Michael Bloomberg Donates $600 Million to HBCUs

Michael Bloomberg is donating $600 million to four historically Black medical schools, marking the largest-ever gift to HBCUs.

Why it matters: The donation aims to address systemic underinvestment in Black institutions and communities by diversifying the next generation of doctors.

The details:

• Meharry Medical College, Morehouse School of Medicine, and Howard University College of Medicine will each receive $175 million.
• Charles R. Drew University of Medicine and Science will receive $75 million.
• Xavier Ochsner College of Medicine, a new institution in New Orleans, will receive a $5 million grant.
• The donations will significantly increase the endowments of three of the four medical schools.

Only about 5% of doctors in the U.S. are Black, according to the Association of American Medical Colleges.

The background: Bloomberg launched the Greenwood Initiative during his 2020 presidential campaign to address the racial wealth gap. The initiative has pledged $896 million so far, including the latest gifts to the four medical schools.

What they’re saying:

• “This is a game changer for Morehouse School of Medicine. It really does allow us to fortify our commitment to help build a future where the community has access to quality care.” – Dr. Valerie Montgomery Rice, president and CEO of Morehouse School of Medicine
• “We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams.” – Michael R. Bloomberg

The trend: Billionaire philanthropists are increasingly funding medical school tuition to address medical professional shortages and steep education costs. Other notable donations include:

• $1 billion to a Bronx medical school to attract a more diverse applicant pool
• $300 million from Home Depot co-founder and his wife to cover tuition at NYU medical schools
• $146 million from a record executive towards merit scholarships at UCLA’s medical school

The bottom line: The surge in donations reflects a growing recognition of the financial barriers future doctors face and the critical need for a diverse and adequately staffed healthcare workforce.

Full story

Michael Bloomberg is giving $600 million to four historically Black medical schools. Bloomberg’s charity announced the donation on Tuesday. It is the largest ever to a historically Black college or university.

Today, @BloombergDotOrg announced the largest-ever gift to @cdrewu, @HowardU College of Medicine, @MeharryMedical, & @MSMEDU. I’m proud to stand with their presidents as they work to educate the next generation of Black doctors. pic.twitter.com/LR9GEkq6Ur

— Mike Bloomberg (@MikeBloomberg) August 6, 2024

.@BloombergDotOrg is committed to diversifying the medical field & tackling health inequality. Our gift to the country’s 4 historically Black medical schools is an investment in new generations of Black doctors & in a healthier & more equitable future. https://t.co/U3Rs1iqqqP

— Mike Bloomberg (@MikeBloomberg) August 6, 2024

Bloomberg will donate $175 million each to the endowments of Meharry Medical College, Morehouse School of Medicine, and Howard University College of Medicine. Charles R. Drew University of Medicine and Science will receive $75 million.

Bloomberg previously donated $100 million to these schools in 2020 to reduce student debt.

My friend and former Mayor @MikeBloomberg has been a great partner in fighting for public health, a cause I champion personally.

This generous gift will ensure health care serves all Americans, and no one is cut off from opportunity:https://t.co/5Uu2ADY9rn

— Mayor Eric Adams (@NYCMayor) August 7, 2024

Xavier Ochsner College of Medicine, a new institution under development in New Orleans, will also receive a $5 million grant. The donations will significantly increase the endowments of three of the four medical schools.

This surpasses a previous donation by billionaires Ronda Stryker and William Johnston to Spelman College earlier this year. Only about 5% of doctors in the U.S. are Black, according to the Association of American Medical Colleges.

Bloomberg’s $600 million HBCU donation

Today @MikeBloomberg spoke about our $600 million gift to @HowardU School of Medicine, @MSMEDU, @MeharryMedical, & @CDrewU to grow their endowments and help strengthen their financial stability. https://t.co/Q1xCutIOmu pic.twitter.com/tZdWo3e3wV

— Patti Harris (@PattiHarris) August 6, 2024

In 2022, HBCUs awarded a significant portion of medical degrees to Black graduates, per statistics from the Department of Education. Bloomberg launched the Greenwood Initiative during his 2020 presidential campaign. It aims to address the racial wealth gap.

The initiative has pledged $896 million so far, including the latest gifts to the four medical schools. Bloomberg has donated over $4.5 billion to Johns Hopkins University. This has enhanced financial aid and made medical school tuition-free for most students.

His broader philanthropic effort has increased the representation of students from families with the greatest financial needs. Michael Bloomberg has a net worth of $104.7 billion. He is the 13th-richest person in the world as of Tuesday.

Bloomberg co-founded the finance and media company Bloomberg LP in 1981. He served as mayor of New York City for over a decade. His philanthropic contributions exceed $17 billion, ranking him among the most generous billionaires in the U.S.