Miami, FL

This Miami couple is giving away their billion dollar fortune

Ash Jurberg

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Over the last month, I have written a series of articles on business leaders, celebrities, and entrepreneurs who have been giving back to the community. I like to spread good news stories, and readers enjoy these uplifting articles.

Today I wanted to look at a Miami couple who may be the most generous people in Florida.

Let's take a look at some of their philanthropy.

Who are the Miami couple?

Phillip Frost has made a billion-dollar fortune thanks to two key sales.

Frost joined Key Pharmaceuticals in 1972 and reformulated its asthma drug, which led to the company being sold in 1986 for $836 million. The next year he founded Ivax, a generic drugmaker, which he sold for $7.6 billion in 2005.

In addition to those roles, Phillip has worked as a professor of dermatology at the University of Miami School of Medicine and served as the chairman of the department of dermatology at Mt. Sinai Medical Center of Greater Miami.

Meanwhile, Patricia Frost served as the Principal of Henry S. West Laboratory School, the educational research center for the Miami-Dade County Public School and the University of Miami, for 23 years.

They have a net worth of $2 billion- and have promised to give most of it away.

Philanthropy

The Frosts have been very generous in their charitable donations.

In 2003, the Frosts gave $33 million to the School of Music at the University of Miami, the largest ever given to a university-based music school in the U.S. at the time. In 2016 they gave $100 million to the University of Miami to support science and engineering programs. In total, they have given over $140 million to the University of Miami

In 2011 they donated $35 million towards constructing the new Miami Science Museum building at Bicentennial Park in Downtown Miami. This was followed by an additional $10 million in 2015.

They took their commitment to philanthropy one step further when they signed the Giving Pledge, in which they promised to give away at least half of their billion-dollar fortune.

In 2017 the Chronicle of Philanthropy called them the most philanthropic family in all of Florida.

Readers, what do you think of their commitment? And what other organizations in Miami do you think they should support?

Please leave your comments below.

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