Today’s billionaires, says Hoogewerf, are not keeping up with philanthropy and making money much faster than they are giving it away.
Published: June 23, 2021 6:21 PM |
Last updated: June 23, 2021 6:23 PM
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NEW DELHI: With donations worth 102.4 billion US dollars, the doyen of Indian industry and founder of the Tata Group, Jamsetji Nusserwanji Tata, has grown into the world’s greatest philanthropist of the last century ahead of the American and European philanthropists who have been considered the greatest donors over the years.
Tata, the founder of what today encompasses a group from salt to software, is way ahead of Bill Gates and his now estranged wife Melinda, who donated $ 74.6 billion, Warren Buffet ($ 37.4 billion), George Soros ($ 34.8 billion). ) and John D. Rockefeller ($ 26.8 billion), among others according to the list of 50 global philanthropists compiled by Hurun Research and the EdelGive Foundation.
The ranking is based on the total philanthropic value, the is calculated as the inflation-adjusted value of the assets and the sum of previous gifts or distributions. The data for the report was derived from publicly available sources and in certain cases shared directly by the foundations.
Wipro Founder Chairman Azim Premji, who donated approximately US $ 22 billion to noble causes and is ranked 12th, is the only other Indian in the list of 50 global philanthropists. Azim Premji has transferred 67 percent of Wipro to the Azim Premji Endowment Fund. The Azim Premji Foundation, founded in 2001, supports the elementary education system in rural government schools in India.
Tata started its foundations in 1892 and donated mainly for health and educational purposes from the income of Tata Sons. Jamsetji Tata died in 1904. The group’s philanthropic activities are now overseen by its Chairman Emeritus Ratan N Tata. The Tata Group’s total philanthropic value is two-thirds that of Tata Sons, which is estimated at $ 100 billion based on the value of public companies alone.
« Many of the philanthropists are more likely to have the donation in the second than in of the first generation, like the story of the Ford Foundation founded by Henry Ford’s son, ”said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
Today’s billionaires, says Hoogewerf, don’t stick with philanthropy Step and make money much faster than they are giving it away. A few names like Alfred Nobel are not even in the list of the top 50 donors of the last century.
“The speed of wealth accumulation is staggering. Three people added more than $ 50 billion in a single year, led by Elon Musk with $ 151 billion due to the rise of e-cars, while e-commerce billionaires Jeff Bezos of Amazon and Colin Huang of Pinduoduo added added $ 50 billion each. At this rate, fifty or more could break the $ 100 billion mark in the next five years, « added Hoogewerf.
The world is likely to have $ 7,500 billionaires today, up 1,000 from last year. Hoogewerf added : « We’ve probably missed at least one, if not more, especially from the Gulf States. We found 696 billionaires in the US, for example, which suggests the real number should be at least twice that, maybe 1,500. In China. » we found over 1,000, but the real figure is probably closer to 2,500. «
According to the latest report, total donations from these 50 donors over the past 100 years have been $ 832 billion, including $ 503 billion from foundation funds and $ 329 billion from donations. Education and health care were the most popular causes, followed by welfare.
The US tops the list with 39 billionaires, followed by the UK with five, China with three, India with two, and Portugal and Switzerland with one each. Home to ten top 50 foundations, New York is the world capital of philanthropy, followed by London with five.
Most of the world’s most generous individuals or their private foundations donated to Covid-19. The Ford Foundation ($ 1 billion), W.K. Kellogg Foundation ($ 300 million), Andrew W. Mellon Foundation ($ 200 million), MacArthur Foundation ($ 125 billion), and Doris Duke Charitable Foundation ($ 100 million) have one $ 1.75 billion bond issued to counter the unprecedented public health and economic crisis, the report.
Globally, the Bill and Melinda Gates Foundation is the most respected name in modern philanthropy, while Buffet, known as « The Oracle of Omaha, » the only person in the top 10 without a significant philanthropic foundation. Hans Wilsdorf ($ 31.5 billion), JK Lilly Sr ($ 27.5 billion) and Edsel Ford ($ 26.7 billion) were the others on the list.
« The stories of the world’s greatest philanthropists of the last century tell the story of modern philanthropy. The legacies of the world’s first billionaires like Carnegie and Rockefeller to today’s Bill Gates and Warren Buffetts show how the wealth created has been redistributed, « added Hoogewerf.
The average donation on the list was 16.5 Billion US dollars and the threshold to get on the list was 3.6 billion US dollars. The list includes participants from six countries and the youngest on the list is 49-year-old Ma Huateng.
Of the total of 50 top philanthropists, 13 are still alive today. Jeff Bezos’ former wife, Mackenzie Scott, donated $ 8.5 billion directly to charities, making it the highest ever in a single year from a living donor.
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