Billionaires gave $22.4B in 2025, leaning on deep ties and multiyear bets to drive impact

Top U.S. donors collectively gave $22.4 billion in 2025, led by Michael Bloomberg, Bill Gates, and Nike’s Phil Knight and his wife Penny—whose $2 billion multiyear pledge to Oregon Health & Science University is Exhibit A for large, relationship-driven commitments that continue to dominate Big Philanthropy. Broadly, mega awards—often structured as multiyear pledges, bequests, or direct foundation grants—target research, education, and scalable social programs, often with measurable outcomes that are key to reinforcing ongoing support. While critics note total giving by billionaire philanthropists represent a small share of donor wealth, most major donations follow years of engagement, with repeat giving and collaboration driving impact.