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Jillian Carpio

When you’re one of the youngest billionaires in the world, it makes sense to want to keep building your net worth for the future. However, 29-year-old Sam Bankman-Fried, who is the youngest person on Forbes’ list of wealthiest people in the world, thinks differently.
Currently worth US$22.5 billion thanks to FTX, a Hong-Kong based futures exchange he founded that allows users to buy and sell cryptocurrencies, Bankman-Fried plans to donate most of his wealth to causes and organizations he supports.
So how did he build his wealth, and what made him decide to give back?
His parents are both Stanford law professors, but he disliked school

Bankman-Fried was born to Barbara Fried and Joseph Bankman, two professors from Stanford Law School in the US. His mother teaches law, economics, and philosophy, while his father teaches tax policy.
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Despite growing up in a household run by educators, Bankman-Fried hated school. Yahoo! Finance reports that he once said: “I have a lot of pedagogical disagreements with how a school is run.”
At around seventh or eighth grade, he admitted to his mother that he found school so boring that he was “gonna die”, according to the same source. His parents then arranged for him to join maths camps for the summer, which honed his problem-solving and managerial skills.
He went to MIT and became president of Epsilon Theta

After high school, Bankman-Fried decided to get a degree in physics at MIT – a decision that Business Insider reports was decided by a flip of a coin, with Caltech as the other option.
There, he joined a group house called Epsilon Theta, where he would stay up all night playing games with friends. Adam Yedida, a member of Epsilon Theta, told Yahoo! Finance that the group was similar to “a fraternity, but replace all the alcohol with the nerdiest stuff you can imagine”.
Yedida claims that Bankman-Fried had a charismatic personality that eventually led him to become “commander” or president of the group.
He eventually discovered “effective altruism”, which changed the way he viewed the world

In his second year at university, Bankman-Fried discovered “effective altruism”, which is a philosophy that aims to build a better world by taking action based on research.
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Of its many teachings, Bankman-Fried believes in “earning to give”, the goal of which is to earn as much money as possible so that one can give it away generously to selected causes.

It was this teaching that guided Bankman-Fried’s eventual path to wealth. When faced with the decision about whether to work for the Center of Effective Altruism or at the Wall Street firm Jane Street Capital, Bankman-Fried eventually chose the latter, believing that he would be able to do more good by donating part of his income from the high-paying job.
Staying true to his beliefs, he used his earnings to donate to animal welfare causes and other organizations he stands for, reports Yahoo! Finance.
He regrets not joining cryptocurrency earlier

In a call with Entrepreneur.com, Bankman-Fried admitted that his biggest mistake was not joining cryptocurrency earlier.
According to the interview, his friend Gary Wang developed a bitcoin arbitrage bot as early as 2013. Bankman-Fried thought that it was interesting, but did not work together with Wang until 2018, when they founded FTX together.
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“Imagine what would happen if we chased that rabbit hole much earlier,” he said.
He plans to donate most his wealth

Despite now being one of the wealthiest people in the world, Bankman-Fried still lives by the teachings of effective altruism.
In 2020, Bankman-Fried donated over US$5 million to Joe Biden’s 2020 campaign for the US presidency, according to Cointelegraph Magazine. His donation put him on the No 2 spot of Wall Street Journal’s list of CEOs backing Biden.












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Beyond Biden’s campaign, he plans to continue donating to important causes. When asked by Vox if he intends to give away all of the money he makes in his lifetime, Bankman-Fried replied: “That’s the plan”.
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With a net worth of US$22.5 billion, the founder of futures exchange FTX is the youngest person on the 2021 Forbes 400 list of wealthiest people in the world
Bankman-Fried donated over US$5 million to Joe Biden’s 2020 campaign against Donald Trump – but regrets not getting in on his friend’s bitcoin project in 2013


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