Buffett Gates billionaire pledge charity
A Second Golden Age of American Philanthropy?
Warren Buffett and Bill and Melinda Gates ask the members of the Forbes 400 to each pledge more than half of their wealth to charity
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If the entire Forbes400 gave away half of their wealth, that would mean $600 billion going to charity. That’s why Fortune titled its article, “The $600 Billion Challenge.”
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If the entire Forbes400 gave away half of their wealth, that would mean $600 billion going to charity. That’s why Fortune titled its article, “The $600 Billion Challenge.”
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Statistically, the Forbes 400 give between 8 to 11 percent of their income to charity each year and about 15 to 20 percent of their estates to charity. Increasing the giving of the Forbes 400 to more than 50 percent should result in hundreds of billions passing to charity that otherwise might not.
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Carnegie described in great detail many of these concepts in The Gospel of Wealth over a century ago, in which he set forth the foundations for effective philanthropy.
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Rockefeller was also a fan of self-help. In his essay “The Difficult Art of Giving,” he stated, “The only thing that is of lasting benefit to a man is what he does for himself.” Rockefeller was the first modern philanthropist to organize his philanthropy in 1901, reviving the Tudor concept of a charitable trust or foundation.
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