Billionaire Michael Bloomberg would be the most prominent philanthropist ever to seek the presidency if he follows through on plans to join the Democratic primary field.
The media mogul and former New York mayor has given away more than $7 billion to charity so far and has expressed his intentions to eventually give away his entire fortune, pegged by Forbes at $52.4 billion.
Bloomberg said in March that he would not run for the presidency, but one of his top aides recently signaled that Bloomberg is worried that the current crop of Democratic candidates could not beat President Trump, and he has taken steps to begin the process of getting on the ballot.
It is unclear what a Bloomberg administration would mean for the nonprofit world as a whole.
A look at the causes he has supported, primarily through his Bloomberg Philanthropies, shows a strong interest in improving public health, protecting the environment, and helping low-income students go to college:
- A longtime supporter of higher education, Bloomberg said last year that he planned to give his alma mater, Johns Hopkins, $1.8 billion in 2019 for the sole purpose of providing financial aid to low- and middle-income students and to eliminate the need for the university to include loans in the financial-aid packages it offers such students.
- Bloomberg Philanthropies also announced last year a $375 million program to help students from low- and middle-income families attend elite colleges and universities.
- In 2017, Bloomberg announced a $64 million commitment to the Sierra Club’s Beyond Coal campaign and other organizations working to advance the clean-energy market.
- In 2016, he announced a $300 million gift to the Bloomberg School of Public Health at Johns Hopkins for programs focused on five areas: drug addiction, obesity, gun violence, adolescent health, and environmental threats. Bloomberg Philanthropies also pledged $20 million last year for anti-tobacco efforts.
- Bloomberg has a keen interest in revitalizing urban areas. He pledged $32 million to Harvard University to launch a program to educate top urban officials on tackling major issues facing cities.
Bloomberg has appeared on the Chronicle’s annual Philanthropy 50 list of the biggest donors 14 times since 2004.
He is 77 and has flirted with the prospect of running for president twice before, in 2008 and in 2016. He has said he wants to spend all of his fortune for charitable purposes while he is alive and has signed the Giving Pledge, promising to contribute at least half of his wealth to charitable causes.
Maria Di Mento directs the annual Philanthropy 50, a comprehensive report on America’s top donors. She writes about wealthy philanthropists, arts organizations, and key trends, among other topics. She recently wrote about a $125 million gift from hedge-fund manager Ken Griffin to a major science museum and a $100 million commitment from Nicole Shanahan for reproductive research and other causes. Email Maria or follow her on Twitter.
