The Ten Biggest Philanthropists of the Decade

Individual philanthropy has been at the heart of American culture since its founding. Considered the oldest charity founded in America, the St. George Society, provided aid to impoverished colonists before the Declaration of Independence was even signed.  In the mid 1800’s, The Salvation Army and the YMCA spread from England taking root in America. The American Red Cross was founded in 1881 as a means to provide aid and disaster relief.

Alexis de Tocqueville wrote in his famous history “Democracy in America,” that charity was at the heart of American life. “The Americans make associations to give entertainment, to found seminaries, to build inns, to construct churches, to diffuse books, to send missionaries to the antipodes; in this manner, they found hospitals, prisons and schools. “  He observed that because there was no established wealthy class, associations were critical to serve the needs of the underprivileged.

There is, however, another history of philanthropy in the United States; one which is more spectacular, or at least grander, than the organizations that accumulated vast sums by collecting small amounts from hundreds of thousands of people. It is the history of the private philanthropy of America’s wealthiest people.

Andrew Carnegie’s philanthropic efforts mark a departure from de Tocqueville’s observations. Carnegie began to gift money in 1879 and over the course of his life was responsible for the building of schools and libraries across the country. He also founded the Carnegie Endowment for International Peace and provided much of the funding for Carnegie Mellon University.  In his now famous essay “Gospel of Wealth,” he wrote that “Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.”

Similarly wealthy moguls of the 19th century, JP Morgan and John D Rockefeller, donated millions to universities, charities and medical research. Along with Carnegie, these first premier philanthropists profited from the industries of their age: banking, steel and oil. Of course, these same industries funded each man’s philanthropic efforts.

The tradition of the very rich gifting huge sums to charity in America has grown over time. The largest amounts given have grown from the tens of millions to the billions of dollars – and in some cases the tens of billions.

Today, philanthropists come from similarly successful walks of life.  They are captains of old industries like real estate and banking, and masters of new businesses like financial publishing and technology.

The Chronicle of Philanthropy publishes the “Philanthropy 50” each year. This list ranks the top 50 largest private donations by individuals in America, both named and anonymous. Using this list, 24/7 Wall St. analyzed the gifts given to charities over the last decade and ranked the named philanthropists on the list based on the aggregate value of their donations from 2000 to 2009.

The total gifts of these ten people, or couples in some cases, amount to nearly $70 billion.

Six individuals in our initial ranking gave huge gifts during this period. Leona Helmsley donated over $5 billion to charity in the last ten years. However, she and the five other highly active philanthropists who died during the period are not on our final list.

This is the 24/7 Wall St. biggest philanthropists of the decade.

1. Warren E. Buffett
Total Amount Committed: $43,549,295,000 (2006)
Foundation: Bill & Melinda Gates Foundation
Source of Wealth: Chairman and CEO; Berkshire Hathaway Inc.
Forbes 400 Ranking: #2

Born in 1930, 80-year-old Warren Buffett has made money investing for almost his entire life, becoming the world’s third wealthiest person.  His passion for making money, however, is matched by his desire to give that wealth away.  Buffett has pledged to give away the majority of his fortune to charitable foundations, with the bulk of that amount going to the Bill & Melinda Gates Foundation.  This is a recent development in his charitable intentions, sparked by the death of his wife in 2004, as he originally planned on waiting until his own demise before giving away the majority of his wealth. Buffett has also ensured that the money he donates is spent in a timely manner, as he has required that each of his payments to the foundation is only delivered if the amount of his previous donation has been spent within the previous year.

2. William H. (Bill) III and Melinda F. Gates
Total Amount Committed: $11,020,000,000
Foundation: Bill & Melinda Gates Foundation
Source of Wealth: Chairman and Co-Founder; Microsoft (Bill)
Forbes 400 Ranking: #1 (Bill)

Although he has recently been surpassed as the world’s richest person, Bill Gates maintains the position of richest American with his fortune of approximately $54 billion.  Although he made his money through his work at Microsoft, which he founded with Paul Allen in 1975, Gates has since stepped down from working full-time at the famed technology corporation to focus his efforts on the Bill & Melinda Gates Foundation, which he runs alongside his wife.  The foundation, which has an endowment of $33.5 billion, is used by the Gates to combat global illness and poverty, and to promote education within the United States.  With regards to his money, Gates has said that “beyond a reasonably limited amount, it all goes to charity,” implying the philanthropic mindset which he and foundation co-trustee Warren Buffet have come to be recognized for.

3. Gordon and Betty Moore
Total Amount Committed: $6,132,567,953 (2001)
Foundation: Gordon and Betty Moore Foundation
Source of Wealth: Co-Founder and Former Chairman Emeritus of Intel Corporation (Gordon)
Forbes 400 Ranking: #88 (Gordon)

Gordon Moore helped found technology company Intel in 1968, where he became president and CEO in 1975, chairman and CEO in 1979, and was named chairman emeritus in 1997.  In continuation with his lifelong interest in science, Moore founded the Gordon and Betty Moore Foundation alongside his wife in 2000.  In 2001, the couple pledged over $6 billion in stock to the foundation, which aims “to achieve significant, lasting and measurable results in environmental conservation, science and the San Francisco Bay Area.”  Gordon is currently considered to be worth $3.5 billion, according to Forbes.

4. Eli and Edythe Broad
Total Amount Committed: $2,055,721,000
Foundation: The Broad Institute, The Broad Foundations, The Broad Art Foundation
Source of Wealth: Co-Founder; Kaufman and Broad (real estate), Co-Founder and Former CEO of SunAmerica (Eli)
Forbes 400 Ranking: #44 (Eli)

A truly self-made billionaire, Eli Broad established his fortune through real estate and finance.  However, After selling his company, SunAmerica, to AIG in 1998, Broad has focused his attention on philanthropy alongside his wife, Edythe.  The Broads give away a substantial amount each year to various causes, and have made it on the list of top 50 American philanthropists each year of the decade.  One of the Broads’ most recognized efforts is the couple’s bountiful art collection which they frequently loan out.  Broad also has plans to build his own art museum in downtown Los Angeles.

5. Herbert M. and Marion O. Sandler
Total Amount Committed: $1,278,626,148 (2006)
Foundation:: Sandler Family Supporting Foundation
Source of Wealth: Co-founders; Golden West Financial Corporation
Forbes 400 Ranking: N/A

After selling the Golden West Financial Corporation, which the Sandlers co-founded and acted as co-CEOs for, to Wachovia Bank in 2006, just preceding the credit crisis, Herbert and Marion Sandler found themselves in possession of around $2.4 billion.  Of this, they donated almost $1.3 billion to their Sandler Family Supporting Foundation, which funds various educational, medical, and civil liberties causes through organizations such as the Center for Responsible Lending, ProPublica, and the ACLU.  Due to the relative magnitude of the couple’s donation, which consisted of over half their newly found fortune, they no longer rank on the Forbes list of wealthiest Americans.

6. William Barron Hilton:
Total Amount Committed: $1,200,000,000 (2007)
Foundation: Conrad N. Hilton Foundation
Source of Wealth: President; Hilton Hotels, President
Forbes 400 Ranking: #144

Son of Conrad Hilton, Barron Hilton, following a few business ventures of his own, made his fortune after becoming the president of his father’s Hilton Hotels in 1966.  In 2007, the now 82-year-old Hilton sold the hotel chain to The Blackstone Group, earning himself a personal profit of $800 million.  He now dedicates a substantial amount of his time to philanthropy, specifically through the Conrad N. Hilton Foundation, to which he committed $1.2 billion in 2007.  The foundation’s main charitable goals are providing safe water to people in developing nations, fighting homelessness in Los Angeles, fighting drug abuse, and supporting education for young children, specifically foster children in the United States and children affected by AIDS in developing countries.

7. Michael R. Bloomberg
Total Amount Committed: $1,141,000,000
Foundation: Bloomberg Family Foundation
Source of Wealth: Founder and Majority Owner; Bloomberg L.P.
Forbes 400 Ranking: #10

With a fortune of approximately $18 billion, Michael Bloomberg is not only one of the wealthiest men in the United States, but in the world.  Bloomberg has found tremendous success not only financially, through his company Bloomberg L.P., but also politically, as the acting mayor of New York City since 2002.  Fortunately, he has subscribed to the Warren Buffet philosophy of actively giving away one’s wealth during their lifetime.  Bloomberg has consistently made the list of greatest American philanthropists since 2004, and has donated over $1 billion to causes such as public health and the arts. On his decision to give during his lifetime, he has said, “Why wait? Why deny financial aid to this generation?”

8. James E. and Virginia G. Stowers
Total Amount Committed: $1,122,640,000
Foundation: Stowers Institute for Medical Research
Source of Wealth: Founder; American Century Investments (James)
Forbes 400 Ranking: N/A

The only person on our list aside from Herbert Sandler to lose their Forbes 400 ranking as a result of massive philanthropic giving, Jim Stowers has dedicated the majority of his success to charity.  After obtaining substantial wealth through his company, American Century Investments, Jim and his wife Virginia, both of whom survived cancer, began the Stowers Institute for Medical Research in Kansas City in 1994.  They have since done great amounts to fund this disease research center, including a 2001 donation of over $1.1 billion.

9. Peter G. Peterson and Joan Ganz Cooney
Total Amount Committed: $1,015,500,000
Foundation: Peter G. Peterson Foundation
Source of Wealth: Former CEO of Lehman Brothers and Co-Founder of The Blackstone Group (Peter)
Forbes 400 Ranking: #182

After leading a full and successful career, including co-founding the Blackstone Group, Commerce Secretary under the Nixon administration, and CEO of Lehman Brothers, Peter G. Peterson has turned to philanthropy following his retirement in 2008.  His most notable donation was his 2008, when he gave over $1 billion to the Peter G. Peterson Foundation, which he made along with his wife Joan Ganz Cooney, co-creator of Sesame Street.  The foundation works mostly with issues dealing with federal deficits and various tax policies, issues which Peterson views as being imperative to the well being of the nation’s future.

10. George Soros
$924,753,773
Foundation: Open Society Institute, Soros Foundations
Source of Wealth: Hedge Fund Manager
Forbes 400 Ranking: #14

Soros, CEO and founder of Quantum Fund, is the wealthiest hedge fund manager in the world. He has been active in philanthropy since the 70’s, when he gave money to help impoverished black students attend university in Apartheid South Africa. Over his career, Soros has given money to anti-Soviet dissident groups during the Cold War, and recently gave $100 million to Russian universities to provide Internet access. His largest recent donations include a $100 million pledge to the Human Rights Watch in 2007. Forbes estimates that Soros has donated roughly $8 billion since 1979.

Charles B. Stockdale, Douglas A. McIntyre