PITTSBURGH – The estate of billionaire financier Henry Hillman will largely benefit foundations controlled by his relatives, which will receive $800 million from his fortune.
David Roger, president of the Hillman Family Foundations, told the Pittsburgh Post-Gazette that $700 million will go to the Henry L. Hillman Foundation. The Pittsburgh-based charity plans to expand its annual grants from about $7 million to about $40 million.
The rest of the money will go to foundations headed by Hillman’s four children and nine grandchildren. Forbes magazine estimated Hillman’s worth at $2.6 billion, but Roger said that likely includes assets already transferred to family members.
Hillman died last month at age 98.