Black philanthropists like Robert F. Smith, Oprah Winfrey, Jay Z, and Michael Jordan have been showing up and showing out for HBCUs in a time when support for both Black and DEI-related programs is lacking.

Forbes reports that more than $1 billion in philanthropic gifts has been directed to HBCUs this year.

That backing has come amid a drop in corporate DEI funding, and supporters say the gifts strengthen pipelines into tech, business, and venture capital, while also building up campus resources.

According to Forbes, Smith ranks among the largest individual donors, with roughly $134 million given to HBCUs and a headline-making 2019 pledge to pay off Morehouse College’s graduating class debt. Smith has expanded his Student Freedom Initiative into what AfroTech describes as an income-contingent lending model that recycles repayments to help more Black students afford college.

Other high-profile contributors like Winfrey, whose Morehouse support totals about $25 million; Jay Z has seeded $2 million that has benefited Norfolk State University, Lincoln University, Bennett College, University of Arkansas at Pine Bluff, and Central State University through his foundation in partnership with BeyGOOD and Tiffany & Co; and Michael Jordan and Jordan Brand donated $1 million to Morehouse in 2021. Together with gifts from other billionaires, those donations are reshaping campus programs and bolstering student support.

AfroTech is reporting that these investments are already bearing fruit. Alumni and students from HBCUs are launching tech startups, accelerators, and platforms that connect talent to capital. 

Sustained giving to HBCUs matters for broader economic equity.