The young philanthropist making it ‘cool to care’
What does it take to be a philanthropist? It is more than just having the means to give money to charity; it’s an ardent desire to help improve the world around you. There are many people of means who, while they donate occasionally, don’t really qualify for the title of philanthropist.
The 17 Youngest Billionaires: Peer-Pressure Philanthropy
Rich people of years past have often held on to most of their fortunes while alive, contributing it to charity only after death. This is the first time there have been so many young people donate their money to different causes. There are those around who do make a point to actually try and make the world a better place.
Their intentions are positive, but we need to see that money get distributed.
Here’s a list of the under-40′s and their philanthropic efforts:
1. Mark Zuckerberg, 32
NET WORTH: $55.5 billion, Source of wealth: Facebook
PHILANTHROPY: The Chan Zuckerberg Initiative
FUNDING AREAS: Education, Technological Innovation, Community Development, Immigration Reform, Health
OVERVIEW: Zuckerberg has emerged as a major philanthropist, making a succession of large gifts in recent years. The couple started selling Facebook shares worth nearly $95 million before taxes quickly after pledging to give 99 percent of them to public-interest causes. In 2015, Zuckerberg launched the Chan Zuckerberg Initiative whose initial focus areas is “personalized learning, curing disease, connecting people and building strong communities.”
2. Lukas Walton, 30
NET WORTH: $11.2 billion, Source of wealth: Wal-Mart
PHILANTHROPY: The Walton Family Foundation
FUNDING AREAS: Awarding grants for environmental work, improving primary and secondary education and investment in north-west Arkansas.
OVERVIEW: The Walton Family Foundation was established in 1988 by Lukas’ father, Sam Walton, despite his well-known refusal to contribute to philanthropic causes.Philanthropist focused on environmental innovation, Lukas graduated from Colorado College with a degree in “environmentally sustainable business”: Walton had to petition the board of Colorado College to create his “conscious capitalism”–flavored major, according to local press coverage of a commencement speech he gave at his former high school in 2011. Walton went on to work for the venture capital company True North Venture Partners, a firm that “traces its roots to his father’s venture capital activities,” according to Bloomberg.
3. Dustin Moskovitz, 32
NET WORTH: $10.4 billion, Source of wealth: Facebook
PHILANTHROPY: Good Ventures Foundation, a public charity created in partnership with the Silicon Valley Community Foundation (SVCF)
OVERVIEW: Good Ventures has given major support to health initiatives in developing countries, has made major contributions to organizations such as Give Directly and the Center for Global Development. Through Good Ventures, Moskovitz has offered general support to, and made media buys for, Freedom to Marry. Good Ventures cites growing support for drug policy reform and underfunding in this area as key factors in its decision to fund organizations focusing on this issue. It also provides major funding for criminal justice reform more broadly.
4. Jan Koum, 39
NET WORTH: 8.7 billion USD (2017), Source of wealth: WhatsApp Inc.
PHILANTHROPY: Silicon Valley Community Foundation
OVERVIEW: Koum is still relatively new to philanthropy, so it’s difficult to say what causes he’ll support. However, he recently put close to $556 million into a donor-advised fund at the Silicon Valley Community Foundation. The full scope of his giving through that fund remains unclear, but we do know that he gave $1 million to support a free open source operating system that is used by start ups.
5. Eduardo Luiz Saverin, 35
NET WORTH: $7.9 billion, Source of wealth: Facebook
PHILANTHROPY: Lead investor in Aporta, The Digital Philanthropic Platform.
OVERVIEW: Aporta is an online platform that aims to create and promote a culture of Digital Philanthropy in Mexico by supporting the country’s charitable activities through technology and digital strategies, where nonprofits and donors can connect easily to aid those in greatest need.
6. Huiyan Yang, 31
NET WORTH: $5.7 billion, Source of wealth: Country Garden Holdings
PHILANTHROPY: Wenchuan Earthquake Orphan Fund in Guangdong Youth Development Foundation, Guangdong Guoqiang Charity Fund
OVERVIEW: Yang and her family have given more than $100 million towards various charitable causes. Yang primarily supports disaster relief, poverty alleviation and educational causes. Lifetime giving exceeds $24 million. Recipients include Guangzhou Foundation for Justice and Courage, Guangdong Youth Development Foundation and Sun Yat-sen University. Notable gifts include a $3.9 million donation to Foshan Shunde Guoliang Vocational Training School, a $1.2 million donation to Guangdong Country Garden Vocational College in 2014, and a $800,000 donation to Shunde Charity Federation. Yang’s direct involvement in Guangdong Guoqiang Charity Fund’s philanthropic initiatives is unclear. Country Garden Holdings, of which Yang is Vice Chairman and a substantial shareholder, also supports disaster relief, poverty alleviation and educational causes. The company’s total contribution exceeds $250 million. Notable gifts include a $7 million donation to victims of the Sichuan earthquake in 2008, a $2.7 million donation to the Guangzhou Charity Association in 2007, and a $6 million donation to the Guangzhou Provincial Government for the construction of Zengcheng district’s city square in 2004.
7. Scott Duncan, 35
NET WORTH: $5.7 billion, Source of wealth: Enterprise Products Partners
PHILANTHROPY: Dan L. Duncan Family Foundation
OVERVIEW: Director of the Dan L Duncan Family Foundation. Gives primarily to medical causes; donations exceed $220 million. Notable recipients include: Baylor College of Medicine; the M.D. Anderson Cancer Centre; the Texas Children’s Hospital; Texas Medical Hospital; and the Houston Museum of Natural Science.
8. Andres Santo Domingo, 38
NET WORTH: $4.8 billion, Source of wealth: Beer
PHILANTHROPY: Art Production Fund, DKMS.
OVERVIEW: As part of his record business, Kemado Records, Andres Santo Domingo is a supporter of independent music and this interest in art applies to his philanthropy as well. With his wife, he served on the host committee of an event to benefit the Art Production Fund, a non-profit organization that is dedicated to helping artists make their dreams a reality- especially those that might be difficult to produce. Both he and his wife served as co-chairs of the gala to benefit DKMS, an organization that empowers people to take action in the fight against blood cancer and is one of the largest bone marrow donor centers in the world. According to the New York Times, Andres Santo Domingo is also closely involved in Conservation International. He both gives money and helps to organized fundraisers for the non-profit, which defends natural resources throughout the world.
9. Alejandro Santo Domingo, 39
NET WORTH: $4.8 billion, Source of wealth: Beer
PHILANTHROPY: Colombia’s Endeavor, DKMS Americas,
OVERVIEW: Alejandro is a director of Colombia’s Endeavor, an international non-profit development organization that aims to find and support high-impact entrepreneurs in emerging markets and is member of the Latin America Conservation Council of The Nature Conservancy. He is a director of DKMS Americas, a non-profit organization and the largest bone marrow donor center in the world. With over 3.6 million registered donors, Delete Blood Cancer is leading the fight against blood cancer by empowering people to take action, give bone marrow, and save lives. He is active in the family’s foundation, which is a major player in helping Colombia’s poor. He is also a generous donor and has championed ecological and conservancy causes.
10. Nathan Blecharczyk, 33
NET WORTH: $3.3 billion, Source of wealth: Airbnb
PHILANTHROPY: College Track, Giving Pledge
OVERVIEW: Nathan and his wife Elizabeth are active contributors to their alma maters as well as St. Mary’s Center for Women and Children, where Elizabeth Blecharczyk volunteered during medical school. They have also contributed to College Track, a California-based nonprofit that supports college-bound students from under-served communities.
The cofounders of Airbnb joined the ranks of the Giving Pledge, a select group of billionaires who have committed to give the majority of their wealth away.
11. Brian Chesky, 35
NET WORTH: $3.3 billion, Source of wealth: Airbnb
PHILANTHROPY: Giving Pledge, United Nations High Commissioner for Refugees (UNHCR)
OVERVIEW: In 2012, Airbnb along with then New York Mayor, Michael Bloomberg, launched a platform to help victims of Hurricane Sandy by providing housing facilities. Airbnb created a portal for members of the public willing to provide free housing for hurricane victims. In 2016, the co-founders of Airbnb, Chesky, Joseph Gebbia and Nathan Blecharczyk joined the Giving Pledge, committing to give away the majority of their wealth to philanthropic causes. Airbnb supports the United Nations High Commissioner for Refugees (UNHCR), through its campaign, BelongAnywhere, which aims to bring media attention and financial support for refugees globally as they integrate into new communities. The company will match generous contributions up to $1 million. Through December 31st, 2016, it will match by making up to a total contribution of up to $800,000 as a cash donation to USA for UNHCR; and for contributions over $800,000, the company will match contributions by providing up to $200,000 in travel credits to assist relief agencies like the MercyCorps.
12. Joe Gebbia, 35
NET WORTH: $3.3 billion, Source of wealth: Airbnb
PHILANTHROPY: Rhode Island School of Design, Giving Pledge
OVERVIEW: Gebbia serves on the Board of Trustees of his alma mater, the Rhode Island School of Design (RISD). In 2014, he donated US$300,000 to RISD to establish a US$50,000 term scholarship and an endowed fund. In 2016, the co-founders of Airbnb, Chesky, Joseph Gebbia and Nathan Blecharczyk joined the Giving Pledge, committing to give away the majority of their wealth to philanthropic causes.
13. Robert Pera, 38
NET WORTH: $3.2 billion, Source of wealth: Wireless equipment
PHILANTHROPY: Ubiquiti Networks, Grizzlies Foundation
OVERVIEW: Pera supports community causes. Through Ubiquiti Networks, Pera donates resources and equipment to bring wireless access and upgraded technology to schools, community centers, apartments and more across the Memphis area. Also supports the Grizzlies Foundation; he also donated his personal floor seats next to the basketball team, Grizzlies bench for selected games to reward high-performing students enrolled in STEM programs in the Greater Memphis area.
14. Sean Parker, 36
NET WORTH: $2.4 billion, Source of wealth: Facebook
FUNDING AREAS: Medical research, nonprofit development
OVERVIEW: Parker has emerged lately as a philanthropist focused on medical giving, and particularly immunology. But he has diverse interests, and was a cofounder of Causes. In June 2015, Parker announced a $600 million contribution to launch the Parker Foundation, which focuses on three areas: Life Sciences, Global Public Health and Civic Engagement. Parker’s ultimate philanthropic legacy may come from his development of the social media app Causes, which he founded in 2007 with political activist Joe Green. Causes started as the first Facebook app but has expanded to other platforms, helping connect non-profits with potential donors, helping people promote their favorite charities, and encourage giving online. Before Causes came along, only 5.7 percent of the $300 billion a year donated to charities by Americans came from online giving, even though e-commerce was exploding. The organization uses a number of methods to match donors and charities.
15. Evan Spiegel, 26
NET WORTH: $2.1 billion, Source of wealth: Snapchat
PHILANTHROPY: Snap Foundation
OVERVIEW: Non-profit arts, education and youth programs are are about to get a cash infusion from Snap. Snap and its co-founders, Evan Spiegel and Bobby Murphy, have pledged to donate up to 13,000,000 shares of Class A common stock over the next 15 to 20 years to a foundation to support arts, education and youth, the company revealed in its S-1 filing Thursday afternoon.
16. Bobby Murphy, 28
NET WORTH: $1.8 billion, Source of wealth: Snapchat
PHILANTHROPY: Snap Foundation
OVERVIEW: Spiegel and Murphy are planning to donate 13 million Class A shares of Snapchat stock to the foundation over the next 15 to 20 years. With its last private valuation at $25 billion, it could mean hundreds of millions of dollars for the initiative when the company goes public. The donations are set to benefit primarily youth, education and nonprofit arts programs.
17. Perenna Kei, 27
NET WORTH: $1.3 billion, Source of wealth: Logan Property Holdings
PHILANTHROPY: Logan Property
OVERVIEW: She donated to the Community Chest of Hong Kong and has previously donated to the Xiqu Central Primary School, Red Cross Society of China and Guangxi Charity Foundation, and more.
