Wealth has had tremendous power to shape societies and global economies throughout human civilization. Financial wealth, seen as a symbol of success or an indicator of status, has permeated every aspect of our lives. Technological developments, financial markets, and globalization have accelerated the rise of ultra-rich people, contributing to the creation of a super-elite class.
People often interpret the word ‘wealth’ as financial, but this is a narrow view of what it means to be rich. James Clear, author of the book Atomic Habits states that there are three types of wealth other than financial wealth. This wealth includes social wealth (status), time wealth (freedom), and physical wealth (health).
Billionaires, who have a significant and broad influence across sectors from finance to healthcare and energy, command resources that exceed most people’s imagination. According to the Bloomberg Billionaires Index, the world’s richest list consists of Bernard Arnault, Jeff Bezos, Elon Musk, Mark Zuckerberg, and Bill Gates, respectively.
So, what do these 5 people do in the name of philanthropy and how much do they donate? This article will focus more on the financial wealth of the 5 richest people in the world and their philanthropic projects.
Bernard Arnault
Bernard Arnault, Chairman and CEO of Louis Vuitton SE, leads the list as the richest person in the world with a fortune of 204 billion dollars. Arnault’s strategic acquisitions and pursuit of excellence have enabled LVMH to become the world’s leading luxury holding. In addition to his successes in the business world, Arnault also became known for his philanthropic activities.
The Foundation Louis Vuitton has encompassed a broad philanthropic program focusing on a variety of areas since the early 1990s. The company, which aims to increase especially young people’s passion for art, works to support French culture and historical heritage. The foundation, which has supported more than 60 major exhibitions around the world, especially in France, London, New York, Shanghai, and Moscow, has enabled the discovery of successful artists so far. The company has been managing a cultural program to promote young artists for more than 25 years. LVMH, which gave the opportunity to nearly 50 thousand students from Paris music conservatories to attend concerts through the “1,000 Seats for Youth” project, also enabled hundreds of students in France to learn to play instruments with the “Orchestra at School” association. The company also donated 200 million euros in 2019 to help restore Notre Dame de Paris, which was destroyed by fire.
Jeff Bezos
Jeff Bezos, founder and former CEO of Amazon, transformed the company from a modest online bookstore into a global e-commerce giant with his successful ventures. Amazon, which has a wide range of products from electronics to clothing, from cloud computing to digital broadcasting, has set an example for many companies in the retail sector.
Bezos, the second richest person in the world with a fortune of 201 billion dollars, focused mostly on environmental projects in philanthropy. The Bezos Earth Fund was established with the largest philanthropic commitment ever to fight climate change and protect nature. The 10 billion dollar grant commitment will be distributed by 2030, the date by which the United Nations Sustainable Development Goals must be achieved.
Bezos also announced in October 2022 that he plans to donate most of his 124 billion dollars net worth during his lifetime. In an exclusive interview with CNN, Bezos stated that he will support the fight against climate change with the majority of his fortune.
Bezos announced in November 2023 that he would give approximately 118 million dollars to non-profit groups that help families experiencing homelessness. That brings the amount granted by the Bezos Day One Families Fund to support homeless families to almost 640 million dollars.
“It’s a privilege to support these orgs in their inspiring mission to help families regain stability,” Bezos said in an Instagram post in which his partner Lauren Sánchez, wrote about the fund’s work.
Elon Musk
Elon Musk has inspired millions of people with the many projects he has worked on, from electric cars to renewable energy, from space research to artificial intelligence. With a fortune of 179 billion dollars, Musk is the co-founder of 6 companies including electric car manufacturer Tesla, rocket manufacturer SpaceX, and tunneling startup Boring Company. But Musk’s philanthropy is self-serving, unlike Bill Gates who spent his fortune on healthcare in Africa, or the Walton family who encouraged change in the education system.
In an article published by the New York Times, it was revealed that nearly half of the donations made by the Musk Foundation in 2021 and 2022 were connected to one of his employees. Among the donations the foundation has made there was 55 million dollars to support a major SpaceX customer to meet a charitable pledge. Also, Musk who is the owner of the social media platform X promised to donate at least half of his fortune when he died. According to the information in the Securities and Exchange Commission, Musk donated Tesla shares worth 1.95 billion dollars to charities in February 2023. However, Tesla did not answer questions about which charity the donation was made to.
Mark Zuckerberg
Facebook co-founder and CEO Mark Zuckerberg has become one of the most popular entrepreneurs in the technology and communications industry in recent years. Zuckerberg, who ranks 4th on the rich list with a fortune of 152 billion dollars, further strengthened his place in the technology industry by purchasing Instagram and WhatsApp.
Zuckerberg founded the Chan Zuckerberg Initiative (CZI) with his wife Priscilla Chan in 2015 and carries out philanthropic projects in areas such as education, science, and health. According to a document published by the Securities and Exchange Commission in 2017, Zuckerberg and his wife Chan donated 10.3 million Facebook shares worth approximately 1.9 billion dollars to the Chan Zuckerberg Foundation, the arm of the Chan Zuckerberg Initiative. On the other hand, Zuckerberg and Chan donated more than 900 thousand shares worth approximately 162.4 million dollars to the Chan Zuckerberg Donor Advised Fund at the Silicon Valley Community Foundation.
Bill Gates
Bill Gates, co-founder of Microsoft Corporation, is one of the well-known names in philanthropy. Gates, who has a fortune of 152 billion dollars, founded the Bill & Melinda Gates Foundation (BMGF) with his wife Melinda Gates in 2000. Gates, who donated 1 billion dollars to the foundation on his 43rd birthday, increased this amount to approximately 36 billion dollars in 2018. The association, which aims to solve global problems such as malaria and hunger, became the world’s second-largest charity with assets of 69 billion dollars as of 2020.
In May 2020, the Gates Foundation announced a 125 million dollar commitment to accelerate the end of the pandemic. In total, the Gates Foundation has donated more than 2 billion dollars since the beginning of the COVID-19 pandemic.
The top 5 donors in 2023
When we look at the business people who donated the most in 2023, we see that the list is quite different. According to the Chronicle of Philanthropy’s 24th annual Philanthropy 50 list, the top donors in 2023 were Michael Bloomberg, Penny & Phill Knight, Michael & Susan Dell, Warren Buffett, and John & Laura Arnold.
While Bernard Arnault and Elon Musk are not included in the list this year, Bill Gates ranked 16th with a donation amount of 173 million 300 thousand dollars. Besides, Mark Zuckerberg ranked 28th on the list with his donation of 94 million 87 thousand dollars and Jeff Bezos ranked 33rd with his donation of 67 million 704 thousand dollars.
Social media will support philanthropy in the future
Philanthropy, which means “love of humanity” in Greek, meets needs in areas where governments are inadequate. From innovations in healthcare to efforts to protect the environment, philanthropic investments have the potential to shape the future of society. Meanwhile, as income inequality reaches unprecedented levels around the world, some billionaires are using philanthropy as a means of giving back to society. Many academics who research on wealth and income inequality believe that the concentration of wealth among a select few individuals or companies can harm democracy. These critics think that the staggering wealth of billionaires is in stark contrast to their donations to alleviate poverty.
Contrary to criticism, corporate philanthropy activities have increased in recent years as businesses realize the importance of social responsibility. Also, the view that companies should contribute to the well-being of communities has also strengthened. We should not forget that companies aim not only to help people with their philanthropic projects but also to strengthen the reputation of their brands. Although corporations are self-serving in philanthropy, in the future philanthropy will continue to play a vital role in shaping a more inclusive and sustainable world. Moreover, social media campaigns and digital payment systems will allow philanthropic activities to reach a larger number of people.
