Statistics
Philanthropy, Like Wine, Gets Better With Age
UK comparison site comparethemarket.com released its Top-10 list of philanthropists this week. In defense of the headline, it should be noted that seven out of 10 of them are over 60. Here are the high notes.
Warren Buffett, Bill Gates, and Michael Bloomberg earned the top
three positions, with Google’s Sergey Brin the only name from a
younger crop of West Coast tech luminaries making the top 10 at
number 9. China’s famously low key Ma Huateng, the engineer
founder of internet giant Tencent and creator of the hugely
popular social messaging service WeChat, took the number 10
spot.
Buffett, the world’s third richest man, and impressively its most
charitable, has donated more than 55 per cent ($46.6 billion) of
his wealth to charitable causes. Microsoft founder Bill Gates is
not far behind giving away 46 per cent ($41 billion) of his
lifetime earnings.
These two are the undisputed rock stars of philanthropic giving,
with the former New York City mayor and Bloomberg founder some
way down in third place, donating 12 per cent of his net worth to
date.
The data, pulled from multiple public sources, analyses the total
net worth of the world’s wealthiest and how much they donate as a
percentage of lifetime earnings.
The combined net worth of the top-10 is close to half a trillion
dollars ($491 billion), and they have donated $110 billion
between them. It is a figure just shy of Jeff Bezos’ total net
worth $112 billion.
The Amazon chief, who unseated Gates from the Forbes
richest-person list earlier this year, comes in for criticism for
donating “just 1.91 per cent of his wealth ($2.1 billion) to
charities, less than the average precentage a salaried person
gives in their lifetime,” the study noted.
It still earned Bezos a 17th spot and time for the 54-year-old to
improve his ranking. The average age of the top-50 most
charitable billionaires is 66, which may account for Facebook
Mark Zuckerberg’s absence from the top table. He is only 34.
On a regional scale, the US is streets ahead of the rest of the
world as the most philanthropic country, with 60 per cent of the
top 20 most philanthropic billionaires coming from the US. China,
Hong Kong and the UK are next in line, with two billionaires each
making the list.
Denise Coates, British founder of the global online betting group
Bet365, is the most philanthropic female billionaire, publicly
donating around 2.4 per cent of her earnings to charitable
causes. Coates was under the media glare this month when her,
arguably eye-watering, £265 million annual compensation became
public.
Three other women make the top 20: French L’Oreal heir Françoise
Bettencourt Meyers; Gina Rinehart, chair of Australian minerals
giant Hancock Prospecting, and West Coast businesswoman Laurene
Powell Jobs, widow of Apple cofounder Steve Jobs.
A number of Asian billionaires also feature and will surely swell
the ranks in future years as the wealth generation continues to
shift east. He Xiangjian, the largest shareholder and founder of
Chinese appliance giant Midea, now in his seventies, takes the
number 9 spot. Just above him is the Hong Kong shipping magnate
Li Ka-Shing, who at 90 has only just stepped down as chair of CK
Hutchison. Mexico’s telco scion Carlos Slim, a regular on such
lists, took the number 6 slot.
The study notes that 72 per cent of the top-50 most generous
givers still part with less as a percentage of their lifetime
earnings than the average salaried person, who gives $30,040 -
2.23 per cent of their lifetime earnings.