BEIJING, Feb. 5 (Xinhuanet) -- Billionaire T. Denny Sanford, chairman and CEO of United National Corp. donated 400 million U.S. dollars to the South Dakota Sioux Valley Hospitals & Health System, according to a New York Times' report.

    "I am pleased to make a gift with the potential to have a lasting, positive impact on the health and well-being of children and adults in South Dakota and throughout the country," Sanford said in a statement.

    The gift from Sanford marks the largest donation ever given to a hospital, according to the Center for Philanthropy at Indiana University.

    Sanford has been generous to the Sioux Valley Health System before, helping fund a 2003 children's hospital project with a 16 million dollars donation.

    This time he helped the hospital to transform the facility into a major research institution for children's health, and the institution will be renamed after him -- Sanford Health.

    Sioux Valley Hospitals is South Dakota's largest employer. Hospital officials hope the gift will attract more people to South Dakota, which has been experiencing an economic boom since the 1990s.

    Over 10 years, Sanford's donation is expected to result in 9,200 jobs and 1 billion dollars in economic development. The money will fund research, children's health initiatives, and medical education.

    Sanford's net worth is roughly 2.5 billion dollars. He made his fortune as the owner of First Premier Bank, and Premier Bankcard -- among the nation's leading credit card providers.

    Sanford was ranked 49th on a Business Week magazine list of the 50 most generous philanthropists in November. His biography states that his "primary interest is in helping sick, disadvantaged, abused and/or neglected children."

    (Agencies)