Bezos And Musk Vie For Title “World’s Stingiest Billionaire” After Giving Under 1% To Charity

  • While Jeff Bezos and Elon Musk feud over which one is the greediest and most litigious billionaire, they are both in the running for an even less desirable title: World’s Stingiest Billionaire.
  • Warren Buffet continued as the Forbes 400 list’s most generous giver after parting with $4.1 billion of Berkshire Hathaway stock, bringing his lifetime total to $44 billion.
  • The most prolific giver in the Forbes 400 ranking is George Soros, whose $16.8 billion in giving to Charities has towered over his $8.6 billion net worth.

Dominick Reuter from Insider writes:

“While Jeff Bezos and Elon Musk feud over who is wealthier and who is more litigious, the business titans are among a group of billionaires in the running for an even less desirable title: World’s Stingiest Billionaire.

Although the pandemic era’s surging stock market has ballooned the fortunes of billionaires to new heights, the wealthiest people in the world have chosen not to keep pace with their charitable giving, according to the Forbes Philanthropy Score.

The team at Forbes adds up all of the lifetime “out-the-door” giving a person has made, and divides that number by the sum of their total current wealth and the total giving amount. The results are categorized into five tiers: less than 1%; between 1% and 5%; between 5% and 10%; between 10% and 20%; and 20% or more.

Private foundations and donor-advised funds don’t count for the Forbes measure, since those “donations” effectively remain under the control of the donor, and also come with generous benefits that enable wealthy people to avoid paying taxes.

If the median American household gave $1,200 to charity across their entire lives based on a present net worth of about $120,000, Forbes would consider that more generous than Bezos and Musk based on this metric…”

See full story here.



Categories: Business, Politics, Tech

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