Forbes changed the scoring method of charity scores on the rich list, and Warren Buffett ranked first in the amount of donations


Sina science and technology news on the afternoon of January 20, Beijing time, it is reported that there are hundreds of billions of dollars in the private charity foundation of the members of Forbes 400 rich list. But because the IRS actually requires them to pay only a small amount each year, only a small amount is spent each year on businesses and communities in need. In order to let the billionaires who put charity money into their work see, Forbes has changed the method of scoring the Forbes 400 charity list.
The list no longer calculates the funds that the list members have invested in foundations in their lifetime, but counts the grants from these foundations, plus the direct grants that can be traced, so as to estimate how much the members on the Forbes 400 list have actually donated.
The list does not count the flow of money to the fund proposed by donors. These preferential tax accounts are neither disclosed nor required to be allocated. Therefore, although members of the list can use their donations to obtain tax relief, their donations may not reach the beneficiaries of non-profit organizations for several years. Forbes will only consider the allocation of funds proposed by donors when the members on the list disclose the details of the grants actually paid.
In addition, Forbes does not rate funds that have been pledged but have not yet been released. As a result, philanthropists like Jack Dorsey, co-founder of Twitter and square, announced in April last year that they planned to donate $1 billion to support the rescue of the new coronavirus epidemic and other undertakings. However, because the funds have not yet been released, they can only score according to the funds that have been distributed. Every year, Forbes tracks and updates the scores of these billionaires as they make good on their promises. According to the percentage of donations to the net assets of the members on the list, Forbes scores them in the range of 1 to 5.
In terms of the amount of donations, the number one donor on the list is Warren Buffet of Berkshire Hathaway. Forbes estimates that $40 billion of Buffett’s wealth has been donated to non-profit organizations, mainly through his old friend Bill Gates’s bill and Melinda Gates Foundation.
In terms of net worth, the most generous donor is George Soros, a famous hedge fund manager, who has donated 64% of his original assets. The Hungarian tycoon currently has about $8.6 billion in assets and has donated more than $15 billion to non-profit organizations through his open society foundations. The open society foundation is an international funding network supporting the judiciary, education, public health and independent media.
Members of the Forbes 400 list have donated at least $171 billion to charities and non-profit organizations. The total net assets of the list members are about $3.2 trillion.
On the Forbes 400 list, 74 billionaires have signed a “donation commitment”, that is, a commitment to spend at least half of their wealth on charity. However, only 10 people on the list have obtained the highest charity score of 5 points, which means that they have donated at least one fifth of their personal wealth. In addition to Warren Buffett and Soros, other members of the five point club include Intel co-founder Gordon Moore, Oklahoma philanthropist Lynn schusterman and CNN founder Ted Turner.
Bill Gates, who runs the world’s largest private foundation with his wife, Melinda Gates, scored four points, one point lower than Warren Buffett.
In addition to gates, 18 other members of the list scored four points, such as oil tycoon Trevor Rees Jones and private equity billionaire David Rubenstein. Nearly a third of the members scored 1, which means they donated less than 1% of their personal wealth. It is worth mentioning that among the symbols that scored 1, including the world’s richest man, Amazon founder Jeff Bezos.
Forbes contacted everyone on the list for feedback. Some responded by providing specific information about donations and recipients. Others declined to comment. This year’s Forbes ratings are supported by research from advocacy groups global citizen and give while you live.