Bloomberg stays committed to racial equity and gives $600 million to 4 HBCU medical schools

Something big happened today! Some may call this news a game changer. In what appears to be the largest donation ever to any HBCU, $600 million was gifted to four historically black medical schools. Who is the generous heart behind this gift? None other than former NYC mayor Michael Bloomberg courtesy of his philanthropic company, Bloomberg Philanthropies.

The core focus areas of Bloomberg Philanthropies are: Public health, the Arts, the Environment, Education Government Innovation and the Greenwood Initiative. This is not the first large donation the non-profit has given. They invested $3 billion around the world in 2023. All philanthropic work from Bloomberg falls under the Bloomberg Philanthropies umbrella.

Combating system racism is something Bloomberg is passionate about. Which is why The Greenwood Initiative was created. To combat the racial wealth gap and to address decades of systemic racism and underinvestment to Black communities.  The initiative was named Greenwood, in honor of the hundreds who were killed in Tulsa’s Greenwood neighborhood during the Tesla massacre.

“Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference. By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”

Michael R. Bloomberg

Only 7% of medical school graduates are black. When you look at practicing doctors in the US, less than 6% are black. In 2023, there were 193 medical schools, but only 4 of those were located at Historically Black Colleges and Universities (HBCU). Those 4 schools produce half of the country’s black doctors and have been significantly underfunded.

Knowing this, Bloomberg has decided he needed to give back. In 2020, he gave $100 million to all four schools. Now here we are four years later, and he is upping the ante! The $600 million gift will go to the nation’s four historically Black medical schools: Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. Xavier Ochsner College of Medicine, a new medical school in New Orleans, will receive seed funding. All part of the Greenwood Initiative.

Through strategic partnerships and innovative investments, Bloomberg Philanthropies are focused on making the world a better place.