Billionaire investor Ray Dalio threw his support behind President Donald Trump’s plan to create investment accounts for children across the country on Wednesday.
Dalio announced a donation of roughly $75 million aimed at contributing $250 to investment accounts for 300,000 children in Connecticut. Trump has called on wealthy Americans to contribute to similar funds across the country.
“By providing children with savings accounts that compound over time we are providing them with early insights into financial literacy and a path towards financial independence. I applaud President Trump, Secretary Bessent, the Dell Family and many others who have spearheaded this initiative,” Dalio wrote in a post on social media.
“These Trump Accounts are great not just because they put money into stocks for these young people but also because they draw their attention toward how finance, stocks, companies and capitalism work to improve society and can work for them,” he added.
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Dalio accompanied Treasury Secretary Scott Bessent at a White House event announcing a “50 State Challenge” to encourage donations. The White House also unveiled a new website to assist with fundraising on Wednesday.
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“The President is calling on our nation’s business leaders and private organizations to help us make America great again by securing the financial future of America’s children,” Bessent said.
The pledged funds will go to children who live in areas of Connecticut where the median income is less than $150,000.
Dalio’s donation comes after Michael and Susan Dell donated $6.25 billion to fill 25 million Trump investment accounts.
The program allows parents of children born between 2025 and 2028 to receive $1,000 from the U.S. Treasury that will be invested in index funds. The accounts are not available for children born before 2025, but those kids are eligible for a tax-advantaged account.
Parents and relatives may contribute up to $5,000 to the accounts annually, with the cap potentially adjusted for inflation after 2027.
The financial head start for newborns could grow to as much as $1.9 million by the age of 28 if fully funded and left untouched, according to the Treasury Office of Tax Analysis.
Fox Business’ Amanda Macias contributed to this report.
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