For the second year in a row, Michael Bloomberg was the top philanthropist in America, donating a staggering $3.7 billion throughout 2024, according to the Chronicle of Philanthropy’s latest Philanthropy 50 report. “I’ve never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?” the media mogul said in a statement to the publication, which has compiled the annual rankings for 25 years. “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.”
Bloomberg, who currently has an estimated net worth of $104.7 billion, according to Forbes, made his fortune through his eponymous financial information and media company and will eventually transfer his stake to charity. For now, however, the former New York City mayor’s philanthropy encompasses both personal donations and gifts made through his private foundation Bloomberg Philanthropies.
Having been ranked the most generous philanthropist in 2023 with $3 billion in donations, Bloomberg one-upped himself in 2024 by doling out an additional $700 million. Last year’s gifts went towards causes like the arts, environment, public-health groups and city government improvement programs.
Education, too, stood out as a key area benefiting from Bloomberg’s patronage. In August, the philanthropist pledged $600 million to boost the endowments of four historically Black medical schools in the U.S. The Charles R. Drew University of Medicine & Science received $75 million, while $175 million each was granted to the Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine. Bloomberg additionally gave $5 million to help create a new medical school located in New Orleans.
Earlier in the year, he also announced plans to give $1 billion to John Hopkins University, where Bloomberg received a bachelor’s degree in engineering some 60 years ago. The funds will be used to cover tuition costs for medical students from families earning less than $300,000, in addition to paying the living expenses for those from families earning less than $175,000.
Who else was a top donor in 2024?
Bloomberg’s gift to his alma mater paralleled the $1 billion donation given by Ruth Gottesman, the widow of the philanthropist and Warren Buffett’s friend David Gottesman, to the Albert Einstein College of Medicine last February. The gift made the Bronx-based medical school tuition-free and propelled Gottesman to no. 6 on the 2024 Philanthropy 50 report.
Coming in at second place with nearly $1.6 billion in gifts throughout 2024 was Netflix (NFLX) co-founder Reed Hastings and his wife Patty Quillin, who were followed by Dell (DELL) founder Michael Dell and his wife Susan, Warren Buffett, and Mark Zuckerberg and his wife Priscilla Chan.
Despite being filled with prominent names, the Chronicle of Philanthropy’s ranking included just 19 percent of the individuals who also appeared on Forbes’ list of the 400 wealthiest Americans in 2024. The annual Philanthropy 50 report only counts gifts made to charities or foundations with the 501(c)(3) status. It also omits multiyear pledges, as such commitments are counted as a lump sum the year they are made. For example, Warren Buffett’s hefty donations to his family foundation, the foundations of his children and the Bill and Melinda Gates Foundation weren’t included in this year’s ranking because they are part of an initial pledge the investor made in 2006.
Honorees must provide details on their giving to be included on the list. While MacKenzie Scott gave some $2 billion last year through her philanthropic vehicle Yield Giving, she wasn’t listed on the Chronicle of Philanthropy’s ranking as she declined to provide information on how much she gave to the grant-maker or her donor-advised funds. Other notable missing figures included Elon Musk, who donated $112 million worth of Tesla stock to charities in 2024 but declined to provide the names of these grantees for the annual report.
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