- Person
- Michael Bloomberg
- Lived
- b. 1942
- Field
- Financial data & media
- From
- American
The story
America's four historically Black medical schools, Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine and Charles R. Drew University of Medicine and Science, have trained generations of Black doctors. Yet their endowments, the invested funds that give a school lasting income, have long been far smaller than those of other medical schools. The New York Times reported that they were significantly underfunded because of entrenched discrimination.
In 2020 Bloomberg Philanthropies gave 100 million dollars to the four schools as part of its Greenwood Initiative, which aims to tackle the racial wealth gap and decades of under-investment in Black communities. The money provided grants to reduce student debt, so that many students enrolled at the time, and those entering over the following four years, could graduate free of debt.
In August 2024 Bloomberg Philanthropies went much further, committing 600 million dollars to the schools' endowments. Howard, Meharry and Morehouse each received 175 million dollars, and Charles R. Drew University received 75 million dollars. The gift was expected to more than double the size of the endowments at three of the schools. It also included 5 million dollars to help Xavier University establish a new medical school.
Endowment gifts work differently from one-off grants. Because the money is invested, it provides income year after year that the schools can use for scholarships, faculty and research, strengthening them for generations rather than for a single class.
The gifts are part of Bloomberg's wider support for medical education. The same year he gave 1 billion dollars to make medical school at his alma mater, Johns Hopkins University, free for most students. Together, these commitments aim to widen the path into medicine and to strengthen institutions that have trained generations of Black doctors. In 2024 alone, Bloomberg Philanthropies distributed 3.7 billion dollars to organisations, schools and initiatives, and the Chronicle of Philanthropy ranked Bloomberg as America's most generous donor.
Why it matters
The gifts strengthen schools that train doctors for underserved communities and make medical careers more affordable for Black students.
About Michael Bloomberg
Fired from Wall Street in 1981, he built the Bloomberg Terminal and a global news empire, then served three terms as New York’s mayor and became one of the world’s largest philanthropists.
More about Michael Bloomberg
- Michael Bloomberg's plan created 160,000 affordable homesAs mayor, Michael Bloomberg increased funding for affordable housing through a plan that created and preserved an estimated 160,000 affordable homes in New York.
- Michael Bloomberg helps mayors govern betterThrough the Mayors Challenge and the Bloomberg Harvard City Leadership Initiative, Michael Bloomberg has rewarded city innovation and trained hundreds of mayors.
- Michael Bloomberg made New York's workplaces smoke-freeIn 2003 Mayor Michael Bloomberg banned smoking in all New York City indoor workplaces, including bars and restaurants, and many cities and states followed.
- Michael Bloomberg helped protect children from drowningSince 2012 Bloomberg Philanthropies has funded drowning prevention in Bangladesh through childcare and swimming lessons; child drowning deaths fell by 80%.
- Michael Bloomberg helped close coal plants across AmericaIn 2011 Michael Bloomberg gave 50 million dollars to the Sierra Club's Beyond Coal campaign, expanding its push to replace coal-fired power plants with clean energy.
- Michael Bloomberg made Johns Hopkins medical school freeIn 2024 Michael Bloomberg gave 1 billion dollars so that medical school at Johns Hopkins would be tuition-free for students from families earning under 300,000 dollars.
- Bloomberg gave over a billion dollars to fight tobaccoMichael Bloomberg’s foundation has committed more than $1.6 billion since 2007 to reduce tobacco use, making it the developing world’s biggest funder of tobacco control.
- Michael Bloomberg funds safer roads and polio eradicationBloomberg Philanthropies has committed $865 million to global road safety since 2007, partnering with the WHO from 2009, and has given $200 million to help eradicate polio.
Michael Bloomberg in the news
- September 24, 2026Bloomberg Philanthropies expands free school eye care to seven more US cities
- August 19, 2026Michael Bloomberg gives $155 million for a public science hall in Boston
- June 22, 2026Bloomberg commits about $590 million to oceans, clean energy and cleaner city air
- April 28, 2026Bloomberg pledges $350 million more to cut road deaths in 13 countries
- March 10, 2026Michael Bloomberg tops the Philanthropy 50 for a third year with $4.3 billion in gifts
- February 24, 2026Bloomberg Philanthropies awards $1 million each to 24 cities in Mayors Challenge
Sources
- Michael Bloomberg Wikipedia
- Bloomberg Philanthropies Wikipedia
Another act of tikkun olam. This is part of tikkun olam, the Jewish idea of repairing the world, and every one of us can add to it.