nonprofits in New York and Florida, with no strings attached. Many of these organizations serve individuals with developmental, intellectual, and physical disabilities—a cause close to Golisano’s heart, as his son has a developmental disability.

Other notable donors include Hyatt Brown and his wife, Cici, who donated $150 million to the Museum of Arts & Sciences in Daytona Beach, Florida, to fund a new building and transform the current museum into a children’s museum. Meanwhile, Michele Kang, a businesswoman and venture capital investor, contributed $84 million last year, including $4 million to support the USA Women’s Rugby Sevens team as they prepared for the Olympics. These stories highlight the diverse ways in which philanthropy is being used to address specific needs and create opportunities across various sectors.

Philanthropy in the Crossfire of Public Debates

The world of philanthropy is not without its challenges, as donors and institutions navigate complex public debates that often politicize their efforts. Some donors, such as hedge-fund billionaire Bill Ackman, have openly criticized the universities they have supported, challenging their responses to global conflicts and campus diversity initiatives. These critiques have led to demands for change and, in some cases, pledges to withhold future support. Such actions have sparked a broader conversation about the role of philanthropy in addressing societal issues and the potential risks of politicizing charitable efforts.

Not all donors agree with this approach, however. Many believe that public debates over philanthropic efforts can distract from the core mission of helping those in need. K. Lisa Yang, a retired investment banker and number 34 on the Philanthropy 50 list, argue