‘Portfolio’: Wall Street’s Most-Generous Donors

The 100 largest foundations set up by people in the financial-services industry — including hedge funds, investment banks, and private-equity firms — hold $6.3-billion in assets, says Portfolio magazine (January), which based its estimate on the informational tax returns filed by the grant makers. It said the 50 biggest of those foundations donated nearly $10-million apiece in the most recent year for which a tax form was available.

Hedge-fund financiers had created half the funds on the list, the magazine said.

The most-generous financial leader, the magazine said, was Robert W. Wilson, whose foundation has more than $166-million in assets. Mr. Wilson, 80, says he wants to give away 70 percent of his worth before he dies. While he is committed to philanthropy, he acknowledged in an interview in the magazine that “if I could take it with me I probably wouldn’t give a dime to anybody.” He speculates that many people in the financial arena do not give as much as they could because “giving money away is much more boring than making it.”

He focuses his giving on environmental causes, but also supports many other groups. Education is a favorite cause, he says, “but I don’t give any money to colleges. I think the whole college and university system is bloated beyond recognition and is a great drain on the resources of this country at this point.”

The article is available online.