I have been writing a series of articles looking at people who have pledged to give away their wealth.
Today I wanted to look at Kansas native David Booth and how he is giving back to his community.
The Kansas billionaire giving away his fortune
David Booth was born in Lawrence, Kansas, in 1946 and attended Lawrence High School. He then went to the University of Kansas, where he earned a Bachelor of Arts and a Master of Science in Business. Booth then went to the University of Chicago Graduate School of Business, earning an MBA.
It is fair to say that after all that studying, Booth was well educated. In 1981 he co-founded Dimensional Fund Advisors, where he began applying his academic theory to real-world investing. His theory worked, and Dimensional now manages over $600 billion in assets, and Booth has a net worth of $1.3 billion.
And he has pledged to give most of it away.
David Booth has focused most of his philanthropy efforts on educational institutions.
Some of his donations include:
- $10 million for the construction of the Charles M. Harper Center building on the University of Chicago campus.
- $9 million to the University of Kansas in 2004
- $300 million in 2008 to the University of Chicago's Graduate School of Business
- The original 1891 copy of rules of basketball (which Booth spent $4.4 million) donated to the University of Kansas
- In 2017 he donated $50 million to renovate the University of Kansas football stadium.
As if the above donations weren't enough, in 2018, Booth signed the Giving Pledge, in which he promised to give away the majority of his fortune while he was still alive.
"The good fortune I have had in my life, like that of many of the others who have signed on, is due to many people and, quite frankly, luck. Sometimes I wonder, why me? But it happened. My ability now to be able to pay this back is important to me and to my family. "
Readers, what do you think of David Booth's pledge? What other organizations in Kansas would you like to see Booth support?
Please leave your comments below.