115 billionaires from around the world have signed a pledge to give away half of their fortunes.
This agreement is the result of a campaign called “The Giving Pledge” started by Warren Buffett, Bill Gates and his wife Melinda in 2010.
The pledge intends to give the wealthiest people in the world more control of where their money will be donated over the course of their lives.
Twelve billionaires from nations such as Russia, South Africa, Australia, Germany, Ukraine and Maylasia have signed on.
The Giving Pledge is a chance for the rich to give in a “smarter” way, Gates told the Wall Street Journal last September.
“This new group brings extensive business and philanthropic experience that will enrich the conversation about how to make philanthropy as impactful as possible,” he said. “Their thoughtfulness and deep commitment to philanthropy are an inspiration to me, and I’m sure to many others as well.”
Russian media mogul Vladimir Potanin wrote last year that he joined to teach his children a lesson about certain essential values.
“The decision I made is not just an attempt to be remembered as a philanthropist,” he wrote. “I also see it as a way to protect my children from the burden of the extreme wealth, which may deprive them of any motivation to achieve anything in life on their own.”
By 2012, Gates and Buffett had already recruited 92 billionaires, including Mark Zuckerberg, New York Mayor Michael Bloomberg, and Netflix CEO Reed Hastings.
Charlie Rose recently caught up with Bill and Melinda Gates and Warren Buffett to discuss the morals behind the pledge and just how natural this promise came to them.
From Top Info Post:
Charlie Rose: Is it necessary to join the Giving Pledge that you promise 50 percent of your net worth?
Melinda Gates: Yes. In your lifetime or in your will.
Charlie Rose: Or in your will?
Warren Buffett: Right.
Charlie Rose: Are people shocked by that?
Warren Buffett: I don’t think so.
Melinda Gates: We’re asking them to be bold. We’re asking them to step out and to do something big. But a lot of them were already on their way there and just hadn’t put a numeric number behind it. And I think now also the Giving Pledge has gotten going, people know that’s the expectation.
Warren Buffett: And we don’t, we don’t, we don’t find a lot of people that say, “I want to join if it was 40 percent.”
Charlie Rose: Some may say I’m happy to give much more than 50.
Warren Buffett: Oh, most of them. Most. My guess is that a very significant percentage of our members, I mean, way over half are going to give a lot more than half.
Gates and Buffett are already leading by example in terms of this prediction. According to Top Info Post, Bill and Melinda Gates have committed to giving away 95% of their wealth, while Warren Buffett has pledged 99%.
H/T: Top Info Post, Top Photo Credit: WENN
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