Words by Smiley Team
Many people will know Michael Bloomberg as a former mayor of New York City - one of only four individuals to have served for that long.
But Bloomberg is also one of the world’s leading philanthropists, and has so far given away more than $11bn of his $59bn fortune through his foundation Bloomberg Philanthropies to good causes.
Commenting about his commitment to giving, Bloomberg said: “The reality of great wealth is that you can’t spend it and you can’t take it with you.
“For decades, I’ve been committed to giving away the vast majority of my wealth to causes that I’m passionate about—and that my children are passionate about.”
Bloomberg, 79, made his fortune after starting his financial and media company Bloomberg LP in 1981.
His political ambitions have always been evident, starting with his term as Democratic mayor of New York City from 2002 to 2013. In November 2019 he announced a run for American President as the Democratic candidate, but dropped out of the race in March 2020.
His giving so far has focused on spending more than $1bn campaigning against tobacco, and a pledge of $1.8bn to his former university Johns Hopkins.
During the Covid-19 crisis Bloomberg donated $330 million to causes supporting those affected by the pandemic, including funding medical research and charities which provided meals for frontline healthcare workers.
And his latest project, announced in September, is to donate $100m over the next four years to fund medical scholarships at four historically Black medical schools in the US.
Bloomberg is a member of The Giving Pledge, an organisation set up by fellow billionaire philanthropists Warren Buffet and Bill and Melinda Gates to encourage and support the world’s wealthiest people to give away the majority of their fortunes.
And Bloomberg clearly finds a huge amount of personal fulfillment from helping others, announcing as part his pledge to philanthropy: “Making a difference in people’s lives—and seeing it with your own eyes—is perhaps the most satisfying thing you’ll ever do.
“If you want to fully enjoy life—give.”
