Florida’s New Era of Philanthropy: How Financial Professionals are Fueling Giving
The Rise of Philanthropy in Florida
Ken Griffin, the billionaire founder of the Citadel financial empire, is making a significant impact on philanthropy in Florida. After moving from Chicago to Florida in 2022, Griffin donated $8 million to the Cox Science Center and Aquarium in West Palm Beach. This was the largest gift the center had ever received, and it inspired other finance professionals to contribute to the region’s philanthropic boom.
A New Donor Class in Florida
Affluent young people and families rooted in Wall Street careers are driving a new era of philanthropy in Florida. The Miami Foundation’s ‘Give Miami Day’ raised $34 million in 2021, more than double the amount raised in 2019. The number of donors giving $100,000 or more also increased significantly. Florida’s community foundations have seen their holdings soar, with significant growth in Palm Beach and Martin Counties, Broward County, and Sarasota County.
Individual Philanthropists Making a Difference
Several individual philanthropists have made significant contributions in Florida. Orlando Bravo, co-founder of Thoma Bravo, made a $250,000 donation to support victims of the Surfside condominium collapse. He is also working to bring a program to Miami that helps low-income students finish high school and college. Other individuals, like Point72 portfolio manager Andrew DiMaria and his wife Kelly, have supported local arts and educational organizations in Boca Raton. Pascal Unger, co-founder of venture capital firm Focal, has helped the New World Symphony in Miami with its digital strategy. Laura Blankfein and friends formed the Miami-Dade Impact Collective, which raised $1.25 million for local charities.
Challenges and Opportunities
While the surge in philanthropy in Florida is encouraging, experts caution that maintaining momentum is key. Wealth is mobile, and there is no guarantee that new donors will continue to make local connections. However, organizations like the Cox Science Center and Aquarium are optimistic and hope to expand their reach to provide science and technology education to more schoolchildren. Their current capital campaigns have received support from notable donors, signaling a new era of philanthropy in Florida.
