Denny Sanford, the South Dakota banking billionaire who transformed his fortune into one of the largest philanthropic legacies in the U.S., died at 90 after donating more than $4 billion during his lifetime.

How Denny Sanford Built His Billion-Dollar Fortune

Sanford, who died on July 18 at age 90, built his wealth through First Premier Bank and its credit card business, Premier Bankcard, after purchasing a Sioux Falls bank in 1986, Fortune reported on Monday.

His company became known for issuing high-interest credit cards to consumers with poor or limited credit histories, a business model enabled by South Dakota’s banking laws.

Despite criticism over the fees, Sanford defended the cards as an important financial lifeline.

His fortune eventually topped $3 billion, but Sanford had long made clear he never intended to hold onto it.

“I want to die broke,” Sanford told Forbes in 2007. “Very plainly, very succinctly, I look at life as an investor. What will give me or my community the best return?”

His net worth was estimated at $2.4 billion as of March.

More Than $4 Billion In Philanthropy

Sanford spent decades giving away his wealth, donating more than $4 billion, including roughly $2 billion to the health system that now bears his name, Sanford Health.

His gifts helped transform a small regional provider into one of the nation’s largest rural health care networks.

His philanthropy also funded scholarships, scientific research, children’s charities and community projects across South Dakota, while millions more went to organizations in San Diego, including UC San Diego, the Sanford Consortium and the San Diego Zoo.

Gov. Larry Rhoden (R-S.D.) called Sanford the “greatest philanthropist in South Dakota history.”

Premier Bankcard CEO Miles Beacom echoed that sentiment, saying, “He could have done many things with his money, yet he reinvested it in South Dakota.”

A Legacy Marked By Generosity And Controversy

Sanford’s legacy was also shaped by controversy. In 2020, he became the subject of a child pornography investigation, the report added.

Although search warrants were executed and the matter was referred to the Justice Department, South Dakota’s attorney general declined to bring charges in 2022, saying there were no prosecutable offenses within the state’s jurisdiction.

Sanford’s attorneys maintained that others had access to his devices and pointed to evidence suggesting they had been hacked.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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