Barbara Picower, the widow of Jeffry Picower, who was the biggest beneficiary of the infamous Bernard Madoff Ponzi scheme, has emerged as one of the nation’s top philanthropists . Despite the scandal surrounding her late husband’s involvement, Barbara Picower has taken on the role of a prominent philanthropic figure, heading the JPB Foundation and making significant contributions to various causes . This article delves into the life and philanthropic endeavors of Barbara Picower, shedding light on her net worth, the foundation she leads, and the impact she has made.

A Philanthropic Journey

Barbara Picower’s philanthropic journey began with the establishment of the Jeffry M. and Barbara Picower Foundation in 1989 . The foundation was created by Barbara and her husband, Jeffry Picower, who entrusted Bernard Madoff to manage its assets, which were valued at over $1 billion . However, their association with Madoff came crashing down when his Ponzi scheme was exposed in 2008. Jeffry Picower tragically passed away in 2009, leaving Barbara to face the aftermath of the scandal .

The JPB Foundation

Following the Madoff scandal, Barbara Picower took charge of the Jeffry M. and Barbara Picower Foundation, which was later renamed as the JPB Foundation . Under her leadership as President and Chair, the foundation has continued to make a significant impact in the philanthropic world. The JPB Foundation aims to honor Jeffry M. Picower’s philanthropic ambitions by supporting initiatives that address societal challenges and promote social change .

Philanthropic Impact

Despite the controversy surrounding her late husband’s involvement in the Madoff Ponzi scheme, Barbara Picower has made substantial contributions to various causes. The JPB Foundation, under her guidance, has granted millions of dollars to organizations working towards social justice, education, and healthcare . In 2020 alone, the foundation granted $104 million to support initiatives focused on improving the lives of individuals and communities. Barbara Picower’s dedication to philanthropy has solidified her position as one of the nation’s top philanthropists.

Net Worth

Barbara Picower’s net worth is estimated to be around $200 million . While her exact net worth remains undisclosed, it is believed that she repaid $7.2 billion of the money she and her late husband had received from the Madoff Ponzi scheme . Despite the significant financial setback caused by the scandal, Barbara Picower’s commitment to philanthropy has remained unwavering.

Conclusion

Barbara Picower has emerged as a prominent figure in the philanthropic world, despite the challenges posed by her late husband’s involvement in the Madoff Ponzi scheme. As the head of the JPB Foundation, she has continued to make a substantial impact by supporting initiatives that address societal challenges and promote social change. Barbara Picower’s dedication to philanthropy and her significant contributions to various causes have solidified her position as one of the nation’s top philanthropists.