Billionaires Donate Half Their Wealth To Charity

Ever wonder what billionaires do with all their money while the nation is struggling in debt? Bill Gates and Warren Buffett launched The Giving Pledge earlier this year, beginning this expensive trend. NBC reports:

More than three dozen of America’s wealthiest individuals and families have joined Bill Gates and Warren Buffett in agreeing to give away at least half their fortunes to charity.

The announcement was made Wednesday by The Giving Pledge, an effort officially launched by Gates and Buffett earlier this year to persuade the richest people in America to commit to giving the majority of their wealth to the philanthropic causes and charitable organizations of their choice, either during their lifetime or after their death.

In addition to Buffett and Gates — America’s two wealthiest individuals, with a combined net worth of $90 million, according to Forbes — 38 other billionaires are taking the give-it-away pledge. They include New York Mayor Michael Bloomberg, entertainment executive Barry Diller, Oracle co-founder Larry Ellison, energy tycoon T. Boone Pickens, media mogul Ted Turner, David Rockefeller, film director George Lucas and investor Ronald Perelman.

“We’ve really just started, but already we’ve had a terrific response,” Buffett, co-founder and chairman and CEO of Berkshire Hathaway, said in a statement. “At its core, the Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used.

“We’re delighted that so many people are doing just that – and that so many have decided to not only take this pledge but also to commit to sums far greater than the 50 percent minimum level.”

Gates and Buffett launched “The Giving Pledge” in June. The effort could funnel a colossal amount of money into nonprofit groups. If the individuals on the Forbes 400 list of richest Americans pledged half their net worth to charity, that would amount to $600 billion, according to Fortune magazine.

The United States has roughly 400 billionaires, about 40 percent of the world’s total, according to Forbes.

The pledge is a moral commitment to give, not a legal contract. It does not involve pooling money or supporting a particular set of causes or organizations.

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  • Your Mom

    >Ever wonder what billionaires do with all their money while the nation is struggling in debt?

    Speak for yourself. I'm a thoroughly middle-class, blue-collar worker, and I'm not struggling in debt.

    “The nation” is not struggling with debt.

    • tonyviner

      Congratulations.

    • Hadrian999

      i would bet china would have a different opinion

    • Rohatsu

      LOL You're funny.

    • Haystack

      You're only struggling in innumeracy.

  • justme

    This seems kinda odd to me where is the money really going and who controls the purse strings. All of these guys are in on the one world government deal. This could just be an extra buy in so they can pick the country the want to rule over once they collapse everything into the one world government system. 600 billion goes along way in down economys. Sorry for being parnoid but people this rich dont just give this much money away without some motive. Oh an last time I checked you still cant buy your way into heaven.

    • Haystack

      One world government seems like a good idea to me.

      • aireborne11

        thank you, i completely agree

    • Earbudcontender

      last time I checked nothing is known about heaven.

  • tonyviner

    “In addition to Buffett and Gates — America’s two wealthiest individuals, with a combined net worth of $90 million, according to Forbes”

    I could've swore it was more.

  • GoodDoktorBad

    Billionaires are worthless……

  • Hadrian999

    once you get to a certain level of wealth your money becomes an abstract concept anyway,
    these guys aren't making any real sacrifice, maybe they are really trying to help but it isn't any real hardship.

  • Rohatsu

    This is bullcrap. Charities are just another business and these people are buying stock.
    The “pledges” are also all CFR/Trilateralist globalists who are masters of media manipulation and subversion.
    It's undoubtedly a tactic to try and preserve the reputation of the richest Americans at a time when wealth is not a popular quality to the majority of (impoverished) Americans.

  • Gemmarama

    bill gates & charity – the real story:

    http://www.latimes.com/news/nationworld/nation/

  • Earbudcontender

    last time I checked nothing is known about heaven.

  • Judy Page

    test

  • Careful reader

    “a combined net worth of $90 million,” How bout hiring an editor? That should be “billion.” FFS how do you miss that? the point of the article is that they’re “Billionaires.”

  • Careful reader

    “a combined net worth of $90 million,” How bout hiring an editor? That should be “billion.” FFS how do you miss that? the point of the article is that they’re “Billionaires.”

  • http://www.wheelsforwishes.org Cassie Lopez

    Although this is quite unbelievable but I think I read an article wherein a billionaire if China if I’m not mistaken is to donate his whole fortune to his chosen charity. Now here I go again, I’ve read here that 2 billionaires will donate their half fortune to a charity. That is pretty great since it’s not easy to give up something you have but if you are then willing why not of course. I am just hoping that it will go to not only one charity but to be distributed to many charities so everyone will benefit.

  • Carrie Moody

    I hope that this people will set as inspiration on all of us because we bring into success if you know how to help others. it is a good example of good person that willing to help others.

    Carrie Moody,
    Car donation
    Wheels for Wishes

  • Carrie Moody

    test

  • Melinda Franklin

    This billionaires are really awesomes

  • Melinda Franklin

    This billionaires are really awesomes