Michael Bloomberg’s philanthropic efforts have secured his spot as the top donor in the United States, marking the second consecutive year he has held this title. According to a recent announcement by the Chronicle of Philanthropy, Bloomberg Philanthropies awarded significant grants to four historically Black medical schools and donated $1 billion to his alma mater Johns Hopkins University.
This donation will make tuition-free for students from families earning under $300,000 at Johns Hopkins Medical School, while also increasing financial aid for nursing and public health programs. However, despite Bloomberg’s generosity, only 19 of the richest Americans made the Chronicle of Philanthropy’s list of top donors, highlighting a potential crisis of generosity in the US.
A recent report by Giving USA found that charitable giving declined by 2.1% in 2023, while Vox reported a drop of 20 million fewer households donating to charity between 2016 and 2000. Experts cite declining participation in organized religion, increased anger over inequality, and lack of disposable income among Gen Z and Millennials as contributing factors.
Interestingly, the ultra-wealthy have shown a sustained commitment to philanthropy, particularly due to their benefits from the charitable tax deduction system. However, experts caution that relying solely on donations from the top 1% is unsustainable. Maria Di Mento, director of Philanthropy 50, emphasized that government funding plays a vital role in supporting non-profit organizations and noted that wealthy donors, even those like Bloomberg, cannot compensate for this loss.
Source: https://qz.com/the-10-most-charitable-individuals-in-america-1851767664