Billionaire Rob Hale donated $1 million every week this year

According to John Hyatt for Forbes, billionaires Rob and Karen Hale have donated $1 million a week to 52 nonprofits.

The Hales have a lot of money, but it doesn't leave a big hole in their wallet. According to Forbes, Rob Hale is worth about $5 billion.

He and his wife have always been philanthropists, this time they want to give to smaller organizations. The majority of these donations will be charitable endowments, a pool of money intended to generate an annual income stream for nonprofits.

Hale told Forbes that the recipients have no financial certainty.

The Hales have donated over 27 million dollars to 29 different organizations, including those that address environmental issues, cancer, the need for shelter in the Dominican Republic, and greater access for Boston youth who want to participate in service missions. Twelve charities are left before they reach their goal after 11 other organizations received pledges and are in the books for donations. Forbes says that the Hales are a bit behind schedule.

Forbes reports that a lot of the nonprofits have revenues of less than $5 million a year. During the Pandemic, nonprofits had it difficult. A tight labor market and difficulties in raising money in a virtual environment were some of the challenges faced by many. Smaller nonprofits were less likely to say they were surviving or thriving than large organizations.

Hale hopes that the nonprofits will invest their $1 million so the funds can increase over time and drawdown at least 5% a year, equivalent to $50,000.

Hale told the paper that the endowments set them up for a stable future and that they can focus on doing great work.

The Hales are not the only ones trying to get their money back. According to the World Inequality Lab, the world's richest people accounted for 9% of the global wealth. billionaires are looking to give some of their wealth away as they rake in more cash The Hales are part of a group of billionaires who use their own resources to address the wealth gap.

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