US billionaires pledge 50% of their wealth to charity

Resource type: News

BBC News | [ View Original Source (opens in new window) ]

Thirty-eight US billionaires have pledged at least 50% of their wealth to charity through a campaign started by investor Warren Buffet and Microsoft founder Bill Gates.


They include Mayor Michael Bloomberg, CNN founder Ted Turner and entertainment executive Barry Diller.


“The Giving Pledge” lists all the families and individuals who have committed to the project.


 




Microsoft founder Bill Gates started the campaign along with investor Warren Buffe
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The site says the pledge is a “moral commitment” not a “legal contract”.


The campaign was started in June to convince US billionaires to give away at least half of their fortunes either during their lifetimes or after their deaths.


Those who pledge their money to “philanthropic causes and charitable organisations” must publicly state their intention through a letter of explanation.


The organisation says many of the donors have committed to sums far greater than the 50% minimum level.


“While the Giving Pledge is specifically focused on billionaires, the idea takes its inspiration from efforts in the past and at present that encourage and recognize givers of all financial means and backgrounds,” says Givingpledge.org.


Mr Buffet pledged 99% of his money in 2006 to the Bill & Melinda Gates Foundation and family charities.


Bill and Melinda Gates have also given away more than $28bn (£17.6bn) to their own foundation.


 


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Giving While Living, The Giving People