Billionaire philanthropist MacKenzie Scott announced on Wednesday that she has donated another $2 billion in 2024, bringing her total giving since 2019 to $19.2 billion.
In a post on her “Yield Giving” website, Scott shared insights into her approach, revealing a shift toward investing in “mission-aligned ventures” to address systemic challenges like economic insecurity and lack of opportunities.
“This morning, with the help of my team, I uploaded information about $2,004,400,000 in gifts to the 199 organisations below. Roughly 75% of them are non-profits that support the economic security and opportunity of people who are struggling by improving access to affordable housing, jobs that provide stability for themselves and their families, child development and post-secondary education, healthcare, and financial counselling, business coaching, and low-interest rate loans focused on increasing economic potential and building wealth. The others support well-being through other means, such as work on human rights and natural resources conservation.”
Scott emphasised that this strategy contrasts with traditional wealth management.
“I’ve asked the investment team helping me manage the assets I’m working to give away to source funds and companies focused on for-profit solutions to these challenges,” she wrote. Instead of withdrawing from portfolios that enhance the wealth of already-powerful leaders, Scott aims to “devote resources for a useful purpose.”
Most of Scott’s wealth stems from her divorce from Amazon founder Jeff Bezos, receiving a substantial portion of Amazon shares. Despite her significant giving, Forbes estimates her current net worth at $31.7 billion.
In 2024, Scott expanded her support for grantees with repeat donations, a rarity in her giving history. Organisations like CAMFED (focused on girls’ education in Africa) and Undue Medical Debt received third grants this year. Shaun Donovan, CEO of Enterprise Community Partners, which supports affordable housing, described his surprise at a second $65 million donation.
“They’re very clear that you shouldn’t expect additional support, making this a remarkable exception,” Donovan said.
Scott’s first-ever open call for grant applications this year further demonstrated her commitment to inclusivity. Initially planning to award $250 million, she ultimately distributed 4640 million to over 360 non-profits. More than 6,000 organisations applied, with recipients receiving between $1 million and $2 million each.
Her unrestricted grants allow non-profits to allocate funds as needed, fostering long-term impact.
Scott’s innovative approach to philanthropy challenges traditional norms, prioritising rapid, meaningful impact. Her focus on unrestricted giving, mission-aligned investments, and empowering non-profits underscores her dedication to addressing systemic inequities. As her donations reshape the non-profit sector, Scott continues to set a high bar for what effective, large-scale philanthropy can achieve.
