MacKenzie Scott Climbs to Third Place Among America’s Most Generous Philanthropists with Latest Donations
Billionaire philanthropist MacKenzie Scott has once again made headlines with her significant charitable contributions. On Tuesday, she announced a staggering total of $7.2 billion in donations for the year, marking her largest annual giving since she began sharing her philanthropic efforts in 2019. This impressive figure elevates her lifetime donations to an astounding $26 billion, positioning her among the top three most generous philanthropists in the United States, according to Forbes.
MacKenzie Scott’s Philanthropic Impact
Scott’s recent donations have surpassed those of prominent figures like Michael Bloomberg and George Soros when measured by total dollar amounts. Bloomberg has donated approximately $21.1 billion, while Soros’ contributions total around $24.2 billion. Notably, Scott is second only to Soros in terms of the percentage of her wealth given away, as she has now donated over 46% of her total assets.
Focus Areas of Donations
The recipients of Scott’s donations include around 200 organizations, emphasizing her commitment to various causes, notably:
- Higher education, especially Historically Black Colleges and Universities (HBCUs).
- Programs supporting Native and underserved students.
- Climate organizations, including the Global Methane Hub and ClimateWorks Foundation.
Throughout her philanthropic journey, Scott has favored making sizable, unrestricted gifts to grassroots organizations. However, this year’s recipients largely comprise organizations that have previously benefited from her generosity.
Wealth Background and Giving Strategy
MacKenzie Scott’s philanthropic endeavors stem from her wealth, primarily acquired through her divorce from Amazon founder Jeff Bezos. At that time, she received about 400 million shares of Amazon stock. Although her ex-husband, now worth approximately $242 billion, has contributed significantly less, she has rapidly offloaded about 75% of her shares, with an estimated remaining value of $30 billion.
Scott employs a unique giving strategy by utilizing donor-advised funds (DAFs). Unlike traditional private foundations, DAFs allow her to make donations without mandatory reporting or mandated giving percentages. This structure provides her the flexibility to offload her Amazon shares while benefiting from potential tax advantages.
Future Philanthropic Vision
Scott has expressed her desire to continue giving until her wealth is fully distributed. She encourages others to adopt their forms of generosity. In her own words, Scott emphasizes the importance of kindness and the diverse ways individuals can influence their communities positively.
As Scott continues to scale new heights in philanthropy, her recent donations not only affirm her commitment to societal betterment but also establish her place as one of America’s most generous philanthropists.
