Only a handful of the billionaires who said last year they would devote half their wealth to charity made big gifts in 2010, according to The Chronicle of Philanthropy, which published its annual list of the 50 most generous donors on Sunday.
Just 17 people on The Chronicle's annual list of the 50 most generous donors also appeared on Forbes magazine's list of the 400 wealthiest Americans.
Over all, the donors on The Chronicle's 2010 list—actually 54, including several ties in the rankings—committed a combined total of $3.3 billion, the smallest sum since The Chronicle began to track the biggest donors in 2000. The list measures the cumulative total each individual gives to charitable causes, not simply the biggest donations of the year.
The organization reported that nine people on the list committed more than $100 million in 2010, compared with 16 in 2007 and 18 in 2006. The median gift was $39.6 million, down from $41.4 million in 2009, $69.3 million in 2008, and $74.4 million in 2007.
The reasons for the constrained giving were not surprising: a combination of fears of the economy sliding back into recession and uncertainty about tax rules, according to donors and nonprofit officials who spoke to The Chronicle. However, they expected giving to increase in 2011, thanks to the resolution of the federal estate tax and deduction limits and fading concerns about a double-dip recession.
While nearly half of the gifts of $5 million or more made by people on the Philanthropy 50 went to colleges and universities, no big gifts to colleges came from those under 50; instead, they gave mainly to medical care, human rights, social entrepreneurship and efforts to improve public schools—suggesting a generational shift in giving, according to The Chronicle.
Hospitals and medical centers were the second most popular cause for Philanthropy 50 donors. No donations of $5 million or more went to social-service groups.
