December 12, 2017

US billionaires to give 50% of their wealth to charity

Billions of reasons to smile

Investor Warren Buffet and Microsoft founder Bill Gates started a campaign in June for billionaires to give away a least half of their wealth to charity. So far they have signed up 38 billionaires in the US.

The list includes New York Mayor Michael Bloomberg, CNN founder Ted Turner, film producer George Lucas and philanthropist David Rockefeller.

Mr. Buffet said “The Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used.” The pledge is a “moral commitment” not a “legal contract”.

Those who pledge their money to “philanthropic causes and charitable organisations” must publicly state their intention through a letter of explanation.

Forbes Magazine estimates there are 403 billionaires living in the US.

It is anticipated that ‘Charity’ will feature strongly in the most popular baby names for girls this year.