The billionaire Michael Bloomberg announced Sunday that he is giving $1.8 billion to the Johns Hopkins University, his alma mater, solely for financial aid for academically qualified low- and middle-income students who are admitted to the university.
The donation, the largest made by a philanthropist to a university, comes after two other billionaires made giant gifts in recent months. In September, Jeff Bezos committed $2 billion to homelessness and preschool education. And last month Phil Knight, of Nike, donated $1 billion in company shares to an unnamed charitable entity.
Bloomberg, who had previously contributed more than $5.5 billion to charity, is among the most generous philanthropists in the United States.
He announced the gift in an opinion article posted on the New York Times website, where he noted that the university “has made great progress toward becoming ‘need-blind’ — admitting students based solely on merit. I want to be sure that the school that gave me a chance will be able to permanently open that same door of opportunity for others.”
He had previously given the university a total of $1.5 billion since graduating in 1964. This latest donation bumps his lifetime giving to the institution up to $3.3 billion, an astronomical sum to one university from a single donor.
Many of Bloomberg’s previous contributions to Hopkins backed financial aid but also research and teaching programs. This latest gift aims to eliminate entirely any need for loans in student financial-aid packages.
Through his foundation, Bloomberg has demonstrated an interest in fighting intergenerational poverty by helping the needy get an education. In May, Bloomberg Philanthropies announced a $375 million effort to help students from low-and middle-income families attend elite colleges and universities.
13 Years on the Philanthropy 50
Bloomberg, whose net worth Forbes pegs at about $46.3 billion, founded Bloomberg LP and served three consecutive terms as mayor of New York from 2002 to 2013. He is also a serial donor who has given a total of $7.3 billion (including this latest donation) to nonprofits both personally and through his Bloomberg Philanthropies.
He has appeared on the Chronicle’s annual Philanthropy 50 list of the biggest donors 13 times since 2004 for his many large contributions to a variety of causes, including arts, education, the environment, public health, and programs aimed at improving city governments around the world.
Bloomberg, who is 76, has said he wants to spend all of his fortune while he is alive and has signed the Giving Pledge, promising to contribute at least half of his wealth to charitable causes.
Some of his money could end up fueling his political ambitions. He announced in September that he is considering running for president in 2020 as a Democrat.
