Bill Gates and Warren Buffet started the “Giving Pledge” on August 4th. They gathered thirty-eight more billionaires and they all pledged at least 50% or more of their personal wealth to charitable causes. Bill and Warren have made seventy to eighty propositions to other billionaires to join the cause, including Oprah Winfrey and the Walton family (founders of Wal-Mart), but they declined on their own terms. The billionaires are from 13 states, mostly California and New York.
Buffet stated, “We’re off to a great start.” Buffet also said that he and Gates will expand their horizons and meet with billionaires from other countries, starting with China. All of the billionaires pledged at least 50%, but Buffet boldly pledged 99% out of his $46 billion.
Of the billionaires, some are Michael R. Bloomberg, mayor of New York City; Barron Hilton, son of the founder of Hilton Hotels; and George Lucas, film director. These well-known billionaires said that all they have done their whole career is receive and now it is time to give back. They are all giving to different causes, but George Lucas said, “I am dedicating the majority of my wealth to improving education.”
Giving to charity is not the only cause for giving; some say they want to make a point: to teach their kids the importance of giving. Bloomberg said, “I’ve always thought your kids get more benefit out of your philanthropy than your will.” Some say that is what motivates them the most. They want their kids to learn from their actions so their kids’ actions are positive, and their kids’ lives can reflect from their parents.
Gates and Buffet are asking billionaires not just to make a donation commitment, but to also pledge to give wisely and to learn from their peers. But, that’s not their only motivation. T. Boone Pickens, chairman of BP capital management, was caught saying, “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.” Pickens wrote on the Giving Pledge website, “To date, I’ve given nearly $800 million to a wide range of charitable organizations, and I look forward to the day I hit the $1 billion mark.”
Before it was official, the $40 billionaires pledge to accumulate at least $125 billion. They say this is just the beginning and the sky is the limit. They say that the main purpose behind the project is to show the world how that kindness and the spirit of generosity is contagious.