December 9, 2004 | Read Time: 1 minute
The superrich donated huge sums to charities this year, fueled by a growing belief that spending to solve today’s problems benefits society more than leaving sizable bequests, according to a Business Week cover story (November 29).
As part of its third annual special report on philanthropy, called “The Top Givers,” Business Week ranks the 50 most generous Americans, as well as the 10 corporations that contribute the most money to charities.
The investor Warren Buffett climbed from No. 26 to No. 3 on this year’s list, while two couples whose wealth came from the technology industry were No. 1 and No. 2: Bill and Melinda Gates and Gordon and Betty Moore. Mr. Buffett’s rise came after his wife, Susie, bequeathed $2.5-billion to their foundation, which supports charities dealing with reproductive rights and nuclear-weapons reduction.
The rankings of generosity are based on the gifts and pledges donors have made over the past five years; the magazine also estimates that the donors on the list have given $65-billion over their lifetimes.
In its list of the most generous corporate donors in 2003, the magazine named Freeport-McMoRan Copper & Gold, in New Orleans, first among cash donors; the hospital chain HCA, in Nashville, donated the most products and services.
The article and lists are available to the magazine’s subscribers online at http://www.businessweek.com.
