Bill Gates and Warren Buffet Aim for $600 Billion Pledge for Charity

In the world's biggest demonstration of philanthropy, Warren Buffet and Bill Gates are asking the world's billionaires to contribute at least 50 percent of their weath to charity: a total of $600 billion.

By Kathryn Hawkins. Posted on June 21 2010

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Last May, you may have gotten wind of a super-secret meeting of some of the world’s richest people, including Warren Buffet, Bill Gates, Ted Turner, Mayor Michael Bloomberg, and Oprah Winfrey. No journalists were invited to cover the event, and there was plenty of speculation about what sort of evil conspiracies were going on behind the closed doors of host David Rockefeller’s not-so-humble abode.

As it turns out, nothing could be further from the truth: Gates and Buffet had a world-changing mission for calling the meeting. They wanted each of the world’s billionaires to pledge fifty percent of their income to charity.

Gates and Buffet are, of course, no strangers to philanthropy: they’ve granted much of their wealth to the Bill and Melinda Gates Foundation, and their combined gifts total around $3 billion a year, which primarily goes to fund world health and international development projects. But though most ultra-wealthy individuals pay lip service to philanthropy, the total percentage of their income that America’s 38,000 billionaires donate to charity is only around 11%, or $11 billion. If all of those billionaires accepted Gates’ and Buffet’s challenge, that amount would go up to $600 billion.

Warren Buffet is starting off the challenge with his own remarkable donation: he’s pledged 99 percent of his wealth to philanthropic foundations. Despite the largesse of his contribution, he doesn’t even consider it to be a sacrifice.

Buffet writes: “Millions of people who regularly contribute to churches, schools, and other organizations thereby relinquish the use of funds that would otherwise benefit their own families. The dollars these people drop into a collection plate or give to United Way mean forgone movies, dinners out, or other personal pleasures. In contrast, my family and I will give up nothing we need or want by fulfilling this 99% pledge.”

Buffet and Gates are optimistic that their wealthy friends will see things their way, and have set up a website, givingpledge.org, where Buffet’s pledge is displayed, with others soon to follow. If their mission is successful, we’ll see billions of dollars in aid flow towards global health problems, education, technology, and other vital issues. And, before long, a better world.

Filed under: Heroes, Non-Profits,

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