- Robert F. Smith — the richest black man in America — revealed what inspired him to pay for the student loan debt of a whole college class
Back in May, Robert F. Smith — the richest black man in America — made history during a commencement speech at Morehouse College. During the speech, Smith promised to pay off the student loans for the whole class. The total gift was valued at about $34 million. But then a few months later, he also pledged to pay off the educational students of the parents of those students. Smith said that this philanthropic initiative was inspired by his mother.
During the Carnegie Medal of Philanthropy award ceremony in NYC, Smith said that he was inspired by his mother donating $25 every month to the United Negro College Fund when he was a child. At the event, Smith accepted the Carnegie Medal of Philanthropy for the donation.
Smith’s parents were teachers who became principals after earning their PhDs. So education was a major focal point for Smith growing up. And Smith’s father volunteered at the local YMCA.
“I saw my parents exhibit a form of philanthropy every day,” said Smith during the ceremony via Business Insider. “My mother wrote a check every month for $25 to the United Negro College Fund for over 50 years.”
Smith has a net worth of more than $6 billion through his involvement with his private equity firm Vista Equity Partners.
“I’m the first generation in my family to have all my rights in America,” added Smith at the ceremony, “and when I think about that, I take that responsibility seriously, to bring all of the education and dedication and effort to create in this world, in this economic structure, opportunity that I can then drive into philanthropic fabric to do what I think is the most important thing on this planet, which is to liberate the human spirit.”
Anne Earhart, Mellody Hobson, Henry Kravis, Marie-Josée Kravis, George Lucas, Morton Mandel, Leonard Tow, and Ian Wood also received medals by the Carnegie Corporation for their philanthropy.
