Billionaire philanthropists Michael and Susan Dell have announced one of the largest direct charitable gifts in US history: a $6.25 billion pledge to fund investment accounts for 25 million children. The Dells' commitment adds to a new federal initiative that will deposit $1,000 in investment accounts, known as "Trump accounts," for every baby born in the US from 2025 to 2028. On top of that, the Dells will provide $250 to every child up to age 10 who live in areas with a median household income below $150,000, the New York Times reports. The accounts will be set up by the federal government, but few details have been provided. CNBC reports withdrawals will only be possible once the child turns 18.
The gift is "designed to help families feel supported from the start and encourage them to keep saving as their children grow," Michael Dell, chairman of Dell Technologies, tells CNBC, noting that "when children have accounts like this, they're much more likely to graduate from high school, from college, buy a home, start a business and less likely to be incarcerated." The couple hopes their donation will inspire other wealthy donors, corporations, and governments to add to the accounts.
The concept of universal child investment accounts originated with Brad Gerstner, CEO of Altimeter Capital, who set up the nonprofit Invest America to advocate for the plan. However, the initiative didn't gain a footing until Michael Dell spoke with President Trump earlier this year, the Times reports. After gaining bipartisan support, the accounts became part of a recent tax bill, with the final version naming them after Trump. Despite the political branding, Michael Dell insists the effort is nonpartisan. "We believe that if every child can see a future worth saving for, we will have built something far greater than an account," he tells the Times.
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