Bloomberg Donated $254 Million To Charities Last Year

In a year when charitable giving dropped among the nation's wealthiest people, Mayor Bloomberg handed out $254 million in donations—making him not only richest man in New York City but also the country's fourth biggest giver. According to the Chronicle of Philanthropy, Bloomberg—who is worth an estimated $17.5 billion—donated money to 1,358 different nonprofits and dedicated $125 million to help six charities devise a plan to help reduce traffic accidents in developing countries.

The Daily News notes that the Mayor plans to dedicate a vast portion of his personal fortune to philanthropy. As such, he has also donated more than $1.5 billion to his Bloomberg Family Foundation, which has purchased two Upper East Side buildings that the organization will use as headquarters when Bloomberg becomes a full-time philanthropist.

While the country's top 50 givers donated about $10 billion less in 2009 than they did in 2008, Bloomberg's charitable output increased by 8 percent. The only Americans who gave more money to charity than Bloomberg were Stanley F. and Fiona B. Druckenmiller ($705 million), the estate of fund manager John Templeton ($573 million), and Bill and Melinda Gates ($350 million). Donations weren't Bloomberg's only big expenditure in 2009—he also shelled out more than $100 million on his re-election campaign.

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By Ben Muessig in News on February 8, 2010 3:00 PM

Comments [rss]

synik

felixthecat is pulling on the same straws as Palin

Back in 2008 -

"The investment bank Merrill Lynch has agreed to sell its 20% stake in Bloomberg for $4.5bn (£2.25bn), in a deal which provided a glimpse of the fortune amassed by the news service's founder turned politician, Michael Bloomberg.

The news and data company is buying back the shares itself in a transaction which assumes a valuation for the entire Bloomberg empire of $22.5bn. This would make Michael Bloomberg's personal stake of 68% worth $15bn."

FelixtheCat & Christine Quinn'

I am sure bloomberg LP isn't doing as well since less users for his terminals. Bloomberg has lots of money tied in venture capitalists that do business with the city.

synik

Um no he does not have money tied in venture capitalist. His wealth is solely from 88% ownership of Bloomberg LP.

FelixtheCat & Christine Quinn'

http://noticingnewyork.blogspot.com/2009/02/good-news-is-bad-news-thanks-lot-for.html

He is worth over 20 billion. (% wise his charitable contributions sucks), and he seems to contribute months before his campaign runs and contributes for publicity and for endorsement. Also, the 254 millions he contributed pales in comparison to the money the public has to financed his private projects such as the $195 million park given to the Yankee Stadium.

Politburo

The "net worth" of rich people is not a real number.

HOTCUP

"Also, the 254 millions he contributed pales in comparison to the money the public has to financed his private projects such as the $195 million park given to the Yankee Stadium."

actually, 254 million > 195 million.

FelixtheCat & Christine Quinn'

That is just one project. Atlantic Yard, Willets Point, Coney Island etc. And lets take into account all the money spend on his police entourage to Bermuda, London, Israel etc out of taxpayer's money. Bloomberg wealth has 4X since he became Mayor. REad the link and see the truth. Bloomberg has robbed us blind and yet the papers portrayed him as a philanthropist.

longacre

Bloomberg's net worth is tied directly to the value of Bloomberg LP.

Bloomberg LP's value is tied almost exclusively to how many computer terminals the lease out to the financial industry. They don't do much, if any, business with the city.

Jason

How about donating to the MTA?

Wza

Donate some this way homie Mike.

nicemarmot

That's pretty cool of him. Now if only he wasn't such a power hungry tool.

Kojak

"Donations weren't Bloomberg's only big expenditure in 2009—he also shelled out more than $100 million on his re-election campaign."

Damned if he does, damned if he doesn't eh?