Giving more than Oprah

It was a big to-do in the news today that Bloomberg was the fourth biggest charitable contributor in 2009. Call me cynical, but my first thought was, “nice PR” and my second “yeah but I bet the amount wouldn’t be as impressive if you compared it to how much he has.”

So like any good unemployed journalist, I set about finding the answers. Here, the 10 richest people in America and what they gave last year.

Who Net worth What they gave % of their income

1. Bill Gates net worth: $50,000,000,000 gave: $350,000,000 which is: 0.7%

2. Warren Buffett net worth: $40,000,000,000 (not on Philanthropy’s top 50)

3. Lawrence Ellison net worth: $27,000,000,000 gave: $46,907, 838 which is: 0.1%

4. Christy Walton net worth: $21,500,000,000 (no one in the Walton Family was in top 50)

5. Jim C Walton net worth: $19,600,000,000

6. Alice Walton net worth:$19,300,000,000

7. S. Robson Walton net worth: $19,600,000,000

8. Michael Bloomberg net worth: $17,500,000,000 gave: $254,000,000 which is:1.4%

9. Charles Koch net worth: $16,000,000,000 (both Koch’s were not in the top 50)

10. David Koch net worth: $16,000,000,000

So of the 10 richest people in America, only three are among the 50 biggest charity contributors. And of those Bloomberg is the highest at 1.4%, the other two give a generous less than one percent.

Which isn’t to belittle the important work and lives saved the their millions helps fund, I just wonder if we’d be doing so much ooo-ing and ahh-ing and back patting at a person of lesser means contributing 0.1% to charity.

Let’s put it in perspective shall we?

Net worth is simply assets vs. debts, so it doesn’t take into account how much you made that year. So say a person has a net worth of $75,000 (most of us should be so lucky), to be on par with the Bill and Melinda Gates (leaders in philanthropic giving), you would only have had to give $525 to charity last year. A nice gesture sure, but nothing worthy of a press release.

Put another way, Oprah Winfrey, a person synonymous with good will, is 141 on rich list, with a net worth of $2,300,000,000, meanwhile she’s an impressive #25 on the charity list, giving $41,404,281—that’s still only giving 1.8% of her money. Meanwhile, I’ll estimate my net worth at $20,000, and I spent $900 on charitable giving last year. That’s 4.5% of my net worth on charitable giving. Bam! I’m more generous the Oprah!

The Philanthropy 50

The 400 Richest Americans

I’d also like to note one more reason why Wal-Mart is evil. Notice top richies 4-7, all members of the Walton family and all nowhere to be found on the Philanthropy 50.