Billionaires Giving Half Their Wealth

December 29, 2010

Nearly a year ago, Bill and Melinda Gates along with Warren Buffet began a campaign, known as “The Giving Pledge”, which commits wealthy individuals to give away the majority of their wealth to charity. This campaign began after the Gates’ and Buffet pledged the majority of their wealth to philanthropic causes and realized that they should convince other super-wealthy individuals and couples to do the same. Recently, the Wall Street Journal ran an article that 16 new billionaire signatories have pledged, including Mark Zuckerberg of Facebook notoriety and Steve Case, co-founder of AOL. They join what now totals as more than 50 donors.

Although the pledge states that one will give away more than half their wealth, which can be in the form of a bequest, many of the new signatories are younger and desire to donate the majority of their fortunes while they are still alive. Younger philanthropy represents a growing trend in the nonprofit world today. Today, philanthropy is not only for the elderly and rich, but younger and younger successful business people are turning their money into charitable results now. One member of The Giving Pledge stated that he would like to direct and take responsibility for his charitable donations. This new trend of younger philanthropy will hopefully help out many worthy charitable groups in the near future and encourage more young entrepreneurs to start giving. To read more, click here.