Radar Ampera – Throughout 2019, some of the richest people in the world continued to give away some of their wealth for charitable purposes. Recorded, two of the world’s billionaires contributed more than USD1 billion each or equivalent to Rp14 trillion (exchange rate Rp14,000 per USD)
While at least a dozen members of the Three Comma Club contributed hundreds of millions of U.S. dollars. Some institutions, such as the California Institute of Technology, receive the largest financial donations ever in the world.
Forbes counted the largest donations and charities reported in 2019 to generate the ten largest donations. (It is possible that larger donations were made but not announced)
To be sure, a larger donation doesn’t necessarily mean it’s better or more effective. But this donation is noteworthy because it has the potential to make significant changes.
Eight out of ten donations and charities will go directly to non-profit organisations such as universities and aid groups or service providers, while the other two largest donations on this list are the transfer of assets into charitable foundations.
In the United States (US), charitable foundations are required to pay 5% of their assets annually, and many foundations still give them around that level. As a result, donations to foundations are often within the foundation for many years before being distributed.
Here are the biggest philanthropic donations and charities in 2019 as reported by Forbes, Jakarta, Monday (12/30/2019):
- Azim Premji
This tech billionaire from India made the biggest donation. He gave shares of outsorcing IT company Wipro Limited to a charitable organization, The Azim Premji Foundation, which focuses on education worth USD7.6 billion or Rp106.4 trillion.
Premji took over his father’s cooking oil business in 1966 and transformed it into a software business.
- Warren Buffet
Every year Warren Buffett, also known as the Oracle of Omaha, gives a multibillion-dollar stake in Berkshire Hathaway, the company he runs that owns stakes in Kraft Heinz and Dairy Queen and makes him the fourth richest person in the world.
In July 2019, Buffett made his largest donation of USD3.6 billion or equivalent to Rp50.4 trillion to the Bill &Melinda Gates Foundation, the Susan Thompson Buffett Foundation (named for his late first wife) and to a foundation managed by his three children: the Sherwood Foundation, the Howard G Foundation.
Forbes estimates that throughout his life to date, Buffett has donated USD38 billion of his wealth.
- Stewart and Lynda Resnick
California fruit and nut billionaires Stewart and Lynda Resnick paid Rp10.5 trillion (USD750 million at an exchange rate of Rp14,000) to the California Institute of Technology better known as CalTech to fund climate change research.
CalTech plans to build a new building with an area of 75,000 square meters named Sumb Center
- T Denny Sanford
T Denny Sanford, a credit card billionaire contributed Rp4.9 trillion (USD350 million at an exchange rate of Rp14,000) to the National University in San Diego, now known as Sanford National University.
Sanford provides mostly for health care and education.
- Philip Terry Ragon and Susan Ragon
Donated Rp2.8 trillion (USD200 million at an exchange rate of Rp14,000) to Massachussetts General Hospital to set up a vaccine research center.
Ragon amassed his fortune through software company InterSyestems which helps hospitals and banks analyze big data. [dni/okz]