Billionaire Michael Bloomberg, 83, believes in giving back while he’s still alive rather than waiting until after his death. In 2024, he donated an impressive $3.7 billion to nonprofits, making him the top American philanthropist of the year, according to the Chronicle of Philanthropy.
“I’ve never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?” Bloomberg, an entrepreneur and former New York City mayor, shared in an email to the Chronicle. Studies, such as a 2018 University of California, Berkeley report, suggest that acts of generosity, like donating or volunteering, can boost happiness and reduce stress.
A CNBC report stated that for the second consecutive year, Bloomberg topped the magazine’s Philanthropy 50 list, which tracks the largest individual donors in the US In total, the 50 individuals and their spouses donated $16.2 billion in 2024. Bloomberg alone contributed nearly a quarter of that sum, surpassing billionaires such as Warren Buffett, Netflix co-founder Reed Hastings, and Dell Technologies founder Michael Dell.
With a net worth of $104.7 billion, according to Forbes, Bloomberg channels much of his philanthropy through Bloomberg Philanthropies, which focuses on arts, education, the environment, government innovation, and public health. In 2024, he donated $1 billion to Johns Hopkins University, his alma mater, to cover full tuition for medical students from families earning under $300,000.
While some critics raise concerns about a handful of ultra-wealthy individuals shaping global funding priorities, Bloomberg sees his philanthropy as a way to create opportunities. “I’ve been very lucky, and I’m determined to do what I can to open doors for others and leave a better world for my children and grandchildren,” he wrote.
Bloomberg’s views align with those of Microsoft co-founder Bill Gates, who has dedicated much of his wealth to global issues through the Gates Foundation. Both are signatories of the Giving Pledge, created by Gates and Buffett in 2010, committing billionaires to donate the majority of their wealth during their lifetimes.
Buffett has entrusted his children with distributing his remaining wealth after his passing, while Bloomberg has pledged to leave his tech and media company, Bloomberg LP, to Bloomberg Philanthropies upon his death, if not sooner.
In his pledge letter, Bloomberg summed up his philosophy: “The reality of great wealth is that you can’t spend it, and you can’t take it with you.” He added that the best way to support one’s children is to invest in organizations that build a better future. “Long term, they will benefit more from your philanthropy than from your will.”