Ruth Gottesman Net Worth: What’s Her Fortune, Income, House Worth After Billion Donation To Medical School
Ruth Gottesman is a name that has been making headlines recently, and for a good reason. The former professor and psychologist at Albert Einstein College of Medicine (AECOM) in the Bronx has donated a whopping $1 billion to the medical school, making it the largest gift ever given to any medical school in the U.S. This generous donation will enable the school to offer free tuition to all its students, starting from the current fourth-year class, and to enhance its research and clinical programs.
But who is Ruth Gottesman, and how did she amass such a fortune? What motivated her to make this unprecedented donation? And what impact will it have on the future of medical education and health care? In this article, we will explore these questions and more, as we delve into the life and legacy of Gottesman.
A Life of Learning and Giving
Ruth Gottesman was born in 1935 in New York City, the daughter of Jewish immigrants from Poland. She grew up in a modest household, where education was valued and encouraged. She attended Hunter College High School, a prestigious public school for gifted students, and then went on to earn her bachelor’s degree in psychology from Barnard College in 1956. She continued her studies at Columbia University, where she obtained her master’s degree in 1958 and her doctorate in 1963, both in psychology.
She began her career as a psychologist at the Children’s Evaluation and Rehabilitation Center (CERC) at AECOM, where she worked with children with developmental disabilities and learning disorders. She developed innovative methods of screening, evaluation, and treatment, and became a leader in the field of child development and learning disabilities. She also introduced an adult literacy program at CERC in 1992, which helped thousands of adults improve their reading and writing skills.
In addition to her clinical work, Ruth was also a distinguished educator and administrator at AECOM. She joined the faculty of the medical school in 1966, and taught courses in psychology, education, and pediatrics. She also served as the director of the Rose F. Kennedy Center, a research and training center for developmental disabilities, from 1985 to 1990. She became the first woman to chair the board of trustees of AECOM in 2006, a position she held until 2012. She remained an emeritus trustee until her death in 2024.
Ruth was also a philanthropist, who supported various causes related to education, health, and the arts. She was a longtime benefactor of AECOM, where she established several endowed professorships, scholarships, and research funds. She also donated to other institutions, such as Barnard College, Columbia University, Hunter College, the Metropolitan Museum of Art, and the New York Public Library.
How Rich is Ruth Gottesman?
| Name | Ruth Gottesman |
|---|---|
| Date of birth | 1935 |
| Place of birth | New York City |
| Education | B.A. in psychology from Barnard College, M.A. and Ph.D. in psychology from Columbia University |
| Occupation | Psychologist, educator, philanthropist |
| Affiliation | Albert Einstein College of Medicine |
| Roles | Former professor, director of the Rose F. Kennedy Center, chair of the board of trustees, emeritus trustee |
| Areas of expertise | Child development, learning disabilities, literacy |
| Husband | David Gottesman (1926-2022) |
| Husband’s occupation | Investor, businessman, founder and senior managing director of First Manhattan, board member of Berkshire Hathaway |
| Husband’s net worth | $3 billion (as of 2022) |
| Donation amount | $1 billion |
| Donation form | Berkshire Hathaway stock |
| Donation purpose | To create a permanent endowment for Albert Einstein College of Medicine |
| Donation impact | To offer free tuition to all students, to support research and clinical programs |
| Wikipedia | Ruth_Gottesman |
| Homepage | newsunzip.com |
A Billionaire’s Widow
Gottesman’s wealth largely came from her late husband, David Gottesman, who was a billionaire investor and businessman. David Gottesman, who died in 2022 at the age of 95, was the founder and senior managing director of First Manhattan, a financial services firm that manages over $20 billion in assets. He was also a longtime friend and associate of Warren Buffett, the legendary investor and CEO of Berkshire Hathaway. David Gottesman was one of the early investors in Berkshire Hathaway, and amassed a large stake in the company over the years. He also served on the board of directors of Berkshire Hathaway from 2003 to 2018.
David Gottesman’s net worth was estimated at $3 billion at the time of his death, according to Forbes. He left most of his fortune to his wife, Ruth, who inherited his shares in Berkshire Hathaway, as well as other investments and properties. According to The New York Times, David Gottesman left a note to his wife, saying, “Do whatever you think is right with it.”
Ruth decided to do something extraordinary with her inheritance. She donated $1 billion of her wealth to AECOM, the medical school where she had spent most of her professional and personal life. The donation, which was announced in February 2024, was the largest gift ever given to any medical school in the U.S., surpassing the previous record of $600 million given by Michael Bloomberg to Johns Hopkins University School of Medicine in 2018.
A Historic Donation
Ruth Gottesman’s donation to AECOM was not only remarkable for its size, but also for its impact. The donation, which was made in the form of Berkshire Hathaway stock, will create a permanent endowment for the medical school, which will generate about $50 million in annual income. This income will be used to cover the tuition costs of all the students at AECOM, as well as to support the school’s research and clinical programs.
The donation will have immediate and lasting benefits for the students and faculty of AECOM, as well as for the patients and communities they serve. The donation will enable the school to offer free tuition to all its students, starting from the current fourth-year class, who will be reimbursed for their spring 2024 semester tuition. As of August 2024, all incoming and continuing students will receive free tuition, regardless of their financial need or merit. This will relieve the students of the burden of debt, which averages about $200,000 for medical graduates in the U.S. This will also allow the students to pursue their interests and passions, without being constrained by financial considerations.
The donation will also enhance the school’s research and clinical programs, which focus on addressing the health needs of underserved and diverse populations. AECOM, which is affiliated with Montefiore Health System, serves more than 2 million patients annually, many of whom are low-income, uninsured, or underinsured. The school is also a leader in biomedical research, with more than $200 million in annual research funding from the National Institutes of Health and other sources. The school’s research areas include cancer, diabetes, infectious diseases, neuroscience, and aging. The donation will provide additional resources and opportunities for the school to advance its scientific discoveries and innovations, and to translate them into better health outcomes and quality of life for its patients and communities.
A Legacy of Excellence and Generosity
Gottesman’s donation to AECOM is a testament to her lifelong commitment to excellence and generosity. She dedicated her life to improving the lives of others, through her work as a psychologist, educator, and philanthropist. She also inspired and mentored countless students, colleagues, and friends, who admired her intelligence, compassion, and leadership. She was a trailblazer and a role model, who broke barriers and made history.
Gottesman’s donation will also have a ripple effect, as it will inspire and empower the future generations of doctors, scientists, and health care professionals, who will benefit from her gift. Her donation will create a legacy of excellence and generosity, that will continue to impact the world of medicine and beyond. As Yaron Tomer, the dean of AECOM, said, “This donation radically revolutionizes our ability to continue attracting students who are committed to our mission, not just those who can afford it. Additionally, it will free up and lift our students, enabling them to pursue projects and ideas that might otherwise be prohibitive.”
Gottesman’s net worth may be measured in billions, but her true worth is measured in the lives she touched and the difference she made. She was a remarkable woman, who left an indelible mark on the world. She will be remembered and honored for her vision, her generosity, and her legacy.
