2010-08-05 10:40:29
Thirty-eight US billionaires have pledged at least 50% of their wealth to
charity through a campaign started by investor Warren Buffett and Microsoft
founder Bill Gates.
They include New York Mayor Michael Bloomberg, CNN founder Ted Turner and
entertainment executive Barry Diller.
"The Giving Pledge" lists all the families and individuals who have committed
to the project.
The site says the pledge is a "moral commitment" not a "legal contract".
The campaign was started in June to convince US billionaires to give away at
least half of their fortunes either during their lifetimes or after their
deaths.
"We've really just started but already we've had a terrific response," Mr
Buffett said in a statement.
He added: "The Giving Pledge is about asking wealthy families to have important
conversations about their wealth and how it will be used."
Those who pledge their money to "philanthropic causes and charitable
organisations" must publicly state their intention through a letter of
explanation.
'Improving education'
Other billionaires who have pledged large sums of their money include film
producer George Lucas, philanthropist David Rockefeller and oil investor T
Boone Pickens.
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"I am dedicating the majority of my wealth to improving education. It is the
key to the survival of the human race," Mr Lucas wrote in his Giving Pledge
letter.
The organisation says many of the donors have committed to donating sums far
greater than the 50% minimum level.
"While the Giving Pledge is specifically focused on billionaires, the idea
takes its inspiration from efforts in the past and at present that encourage
and recognize givers of all financial means and backgrounds," says
Givingpledge.org.
Start Quote
I've long stated that I enjoy making money, and I enjoy giving it away
End Quote T Boone Pickens Oil investor
Mr Buffett along with Mr Gates and his wife, Melinda, held numerous dinners
with US billionaires in the past year to promote the campaign and urge
America's financial elite to pledge.
"I've long stated that I enjoy making money, and I enjoy giving it away. I like
making money more, but giving it away is a close second," Mr Pickens wrote in a
letter on Givingpledge.org.
Mr Buffett, the chief executive of the investment firm Berkshire Hathaway,
pledged 99% of his money to the Bill & Melinda Gates Foundation and family
charities in 2006.
Forbes Magazine estimated Mr Buffett's wealth at $47bn ( 29bn) in March.
Bill Gates, who Forbes rates as the world's second wealthiest person, has also
given away more than $28bn to his foundation.
There are 403 billionaires living in the US, according to Forbes.