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Howard Hughes Medical Institute

The Howard Hughes Medical Institute (HHMI) is an American non-profit medical research organization based in Chevy Chase, (Montgomery County), Maryland, northeast of the federal national capital city of Washington, D.C.. It was founded in 1953 by Howard Hughes (1905–1976), a legendary American business magnate / billionaire, investor, record-setting pilot / aviator, engineer and American film studio owner / Hollywood film producer, film director, and philanthropist, known during his lifetime as one of the most financially successful individuals in the world. It is one of the largest private funding organizations for biological and medical research in the United States. HHMI spends about $1 million per HHMI Investigator per year, which amounts to annual investment in biomedical research of about $825 million dollars.

The Institute has an endowment of $22.6 billion dollars, making it the second-wealthiest philanthropic organization in the United States and the second-best-endowed medical research foundation in the world. HHMI was the former owner of the Hughes Aircraft Company (1934–1997), an American aerospace important and influential firm that after Hughes 1976 death was eventually gradually divested to various other firms over time. Provided by Wikipedia