If you're fortunate enough to have more money than you require, don't wait until you die to give it to those in need.

That's the philosophy of 83-year-old billionaire Michael Bloomberg, who gave away a total of $3.7 billion to nonprofits in 2024 — more than any other American, according to the Chronicle of Philanthropy.

"I've never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?" Bloomberg, an entrepreneur and former New York City mayor, wrote in an email to the Chronicle. Acts of generosity — like donating money or volunteering — can indeed improve your mental health, boosting happiness and reducing stress, found a 2018 study from the University of California, Berkeley.

For the second year in a row, Bloomberg topped the magazine's Philanthropy 50 list, which tracks the country's largest individual donors. The 50 people on this year's list — and, in some cases, their spouses — handed out a combined $16.2 billion last year, according to the magazine's estimates.

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Bloomberg accounted for nearly one-quarter of that total. His giving placed him ahead of other billionaires like Berkshire Hathaway CEO Warren Buffett, Netflix co-founder Reed Hastings and Dell Technologies founder Michael Dell.

Bloomberg, whose net worth is estimated at $104.7 billion by Forbes, typically donates money through his Bloomberg Philanthropies organization. It focuses on five areas, according to its website: the arts, education, the environment, government innovation and public health. Last year, Bloomberg Philanthropies gave $1 billion to Johns Hopkins University, Bloomberg's alma mater, to cover the full tuition for medical students whose families earn under $300,000.

Some critics point to the potential downsides and conflicts of interest in a handful of ultra-wealthy individuals dictating which global issues receive the most funding, and how that money is spent.

In Bloomberg's case, his giving is intended to create more opportunities for others, he wrote in his email: "I've been very lucky, and I'm determined to do what I can to open doors for others and to leave a better world for my children and grandchildren."

'You can't spend it and you can't take it with you'

Bloomberg's stance echoes that of Microsoft co-founder Bill Gates, who has spent much of his time since 2000 trying to address global issues like climate change, poverty and global health through the Gates Foundation.

Gates, once the world's richest person, has said that his ultimate goal is to give away enough of his fortune in his lifetime to knock himself off of the lists of the world's wealthiest people entirely.

"I'll be proud when I fall off altogether," he told CNN last year. Gates and his ex-wife Melinda French Gates have collectively donated $34 billion over the past 25 years, the Chronicle estimated — a figure only surpassed by Buffett, who's reportedly donated $49.4 billion over the same timespan.

The trio of billionaires — Bloomberg, Gates and Buffett — are all signatories to the Giving Pledge, which Buffett and Gates created in 2010. The pledge serves as a commitment to give away the bulk of one's wealth in their lifetime.

Buffett has tasked his children with disbursing his remaining wealth after he dies, he said last year. Bloomberg, along with his other donations, has promised to leave the eponymous tech and media company he co-founded to Bloomberg Philanthropies "when he dies, if not sooner," a spokesperson told the Financial Times in 2023.

In his pledge letter, Bloomberg wrote that "the reality of great wealth is that you can't spend it and you can't take it with you."

He later added: "If you want to do something for your children and show how much you love them, the single best thing — by far — is to support organizations that will create a better world for them and their children. Long term, they will benefit more from your philanthropy than from your will."

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