40 Billionaires Donate Half Their Wealth

In June, billionaire Warren Buffett and Microsoft co-founder Bill Gates began a charitable giving campaign known as the Giving Pledge. The campaign was started to encourage the wealthiest families to become philanthropists, by pledging to donate half their fortunes to charity. The campaign has been successful so far with at least 40 individuals including Michael Bloomberg, Ted, Turner, George Lucas and Barron Hilton pledging to donate half their wealth to charity, either during their lifetimes or after their death. A complete list of individuals can be found on the website http://www.givingpledge.org.

Gates and Buffett began the pledge during a series of meetings by philanthropists regarding future charitable donations. The pledge was started as part of an initiative to allow the wealthiest individuals to provide the gift of a better world for their children and grandchildren, rather than just an inheritance. Buffett also believes these philanthropic gifts by billionaires could boost others who are not as wealthy to give donations to charities and non-profit organizations.

Buffett and Gates have personally spoken with 70 to 80 individuals who are on Forbes 400 list of wealthy individuals. Buffett stated “… more philanthropy, and smarter philanthropy in the future is the goal.” However, not everyone who has been contacted has been willing to give. Some have declined due to political and personal dissatisfaction with government. Others have stated they want to keep their money in the family. Michael Bloomberg disagrees with this idea and stated he made the pledge because he has more money than he could ever use himself.

These pledges are made out of moral obligation, there is no contract. The giving pledge offers each individual an opportunity to post a letter on the website regarding their personal reason for pledging and where they believe their money should be used after their death. The amounts and causes vary, with some such as Oracle’s Larry Ellison pledging to give “at least 95%” of his wealth. Others like Domino’s Pizza founder Thomas Monaghan, and Barron Hilton believe their pledges are based on their religious upbringings.

Monaghan who promotes Catholic higher education stated in his pledge “ I came into the world penniless and as a Catholic Christian, I know that I cannot take any of it with me, so it has long been my desire to use the material resources that I have been blessed to help others in the most meaningful way possible.” Barron Hilton noted his father Conrad Hilton’s belief in God in his pledge. Hilton stated “Throughout his life, he embraced the power of prayer, and felt it was our God-given responsibility to alleviate the suffering of the most disadvantaged among us.”

Some naysayers believe the money will given away to the arts and universities rather than deserving organizations who help the poor. I for one say it’s at least a start. Giving money to any charitable organization is better than allowing families to continue a dynasty of spending sprees. Would Conrad Hilton rather see another business school bearing his last name or the recent photos of Paris Hilton partying on a yacht in the Mediterranean on a summer long European vacation. Would any of those pledge givers want that to be their legacy?

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