2021 EdelGive Hurun Philanthropists of the Century

Source:Hurun Report Auteur:Hurun Report Heure de lancement:2021-06-23

Hurun Research and EdelGive Foundation today released the 2021 EdelGive Hurun Philanthropists of the Century, a ranking of the world’s most generous individuals from the past century.

 

Introduction

 

Circa 9500 years ago, Sumerians used baked clay as financial tokens to enable trade. While one shape denoted cattle, another with a different shape represented oil. The roots of modern entrepreneurship is at these Sumerian tokens. Many civilizations existed before money, but none would have gotten far without it.

 

Moving forward, the end of the 19th century kindled “The progressive era” and witnessed the rise of some of the most revered entrepreneurs such as Jamsetji Tata, Andrew Carnegie and so on. The world registers some of them as legends because they were not only super wealth creators but also progressive philanthropists, who believed in distributing the wealth they created.

 

Hurun and EdelGive Foundation have been chronicling the stories of living philanthropists through our Philanthropy Lists. However, the objective of this ‘once in a century list’ is to understand the Top 50 Philanthropists who were alive during the last century. Through these lists we have tried to understand the stories of some of these philanthropists and how their legacy has been carried forward across generations.

 

The father of Indian industry, Jamsetji Tata, tops the list followed by Bill Gates and Melinda French Gates. The average donation of the list is US$16.5bn and the threshold to enter the list is US$3.6bn. The list has entrants from 6 countries, and the youngest in the list is 49-year-old Ma Huateng.

 

This list is about the legends of philanthropy, and we hope it inspires.

 

 

 

2021 EDELGIVE HURUN PHILANTHROPISTS OF THE CENTURY

 

US$832BN TOTAL DONATIONS FROM WORLD’S MOST GENEROUS INDIVIDUALS IN LAST CENTURY, OF WHICH US$503BN FROM FOUNDATION ENDOWMENTS AND US$329BN FROM DONATIONS TO DATE

 

USA TOPPED THE LIST WITH 39, FOLLOWED BY UK WITH 5, CHINA 3, INDIA 2 AND PORTUGAL AND SWITZERLAND 1 EACH

 

NEWYORK, WHICH IS HOME TO 10 OF THE FOUNDATIONS OF THE TOP 50, IS THE PHILANTHROPY CAPITAL OF THE WORLD, FOLLOWED BY LONDON WHICH IS CENTRE TO 5

 

WITH TOTAL DONATIONS OF US$102.4BN JAMSETJI TATA OF INDIA TOPS 2021 EDELGIVE HURUN PHILANTHROPISTS OF THE CENTURY

 

BILL AND MELINDA GATES SECOND WITH DONATIONS VALUED AT US$74.6BN

 

WARREN BUFFETT FIFTH WITH US$37.4BN, MAINLY TO BILL AND MELINDA GATES FOUNDATION

 

13 ALIVE AND 37 PASSED AWAY

 

MACKENZIE SCOTT, EX-WIFE OF JEFF BEZOS, DONATED US$8.5BN DIRECTLY TO CHARITIES, MOST EVER IN A SINGLE YEAR BY A LIVING DONOR

 

US$30BN IN ANNUAL GRANTS

 

AVERAGE AGE OF FOUNDATION 58 YEARS, WITH OLDEST FOUNDATION SET UP IN 1892 BY JAMSETJI TATA AND YOUNGEST IN 2016 BY PONY MA HUATENG OF TENCENT

 

66% RUN BY FOUNDERS OR FOUNDING FAMILY MEMBERS

 

EDUCATION AND HEALTHCARE MOST POPULAR CAUSES FOLLOWED BY SOCIAL WELFARE

 

EDELGIVE and HURUN INDIA release the 2021 EdelGive Hurun Philanthropists of the Century

 

(23 June 2021, Mumbai) Hurun Research and EdelGive Foundation today released the 2021 EdelGive Hurun Philanthropists of the Century, a ranking of the world’s most generous individuals from the past century. This is the first year of the ranking.

 

The ranking is based on Total Philanthropic Value, calculated as the value of the assets today together with the sum of gifts or distributions to date. For example, the Total Philanthropic Value of George Soros is the sum of current endowment of value of The Open Society Foundations (US$18bn) together with donations to date of US$16.8bn, ie a total of US$34.8bn. The Giving Pledges have not considered due to their non-binding nature.

 

The world’s 50 most generous individuals in the last century came from five countries, overwhelmingly led by the US with 39, followed by 5 from the UK, 3 from China, 2 from India and 1 from Portugal and Switzerland. Their donations amounted to US$832bn, of which US$503bn are in foundations today and US$329bn have been disbursed in the last century.

 

Vidya Shah, Executive Chairperson of EdelGive Foundation, said “In the age of the information overload, the EdelGive Hurun Report enables a more holistic understanding of the trends, motivations and mindsets that drive philanthropy across the world. The Report lays down a narrative, indicating the path that the philanthropic sector has taken to get here/to this point, and charts the course that it may likely take moving forward.

 

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said: “The stories of the world’s biggest philanthropists of the last century tells the story of modern philanthropy. The legacies of the world’s earliest billionaires such as Carnegie and Rockefeller, through to the Bill Gates and Warren Buffett’s of today, show how wealth created has been redistributed.”

 

“Whilst American and European philanthropists may have dominated the thinking of philanthropy over the last century, Jamsetji Tata, founder of India’s Tata Group, is the world’s biggest philanthropist.”

 

"Many of the philanthropists made the donation in the second generation rather than the first, such as the story of the Ford Foundation, which was set up by the son of Henry Ford."

 

“Today’s billionaires are not keeping up with philanthropy, making money much faster than they are giving it away. The speed of wealth creation is nothing short of staggering.  Three individuals added more than US$50bn in a single year, led by Elon Musk with US$151bn, on the back of the rise of e-cars, whilst e-commerce billionaires Jeff Bezos of Amazon and Colin Huang of Pinduoduo added US$50bn each. At this rate, expect to see fifty or more break through the US$100bn mark within the next five years.”

 

“How many billionaires are there in the world? The world today has probably 7,500 dollar billionaires, up 1,000 on last year, assuming that for every one Hurun Research found, we have probably missed at least one if not more, particularly from the Gulf states.  We have found 696 billionaires in the USA, for example, suggesting the true number should be at least double that, perhaps as many as 1,500. In China, we have found over 1000, but the actual number is probably closer to 2,500.”

 

Anas Rahman Junaid, MD and Chief Researcher of Hurun India said:It is a proud moment to see an Indian top the  2021 EdelGive Hurun Philanthropists of the Century.”

 

Table 1: Top 10 of the 2021 EdelGive Hurun Philanthropists of the Century

Rank

Original Philanthropist

Estimated Current Value of Donation (US$bn)

Start of Key Endowments

Key Person Today

Country

Main Cause

1

Jamsetji Tata

102.4

1892

Ratan Tata

India

Education, Healthcare

2

Bill Gates & Melinda French Gates

74.6

2000

Bill Gates & Melinda French Gates

USA

Healthcare

3

Henry Wellcome

56.7

1936

Eliza Manningham-Buller

UK

Healthcare

4

Howard Hughes

38.6

1953

Clayton S. Rose

USA

Research & Development

5

Warren Buffett

37.4

2006

Warren Buffett

USA

Healthcare

6

George Soros

34.8

1979

George Soros

USA

Human Rights & Justice

7

Hans Wilsdorf

31.5

1945

Marc Maugué

Switzerland

Community Development

8

JK Lilly Sr

27.5

1937

N. Clay Robbins

USA

Community Development

9

John D Rockefeller

26.8

1913

Sharon Percy Rockefeller

USA

Healthcare

10

Edsel Ford

26.6

1936

Darren Walker

USA

Human Rights & Justice

Source: 2021 EdelGive Hurun Philanthropists of the Century.

 

With total donations value estimated at US$102.4bn, Mumbai-based Jamsetji Tata (1839-1904), was the world’s biggest philanthropist of the last century. The total philanthropic value of Tata is made up of 66% of Tata Sons, estimated at US$100bn, solely based on the value of listed entities. Tata made his fortune in the 1870s after floating Central India Spinning Weaving and Manufacturing Company and set up the JN Tata Endowment in 1892 for higher education, which was the beginning of Tata Trusts. Jawaharlal Nehru, India’s first prime minister, often mentioned him as the ‘One Man Planning Commission’.  

 

‘Bill & Melinda Gates’ are amongst the most respected names in modern philanthropy. With total donations of US$74.6bn, Bill Gates & Melinda French Gates are second in the 2021 EdelGive Hurun Philanthropists of the Century. Their total philanthropic value is the sum of the current endowment of the value of the foundation at US$49.8bn together with their cumulative donations of US$24.8bn. The couple established the Bill & Melinda Gates Foundation in 2010 with a focus on public health, education and climate change, the same year that they created with Warren Buffett the ‘Giving Pledge’, a movement encouraging billionaires to donate the majority of their wealth to charity. As of 2021, there are 220 pledgers from 25 countries. Despite the recent announcement of their divorce, the couple will remain co-chairs and trustees of the Bill and Melinda Gates Foundation with ‘no changes’ to their roles or the organization.

 

With donations totaling US$56.7bn, Henry Wellcome (1853-1936) of the UK is in 3rd spot in the 2021 EdelGive Hurun Philanthropists of the Century. Wellcome, who made his initial wealth in pharmaceuticals in the late 1800s set up the Wellcome Trust on his death in 1936, to support health care causes. In 1995, the Wellcome Trust sold Wellcome Plc to GlaxoSmithKline and became a financially independent trust. Donations are the sum of the current endowment value of Wellcome Trust (US$38.4bn) and cumulative donations to date of US$18.3bn.

 

Film tycoon Howard Hughes (1905-1976) was 4th spot in the 2021 EdelGive Hurun Philanthropists of the Century. Hughes established the Howard Hughes Medical Institute in1953 to support biomedical research. In 1985, the Howard Hughes Medical Institute sold the Hughes Aircraft Company for US$5.2bn, becoming the richest single philanthropic endowment surpassing Ford Foundation. Donations are the current endowment value of Howard Hughes Medical Institute (US$21.2bn) together with cumulative donations of US$17.4bn.

 

With personal donations of US$37.4bn, Warren Buffett, popularly known as the ‘The Oracle of Omaha’, is the only individual without a significant philanthropic foundation to feature in the top 10 of the 2021 EdelGive Hurun Philanthropists of the Century. Buffett gifted the bulk of his Berkshire Hathaway shares to the Bill and Melinda Gates Foundation, as well as the Susan Thompson Buffett Foundation and non-profits founded by his children. Buffett has given away more than US$37bn as part of his yearly commitments and intends to donate his remaining shares within 12 years.

 

‘The Man Who Broke the Bank of England’ George Soros is 6th in the 2021 EdelGive Hurun Philanthropists of the Century. Soros began his philanthropy in 1979 by giving scholarships and creating the Open Society Foundation, that includes more than 20 national and regional foundations. In 2017, Soros transferred US$18bn to Open Society Foundations. Donations include the current endowment value of The Open Society Foundations (US$18bn) and cumulative donations of US$16.8bn.

 

Hans Wilsdorf (1881 – 1960), the founder of Rolex is on the 7th position in the 2021 EdelGive Hurun Philanthropists of the Century. He endowed his economic ownership in Rolex, the watchmaking empire, to create Hans Wilsdorf Foundation in 1945. Currently, the foundation is administered by an 8-member board and has been making an estimated annual donation more than US$100mn.

 

With donations of US$27.5bn, JK Lilly Sr (1861-1948) is 8th position in the 2021 EdelGive Hurun Philanthropists of the Century. Lilly Endowment was created in 1937 by JK Lilly Sr. and his sons to support community development, education and religion. Since its inception, the endowment donated more than US$10.9bn, most of them in Indiana and has an endowment value of US$17bn.

 

Often considered the wealthiest American of all time, John D. Rockefeller (1839-1937) is in 9th spot on the list. Rockefeller established the Rockefeller Foundation in 1913 with a US$100mn corpus and gave away US$540 million (US$9.7bn adjusted for inflation) before his death in 1937. The Foundation has distributed more than US$22bn in current value since its inception.

 

Edsel Ford (1893-1943), son of Henry Ford, the founder of Ford Motor Company, was 10th in the 2021 EdelGive Hurun Philanthropists of the Century. Ford established the Ford Foundation with an initial gift of US$25,000 in 1936. The foundation has an estimated endowment value of US$14.2bn as of 2019 and makes US$500mn annual grants around the world, on cumulative donations of US$12.4bn.

 

With US$23.7bn, Robert Wood Johnson II (1893-1968) of pharma giant Johnson & Johnson, is 11th spot in the 2021 EdelGive Hurun Philanthropists of the Century. In 1972, Johnson transferred a major chunk of Johnson & Johnson shares into the foundation to support health care causes. The foundation has donated more than US$1bn towards childhood obesity programs. Donations are the current endowment value of Robert Wood Johnson Foundation (US$11.9bn) and cumulative donations of US$11.8bn.

 

Table 2: Top 10 family managed foundation in 2021 EdelGive Hurun Philanthropists of the Century

Rank

Active family Member

Name of Foundation

Estimated Current Value of Donation (US$bn)

Original Philanthropist

Country

1

Ratan Tata

Tata Trusts

102.4

Jamsetji Tata

India

2

Ely Lilly II

Lilly Endowment

27.5

JK Lilly Sr

USA

3

Sharon Percy Rockefeller

Rockefeller Foundation

26.8

John D Rockefeller

USA

4

Henry Ford

Ford Foundation

26.7

Edsel Ford

USA

5

Flora Hewlett Birdzell

William & Flora Hewlett Foundation

21.4

William & Flora Hewlett

USA

6

Lukas Walton

Walton Family Foundation

12.8

Sam & Helen Walton

USA

7

Guy Weston

Garfield Weston Foundation

11.5

W. Garfield Weston

UK

8

Martin Essayan

Calouste Gulbenkian Foundation

10.8

Calouste Sarkis Gulbenkian

Portugal

9

Hawley Hilton McAuliffe

Conrad N Hilton Foundation

9.5

Conrad Hilton

USA

10

J. Howard Pew II

The Pew Charitable Trust

9.2

Joseph N. Pew Jr.

USA

Source: 2021 EdelGive Hurun Philanthropists of the Century

 

Other Interesting Philanthropists

 

Azim Premji was the first Indian to sign the Giving Pledge in 2010 and since then Premji transferred 67% of Wipro to the Azim Premji Endowment fund. Established in 2001, the Azim Premji Foundation supports the elementary education system in rural government schools in India and has a value of US$21bn. The Azim Premji Foundation together with Wipro have donated US$150mn towards combating Covid-19.

 

New York-headquartered Bloomberg Philanthropies includes the foundation, corporate, and personal philanthropy of Michael Bloomberg. In 2020, Bloomberg Philanthropies donated US$1.6bn and has so far given US$11.1bn to philanthropy.

 

In 1953 J Paul Getty established the J Paul Getty Trust world’s largest cultural and philanthropic institution dedicated to the visual arts. His museum has an estimated 1.6 million visitors per year making it one of the most visited museums in the USA.

 

“One of the common traits of these philanthropists is their desire to leave the world in a better place than when they found it”, said Anas Rahman Junaid, MD – Hurun India

 

The Living Room Years: William & Flora Hewlett and their son would meet up in the living room to make decisions on philanthropy giving. In 1977, when Flora Hewlett passed away William set up the foundation to structure long term philanthropy. William Hewlett, who co-founded the Hewlett Packard (HP) Company, and Flora Hewlett ranked 13 in the list with a cumulative current lifetime donation value of US$21.4bn.

 

David Packard, the co-founder of HP, and his wife Lucy Packard set up the philanthropy foundation in 1964. After David’s death in 1997, the foundation inherited his estate. The current value of this inheritance coupled with donations equate to US$16.4bn, giving them 14th place on the list.

 

During the second half of the 20th century, John D MacArthur was the sole owner of the largest privately held insurance company in the US. In 1970, MacArthur and his wife Catherine set up the foundation to focus on private philanthropy. Although the MacArthur Foundation was initially set up to focus on philanthropy within the cities where the founders lived, now the foundation is also addressing global challenges. Akin to other philanthropists of his time, MacArthur left the management of his fortune to this professional board. He famously said, “Son, I made the money, and you figure out what do with it”. The MacArthurs rank 16 in the list with donations of US$14.5bn.

 

When William Keith Kellogg, the inventor of ‘Corn Flakes’ was declared a millionaire at the age 46, he exclaimed “I am a steward of fortune and not the owner”. Based on that principle, Kellogg transferred the ownership of his business to his foundation, whose assets are valued at US$14.5bn.

 

Andrew Mellon was one of the wealthiest Americans during the era of notable entrepreneurs such as Ford, Rockefeller, Fricks, Carnegie and so on. During his life time, Mellon donated US$10 million, after being adjusted for inflation is US$185mn. After his death, his daughter, Alisa Mellon Bruce and son, Paul Mellon merged their philanthropic entities to form the Andrew Mellon Foundation, currently valued at US$13bn.

 

“The Andrew Mellon Foundation is a great example of the next gen accelerating the philanthropic objective of their parents”, said Rupert Hoogewerf, Chairman and Chief Researcher, Hurun Global.

The founder of Walmart, Sam Walton, created one of the most valuable enterprises in the world and ended up planting the seed to one of the most valuable philanthropic entities. His wife, Helen Walton used to say “It’s not what you gather in life, but what you scatter in life that tells the kind of life you have lived.” Since 2017, the foundation has been annually donating more than US$500mn.

The founder of Intel, Gordon Moore, who predicted that computing power would double every year (Moore’s Law) made the list. The Gordon and Betty Moore foundation donate more than US$300 million every year with an AUM of US$7.1bn.

MacKenzie Scott, who rose to the global philanthropy scene after her divorce settlement with Jeff Bezos, the founder of Amazon, is the 29th most generous in 2021 EdelGive Hurun Philanthropists of the Century with a donation of US$8.5bn.

 

Andrew Carnegie, often touted as the father of modern philanthropy, founded the first American grant-making foundation in 1911. The Carnegie Corporation of New York was endowed in perpetuity with US$135mn to promote education and international peace. Best-known in his lifetime founding 2,509 libraries, funding Carnegie University and Carnegie Hall, he distributed US$350mn, adjusted to inflation, currently valued at US$5.4bn. The endowment, which was started with US$145mn, is currently valued at US$3.5bn today. In addition to the above, the foundation spent US$4.5bn since inception. The estimated value of his donation cumulates to US$13.4bn.

 

The Robert W. Woodruff Foundation is the beneficiary of the estates of Woodruff and his wife, Nell Hodgson Woodruff. Woodruff, whose father purchased the Coca Cola shares in 1919, was the president of Coca Cola till 1954. He was well-known for a quote on his desk, “There is no limit to what a man can do or where he can go if he doesn’t mind who gets the credit.” In 1937, he created the Trebor Foundation for the enrichment of Atlanta and the foundation was posthumously renamed to include ‘Woodruff’. The Woodruffs are 38th with an estimated donation of US$5.7bn.

Margaret A Cargill, granddaughter of William Wallace Cargill, set up the Akaloa Resource foundation. It was only after her death in 2006 that the Margaret A Cargill Philanthropy was formed by merging the Akaloa Resource foundation and Anne Ray Charitable trust. Cargill is estimated to have donated US$9.7bn, 25th spot in the list.

Pony Ma Huateng of Tencent made donations of US$7.7bn to rank him at 32nd on the 2021 EdelGive Hurun Philanthropists of the Century.  In 2016, Ma donated 100 million Tencent shares to set up the Ma Huateng Global Foundation, and has since added another 95 million Tencent shares.

Jack Ma’s main donation has been the 1.4% of Alibaba shares to the Jack Ma Foundation.

Li Ka-shing’s donations amount to US$4.2bn to take him to 47th on the 2021 EdelGive Hurun Philanthropists of the Century. Li first set up the Li Ka Shing Foundation in 1980, mainly for education, healthcare and scientific research.

 

Endowments

 

Most of the entrants in the list created their charitable trusts by endowing the shares owned in their respective family businesses. In certain cases, their immediate descendants created the charitable foundations, named after their parents. Listed below are top 10 endowments, and their estimated current value.

 

Table 3: Top 10 Endowments

Rank

Name

Estimated current value of the Endowment US$bn

1

Jamsetji Tata

100.0*

2

Bill & Melinda Gates

49.8

3

Henry Wellcome

38.4

4

Hans Wilsdorf

26.5

5

Howard Hughes

21.2

6

Azim Premji

21.0

7

George Soros

18.0

8

JK Lilly Sr

16.6

9

Edsel Ford

14.2

10

Robert Wood Johnson II

11.9

Source: 2021 EdelGive Hurun Philanthropists of the Century

*Value of Mr. Tata’s endowment is estimated based on the value of the proportionate ownership in listed entities owned by Tata Trusts

 

Largest distributions

 

The top 50 philanthropists cumulatively distributed US$329bn over the years. Philanthropists such as Warren Buffet, Mackenzie Scott donated directly or through other foundations.

 

Warren Buffett led with US$37.4bn of distributions, followed by Bill and Melinda Gates (US$24.8bn) and the Rockefeller Foundation (US$22bn). Warren Buffet is the biggest external donor in the Bill and Melinda Gates Foundation.

 

Table 4: Top 10 largest distributions over years

Rank

Philanthropist

Estimated Current Value of Donation (US$bn)

Primary Cause

Founded Year

1

Warren Buffett

37.4

Healthcare

Does not have a foundation

2

Bill Gates & Melinda French Gates

24.8

Healthcare

2000

3

John D Rockefeller

22.0

Healthcare

1913

4

Henry Wellcome

18.3

Research & Development

1936

5

Howard Hughes

17.4

Research & Development

1953

6

George Soros

16.8

Human Rights & Justice

1979

7

Edsel Ford

12.4

Human Rights & Justice

1936

8

Robert Wood Johnson II

11.8

Healthcare

1972

9

Michael Bloomberg

11.1

Arts & Culture

2006

10

JK Lilly Sr

10.9

Community Development

1937

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

Annual grantmaking

 

The top 50 individuals collectively contributed US$30bn or 6% of their total endowments as annual grants. With US$8.5bn donations, MacKenzie Scott is the biggest annual grant maker followed by Warren Buffett (US$2.7bn) and Bill & Melinda Gates (US$2.5bn). 

 

Led by the Simons Foundation, which annually distributes 12.1% of the endowments,  two endowments featured in the list distributes more than 10% of their assets on charitable activities.

 

Table 5: Top 10 largest yearly distributions

Rank

Philanthropist Name

Name of Foundation

Annual Grant US$mn

Spending

Rate (%)

1

MacKenzie Scott

-

8,500

-

2

Warren Buffett

-

2,700

-

3

Bill Gates & Melinda French Gates

Bill & Melinda Gates Foundation

2,470

5.0%

4

Michael Bloomberg

Bloomberg  Philanthropies

1,600

-

5

Henry Wellcome

Wellcome Trust

1,517

4.0%

6

George Soros

Open Society Foundation

1,209

6.7%

7

Azim Premji

Azim Premji Foundation

1,052

5.0%

8

Howard Hughes

Howard Hughes Medical Institute

822

3.9%

9

Edsel Ford

Ford Foundation

538

3.8%

10

JK Lilly Sr

Lilly Endowment

528

3.2%

10

Robert Wood Johnson II

Robert Wood Johnson Foundation

528

4.4%

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

Chart 6: Distribution of annual grants

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

COVID-19 Donations

 

Most of the Top 50 philanthropists or their private foundations donated towards Covid-19. The Ford Foundation (US$1bn), W.K. Kellogg Foundation (US$300mn), Andrew W. Mellon Foundation (US$200mn), MacArthur Foundation (US$125bn) and Doris Duke Charitable Foundation (US$100mn) issued a US$1.75bn bond offering to countering the unprecedented public health and economic crisis.

 

Other Covid-19 donations included:

 

·       Rockefeller Foundation committed US$1bn over the next three years to ensure wider access to Covid-19 tests and vaccines

·       Bill and Melinda Gates Foundation donated US$420mn

·       Tata Trusts led by Ratan Tata donated US$270mn

·       Azim Premji of Wipro donated US$135mn

·       George Soros of Open Society Foundation donated US$130mn

 

Where are these foundations based?

 

With 38 philanthropists USA topped the list of countries, followed by the UK with 5 and China with 3.

 

Table 7: Top Countries in the list

 

Country

Number of Philanthropists

Top Philanthropists

1

USA

38

Bill Gates & Melinda French Gates

2

UK

5

Henry Wellcome

3

China

3

Pony Ma Huateng

4

India

2

Jamsetji Tata

5

Portugal

1

Calouste Sarkis Gulbenkian

5

Switzerland

1

Hans Wilsdorf

Source: 2021 EdelGive Hurun Philanthropists of the Century

Most of the foundations featured in the list are centred in New York, making it the philanthropic capital, followed by London and Westlake, which is home to 10 and 2 foundations respectively.

 

Table 8: Top Cities where the foundations are based at

 

City

Number of Philanthropists

1

New York

10

2

London

5

3

Westlake

2

3

Los Angeles

2

3

Seattle

2

3

Hong Kong

2

3

Philadelphia

2

Source: 2021 EdelGive Hurun Philanthropists of the Century

 

Oldest Foundations

 

The average age of the Top 50 foundations is 58 years.

 

20% of foundations featured in the list were established over one hundred years ago. The oldest foundation is the Tata Trusts which was founded in 1892, followed by the Carnegie Corporation of New York (1911) and Rockefeller Foundation (1913).

 

Table 9: Top 5 oldest foundations

Rank

Name of the Foundation

Founded Year

Age in years

Primary Cause

1

Tata Trusts

1892

129

Education

2

Carnegie Corporation of New York

1911

110

Education

3

Rockefeller Foundation

1913

108

Healthcare

4

Duke Endowment

1924

96

Education

4

Kresge Foundation

1924

96

Healthcare

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

Family foundation

 

Family foundations are private foundations whose funds are derived from members of a single family and governed by family members who have a significant role in decision making. Family foundations are a popular choice to engage younger family members in giving decisions and operations.

 

Nearly 66% of the Top 50 philanthropic institutions are managed by founders or founding family members and the remaining 34% managed by professional managers without the involvement of founding family members.

 

Chart 10: Management Style of the endowments

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

Table 11: Top 5 Philanthropists who actively manage their foundation/Donation

 

Name of the Foundation

Founder

1

Bill & Melinda Gates Foundation

Bill Gates & Melinda French Gates

2

Warren Buffett

Warren Buffett

3

Open Society Foundation

George Soros

4

Azim Premji Foundation

Azim Premji

5

Gordon & Betty Moore Foundation

Gordon & Betty Moore

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

Table 12: Top 5 Foundations Actively managed by Family members

 

Name of the Foundation

Estimated Current Value of Donation (US$bn)

Active Family Member leading the Foundation

1

Tata Trusts

102.4

Ratan Tata

2

Lilly Endowment

27.5

N. Clay Robbins

3

Rockefeller Foundation

26.8

Sharon Percy Rockefeller

4

Ford Foundation

26.7

Darren Walker

5

William & Flora Hewlett Foundation

21.4

Larry Kramer

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

In line with the EdelGive Hurun Philanthropy Lists, Education and Health Care have been the primary causes of donations for the foundations.

 

Table 13: Causes

 

Cause

No of Philanthropists

1

Education

11

1

Healthcare

11

3

Social Welfare

8

4

Arts & Culture

6

5

Research & Development

6

Source: 2021 EdelGive Hurun Philanthropists of the Century

                                                                                                                                       

Full List: 2021 EdelGive Hurun Philanthropists of the Century (Donation Implies estimated current value of donations)

 

Rank

Name of Original Donor

Donations * US$bn

Main Source of Wealth

Industry of the Main Company

Country

Founder Death

Year

Key person running the endowment

1

Jamsetji Tata

102.4

Tata Sons

Software & Services

India

1904

Ratan Tata

2

Bill & Melinda Gates

74.6

Microsoft

Software & Services

USA

Alive

Bill & Melinda Gates

3

Henry Wellcome

56.7

Wellcome

Pharmaceutical

UK

1936

Eliza Manningham-Buller

4

Howard Hughes

38.6

Hughes Aircraft

Aerospace & Defense

USA

1976

Clayton S. Rose

5

Warren Buffett

37.4

Berkshire Hathaway

Investments

USA

Alive

Warren Buffett

6

George Soros

34.8

Soros Fund Management

Investments

USA

Alive

George Soros

7

Hans Wilsdorf

31.5

Rolex

Luxury Goods

Switzerland

1960

Marc Maugué

8

JK Lilly Sr

27.5

Eli Lilly & Company

Pharmaceutical

USA

1948

N. Clay Robbins

9

John D Rockefeller

26.8

Standard Oil Co

Oil & Gas

USA

1937

Sharon Percy Rockefeller

10

Edsel Ford

26.7

Ford Motor Company

Automobile

USA

1943

Darren Walker

11

Robert Wood Johnson II

23.7

Johnson & Johnson

Pharmaceutical

USA

1968

Richard E Besser

12

Azim Premji

22.0

Wipro

Software & Services

India

Alive

Azim Premji

13

William & Flora Hewlett

21.4

Hewlett-Packard Company

Computer Hardware

USA

2001

Larry Kramer

14

David Packard

16.4

Hewlett-Packard Company

Computer Hardware

USA

1996

David Orr

15

J Paul Getty

14.9

Getty Oil

Oil & Gas

USA

1976

James Cuno

16

John D. MacArthur

14.5

Bankers Life and Casualty

Financial Services

USA

1978

John Palfrey

17

Will Keith Kellog

14.5

Kellogg Company

Food & Beverage

USA

1951

La June Montgomery Tabron

18

Andrew Carnegie

13.4

Carnegie Steel Company

Financial Services

USA

1919

Vartan Gregorian

19

Alisa Mellon Bruce & Paul Mellon

12.9

Union Trust Company

Retail

USA

1969

Elizabeth Alexander

20

Sam & Helen Walton

12.8

Walmart

Semiconductors

USA

1992

Annie Proietti

21

Gordon & Betty Moore

11.9

Intel Corporation

Food & Beverage

USA

Alive

Gordon And Betty Moore

22

W. Garfield Weston

11.5

George Weston Limited

Media

UK

1978

Guy Weston

23

Michael Bloomberg

11.1

Bloomberg

Oil & Gas

USA

Alive

Michael Bloomberg

24

Calouste Sarkis Gulbenkian

10.8

Partex Oil and Gas

Trading & Distribution

Portugal

1955

Isabel Mota

25

Margaret A Cargill

9.7

Cargill

Hospitality

USA

2006

Paul Busch

26

Conrad Hilton

9.5

Hilton Hotels & Resorts

Oil & Gas

USA

1979

Hawley Hilton McAuliffe

27

Joseph N. Pew Jr.

9.2

Sunoco

Real Estate

USA

1963

Susan K. Urahn

28

Harry & Leona Helmsley

8.6

Helmsley-Spear

Investments

USA

1997

Stephanie Cuskley

29

MacKenzie Scott

8.5

Amazon

Retail

USA

Alive

MacKenzie Scott

30

Chris Hohn & Jamie Cooper

8.0

The Children's Investment Fund Management

 Tobacco

UK

Alive

Chris Hohn

31

James Buchanan Duke

7.9

American Tobacco Company

 

USA

1925

Rhett N. Mabry

32

Ma Huateng

7.7

Tencent

Retail

China

Alive

Ma Huateng

33

S. S. Kresge

7.2

S. S. Kresge Company

Investments

USA

1966

Rip Rapson

34

Jim Simons

7.1

Renaissance Technologies

Automobile

USA

Alive

Marilyn H. Simons

35

Charles Stewart Mott

6.7

General Motors

Metals & Mining

USA

1973

Ridgway White

36

Ma Yun

6.0

Alibaba Group Holding

Software & Services

China

Alive

Ma Yun

37

Eli Broad

5.8

SunAmerica

Financial Services

USA

2021

Eli Broad

38

Robert Winship Woodruff

5.7

The Coca-Cola Company

Food & Beverage

USA

1985

James B. Williams

38

John Templeton

5.7

Franklin Templeton

Investments

USA

2008

Jennifer Templeton Simpson

40

Jeffry M. Picower & Barbara Picower

5.5

Bernard L. Madoff Investment Securities

Investments

USA

2009

Barbara Picower

41

William Hesketh Lever

5.5

Lever Brothers

Consumer Goods

UK

1925

Nancy Kramer

42

Harry Weinberg

5.5

Investments

Real Estate

USA

1990

Fay Hartog-Levin

43

James Harvey Irvine Sr

4.9

Irvine Company

Real Estate

USA

1947

Don Howard

44

John Knight & James Knight

4.6

Knight Ridder

Media

USA

1991

Francisco L. Borges

45

William Lewis Moody, Jr.

4.6

Moody National Bank

Financial Services

USA

1954

Frances Moody-Dahlberg

46

Ewing Marion Kauffman

4.3

Marion Laboratories

Pharmaceutical

USA

1993

Susan Chambers

47

Li Ka-shing

4.2

Cheung Kong Holdings

Real Estate

China

Alive

Solina Chau

48

Isaac Wolfson

3.7

GUS plc

Retail

UK

1991

Dame Janet Wolfson de Botton

49

Jesse H. Jones

3.7

Houston Chronicle

Media

USA

1956

Douglas L. Foshe

50

Michael & Susan Dell

3.6

Dell Technologies

Computer Hardware

USA

Alive

Michael & Susan Dell

Source: Hurun Research Institute; 2021 EdelGive Hurun Philanthropists of the Century

 

 

 

Methodology

 

To compile this list, Hurun Research surveyed and referred to the annual reports of many of the world’s largest foundations as well as some of the world’s most generous individual philanthropists, including those from the Hurun Global Rich Listthe Hurun China and India Philanthropy Lists. We derived the data from publicly available sources and in certain cases directly as shared by the foundations. Post receiving data, we meticulously cross-checked the results based on our calculations.

 

We calculated total donations as the estimated current endowment value together with a total distribution to date, adjusted to inflation. In the case of Bill & Melinda Gates, for example, their total donations of US$74.6bn are the sum of the current value of their contribution to the Foundation of US$49.8bn, and total distributions attributable to their donations to date of US$24.8bn

 

Disclaimer and Notices

 

This report has been prepared by Hurun Research Institute. All the data collection has been done by Hurun Research using a systematic methodology. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources which are considered reliable and that which is available in the public domain. By accessing and/or using any part of this report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun Research and EdelGive Foundation. Hurun Report and EdelGive Foundation do not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report, under the credit to it, assumes any liability towards the user with respect to its information. Hurun Report and EdelGive Foundation, shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun Report India and EdelGive Foundation shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, loss of business and economic loss regardless of the cause of form of action and regardless of whether or not any such loss could have been foreseen.

 

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Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2021, a ranking of the 3,228 US dollar billionaires, the so-called ‘Nine-Zero Club’, currently in the world, and the ninth India Rich List which ranks the 827 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net.

 

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In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the success stories of some of the most amazing women wealth creators and inheritors.

 

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