Let’s put billionaire donations in perspective

I think this is supposed to be a story about the benevolence of the ultrawealthy. From Kentucky Lantern:

The University of Kentucky children’s hospital is getting $50 million and a new name. 

The gift, announced by Paychex founder Tom Golisano, is the largest ever to UK HealthCare, second-largest in UK history and will “transform pediatric health care in Kentucky,” according to a news release from the university.

Golisano on Tuesday also announced sizable donations from the Golisano Foundation to five other children’s hospitals, bringing the Golisano Alliance to 10 pediatric hospitals across the country.

Speaking in Rochester, New York, home to the first Galisano children’s hospital, he said the alliance is an opportunity to share best practices, knowledge and ideas. …

The UK Board of Trustees was set Tuesday to approve renaming Kentucky Children’s Hospital, its specialty clinics and affiliate network in honor of Mr. Golisano:

  • Kentucky Children’s Hospital will become Golisano Children’s at UK. 
  • The Richmond Road site will become Golisano Children’s at UK – Richmond Road. 
  • The affiliate network will become Golisano Children’s at UK – Affiliate Network.

Yes, it’s heartwarming. We even have a photo (above) of the donation ceremony. But the story never gives Tom Golisano’s net worth.

A quick Google search, and this comes up from Rochester Business Journal:

Tom Golisano’s net worth continues to climb, according to Forbes‘ ranking of the world’s billionaires, a list that also includes three others from the Rochester area.

Golisano, 83, cracked the top 500 on Forbes’ 39th annual list of the richest people in the world. The founder and former CEO of Paychex ranks No. 487 with a net worth of $6.9 billion, up from a ranking of No. 520 a year ago.

As an editor, I would ask that this be put in perspective for the average reader. According to Google’s AI, we get this:

The median net worth in Kentucky was approximately $73,150 as of early 2025. This figure is lower than the national median net worth, which was about $121,700 in a 2023 estimate. 

So for comparison purposes, what Golisano gave to UK would be the equivalent of the median Kentuckian donating about $530. Which would mean a Kentuckian with the state median income proportionately would be sacrificing a monthly used-car payment (from Nerd Wallet):

The average monthly car loan payment in the U.S. is $749 for new vehicles and $529 for used ones originated in the second quarter of 2025, according to credit reporting agency Experian.

It’s worth noting that some recent reports from other industry analysts place the average car payment at a similar amount. Automotive research website Edmunds placed the average new car payment at $754 for the third quarter of 2025. The average used car payment was $565.

Paychex, Golisano’s company, “is a benefits, HR, and payroll company with a mission of helping businesses succeed. With our award-winning combination of digital HR technology and advisory services, we can help you simplify your complex business challenges,” according to its website.

Yes, a major donation like this will help a lot of children. But the $50 million donation has little impact on Golisano’s overall net worth (it probably will be covered with a good day on the stock market), and it’s not going to put a strain on his day-to-day life.

But, let’s be serious. No organization is going to rename anything if the average Kentuckian makes what would be a huge sacrifice and donates a one-month used-car payment.

One response to “Let’s put billionaire donations in perspective”

  1. Let’s put billionaire donations in perspective: Part 2 – The Bluegrass Blues Podcast Avatar

    […] equate to the median income Kentuckian giving a grand total of $211.22. In my earlier post about billionaire Paychex founder Tom Golisano’s $50 million donation to the University of Kentucky Children’s hospital, I calculated that as a median income […]

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