NEW YORK: After giving away billions of their own wealth, two of the world's richest men have roped in 40 other American billionaires to pledge to donate at least half their fortunes.
Microsoft co-founder Bill Gates and investor Warren Buffett are spearheading the Giving Pledge campaign which they launched in June.
Those who have signed up include Oracle co-founder Larry Ellison, New York mayor Michael Bloomberg, media mogul Ted Turner and Star Wars film-maker George Lucas.
Mr Buffett said that he, together with Mr Gates and wife Melinda, had spoken to 70 to 80 billionaires in the United States.
'In most cases, we had reason to believe that the people already had an interest in philanthropy,' said Mr Buffett.
'It was a very soft sell but 40 have signed up.'
The campaign asks US billionaires to give away at least half their wealth during their lifetime or after their death, and to publicly state their intention with a letter explaining their decision.
Mr Gates has an estimated US$53 billion (S$72 billion) fortune, making him the world's second-richest man on the Forbes list. Mr Buffett, who made his fortune with insurance and investment company Berkshire Hathaway, is ranked third with US$47 billion.
'You don't have to wait to die to give it away,' said Mr Bloomberg, a mayor and media tycoon whose worth is estimated at US$18 billion. 'It never made a lot of sense to me why you'd want to change the world for the better and not be around to see it.'
Almost all on the list are self-made tycoons, such as Mr Bloomberg. A few represent longer-established fortunes, including Mr David Rockefeller.
'I've long stated that I enjoy making money, and I enjoy giving it away,' said energy tycoon T. Boone Pickens, who is worth about US$1 billion, in his letter.
'I'm not a big fan of inherited wealth. It generally does more harm than good.'
The campaign has predicted that it will eventually draw US$600 billion into philanthropy - or about twice the estimated total amount given by Americans last year.
It has sparked debate in philanthropic and non-profit circles since its launch, with some experts dismissing it as a publicity stunt and others predicting that it will produce a flood of new money to support non-profit groups.
Mr Buffett said none of the members of the Giving Pledge campaign was driven by tax breaks. 'Not one has talked to me about taxes,' he said. 'Anybody who is entitled to take a tax deduction takes it but I think the motivation goes far, far beyond taxes.'
Perhaps the biggest surprise on the list was Mr Ellison, who became the bad boy of philanthropy after he withdrew a US$115 million gift he had made to Harvard in protest over the resignation of Mr Lawrence Summers as president.
In a brief note addressed 'To whom it may concern', he disclosed that he had assigned 95 per cent of his wealth to a trust and that he had given away - quietly - hundreds of millions of dollars to medical research and education.
'So why am I going public now? Warren Buffett personally asked me to write this letter because he said I would be 'setting an example' and 'influencing others' to give. I hope he's right.'
Mr Buffett and Mr Gates will hold more dinners later this year to recruit more billionaires, and Giving Pledge members will meet annually to discuss their philanthropy.
The pair is also due to meet some of the wealthiest people in China next month and those in India in March.
'We...hope that this catches fire in some other countries,' Mr Buffett said. 'If they want to take what we think is a good idea and run with it, we will be cheering.'
No comments:
Post a Comment