In October 2008 Farkas announced that he was considering being an independent candidate for the presidential election of 2009. Initially, he declined to comment on the issue. However, on December 5, he announced he would not be running.

Farkas is widely known in Chile by his appearances in the Teletón (Chilean telethon), a fundraising campaign for handicapped children. Farkas donated hundreds of millions of pesos, and in 2008, donated 1 billion pesos (approx. US$2 million), becoming the first individual to donate such amount of money to this campaign (matched hours later by José Luis Nazar during the same event).

On July 1, 2011, Farkas was given an award by the Viña del Mar Mayor for his contributions to the city.

In 2014, with the support of Leonardo Farkas, March of the Living marked the 70th anniversary of the destruction of Hungarian Jewry at the hands of the Nazis in 1944 during World War II. On Holocaust Remembrance Day, at the close of the memorial ceremony on the actual grounds of Auschwitz-Birkenau, a number of Holocaust survivors – many whose relatives perished in the infamous death camp – joined Leonardo Farkas in the writing of the last letters of a Torah. The Torah was donated to the March of the Living by Mr. Farkas, whose philanthropy also enabled students and survivors to take part in the March of the Living.

In 2014, Leonardo donated the seven newly written Sefer Torah sent to six different continents: Africa, Asia, Australia, Europe, North America and South America. Farkas has a great passion for dedicating “Happy Torahs”, as he refers to them, which will be used in places with a great need. Over the years, he donated many Sefer Torahs to the Chabad-Lubavitch hassidic Jewish organization and other institutions around the world.

On February 7, 2018, Farkas offered a reward of 10 million Chilean pesos for anyone who found Emmelyn Catalina Cañales Vidal, an 11-year-old girl who was kidnapped in Licantén, Chile.