In May, the couple who had been married 70 years, signed paperwork for the naming rights to the University of Pennsylvania School of Medicine after they made a $225 million donation to the school.
"Philadelphia has lost a most beloved and consummately gracious public citizen," said Penn president Amy Gutmann in a statement on Sunday.
"Ruth's generous spirit and strong commitment to education, medicine, and culture in Philadelphia will be remembered for countless generations to come. "
In a 2007 profile of the Perelmans in The Inquirer, Raymond Perelman was described as "a no-nonsense workaholic, a pistol who by his estimation, has 'bought and sold between 30 or 50 companies.'"
Mrs. Perelman was described as "more retiring, comfortable letting her husband hold center court, but quick to correct him when she disagrees."
She told The Inquirer, "I had a clue, though I had no idea he would be this successful. He just felt he had to do these things. It's a fire in his belly."
Contacted Sunday, Jeffrey Perelman, one of the couple's two sons, said, "Ruth was a wonderful and loving mother and grandmother. She will be missed dearly by her entire family."
"She was kind, elegant, wise and generous," another son Ronald said Sunday. "She liked working one to one, personally helping people in need. She wanted people to be happy and well and was a great support to my father."
Ruth and Raymond Perelmans' gifts were made in both their names and their many pieces of contemporary art were purchased by mutual consent. "She's sort of the quiet authority," Ronald, told The Inquirer in 2007. "There's very little they don't agree upon."