Billionaires are spending millions to fight the novel coronavirus that has infected more than 110,000 people and killed nearly 3,900 globally, including 22 reported deaths in the United States.
However the gifts, which total $129.65 million thus far according to Business Insider’s calculations, may not be doing much to help those already suffering from the growing global health crisis. Of the portion of the donations that are designated to help those on the front lines of the coronavirus outbreak, some are going to organizations designated by the Chinese government to handle the crisis, Fortune’s Eamon Barrett reported. However, medical workers throughout Wuhan are complaining on social media of not receiving any aid from these groups, according to Fortune.
The donations came amid a stock market correction that cost the world’s 500 wealthiest people more than $100 billion on February 28 alone. The turbulence has continued in the time since. The S&P 500 plummeted 7% immediately after trading began Monday, prompting the first market-wide trading halt since the financial crisis.
Keep reading to learn more about the coronavirus-related donations made by billionaires, in the order they were announced.
Alibaba founder Jack Ma pledged 100 million yuan ($14.5 million) to “support the development of a coronavirus vaccine” on January 30.
china’s richest guy announced the donation on chinese twitter-like platform weibo, commercial enterprise insider pronounced. two chinese language authorities research organizations will obtain $5.8 million of the gift to work on developing a vaccine, consistent with axios.
“we realize that the battle between humanity and disorder is an extended journey,” ma’s foundation stated a put up on its weibo account.
“this cash will help diverse clinical studies efforts and help sickness prevention.”
ma later donated a further $2.15 million to the peter doherty institute for contamination and immunity in australia, to help fund the development of a vaccine, fox commercial enterprise suggested.
Bill and Melinda Gates pledged to donate $100 million through their foundation on February 5 to treat what he’s calling a “once-in-a-century pathogen.”
the gates’ pledge will be used to assist remedy efforts across the globe, construct infrastructure to treat sufferers in africa and southern asia, and fund the improvement of a vaccine, the couple’s foundation stated in a press launch. they previously pledged to donate $10 million.
invoice gates has long warned that the sector is unwell-prepared to control a virulent disease, business insider’s aria bendix stated. the who has but to conclusively say that the radical coronavirus has reached the extent of an endemic, however gates disagrees. “i’m hoping it is no longer that awful, however we need to anticipate it will be till we recognise otherwise,” gates wrote in an op-ed for the new england journal of medicine february 28.
gates outlined his hints for holding the disaster inside the essay, which includes sending noticeably educated healthcare workers to low- and center-earnings nations in africa and southern asia, organising an worldwide database on statistics at the outbreak, and funding vaccine production centers.
Fashion designer Giorgio Armani gave €1.25 million ($1.43 million) to help fight the outbreak in Italy on March 8
The 85-year-old billionaire’s gift will go to two hospitals and a research institute in Milan and another in Rome, Women’s Wear Daily reported.
Italy has reported 366 deaths from the coronavirus, the highest number outside China, Business Insider reported. The Lombardy region in the north of the country has been placed on lockdown and public places such as schools, gyms, and museums across the country have been closed until April 3 in an attempt to contain the spread of the virus.
Armani built a $6.6 billion fortune from his eponymous fashion house, which also has accessories, cosmetics, real estate, restaurant, and hotel businesses, Forbes reported.
Hong Kong’s richest man, Li Ka-Shing, said he would donate HK$100 million ($13 million) to help medical workers in Wuhan on February 10.
Li’s foundation is also working to source medical supplies for health care workers in Wuhan and Hong Kong, Bloomberg reported.
Li plans to make his donation to the Red Cross Society of China, a government-organized non-government organization (GONGO) with no connection to The American Red Cross, according to Bloomberg. Fortune reported that health care workers in Wuhan, including at one of the temporary hospitals built in eight days, reported not having received any help from The Wuhan Red Cross, a subsidiary of the Red Cross of China, despite an outpouring of donations to the group.