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Billionaires asked to 'will' their wealth to the world
August 4th, 2010
Catholic Online (www.catholic.org)
The organization the Giving Pledge is encouraging the mega-wealthy - who can't possibly spend all their money in their lifetimes - to will a great part of their fortunes to charities to make the world a better place. More than three dozen of America's wealthiest individuals and their families have joined Bill Gates and Warren Buffett to will at least half of their fortunes to charity.
LOS ANGELES, CA (Catholic Online) - The Giving Pledge was officially launched by Gates and Buffett earlier this year. Their aim is to persuade the richest people in America to commit to giving the majority of their wealth to the philanthropic causes and charitable organizations of their choice -- either during their lifetime or after their death.
In addition to Buffett and Gates, 38 other billionaires are taking the give-it-away pledge. They include New York Mayor Michael Bloomberg, entertainment executive Barry Diller, Oracle co-founder Larry Ellison, energy tycoon T. Boone Pickens, media mogul Ted Turner, David Rockefeller, film director George Lucas and investor Ronald Perelman.
Some notable figures from the tech world that have joined the pledge include Qualcomm founder Irwin Jacobs, eBay co-founder Pierre Omidyar and noted tech venture capitalist John Doerr.
"We've really just started, but already we've had a terrific response," Buffett, co-founder and chairman and CEO of Berkshire Hathaway says. "At its core, the Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used.
"We're delighted that so many people are doing just that - and that so many have decided to not only take this pledge but also to commit to sums far greater than the 50 percent minimum level."
Bloomberg, who made his fortune from financial news and information services company Bloomberg L.P., added: "If you want to do something for your children and show how much you love them, the single best thing - by far - is to support organizations that will create a better world for them and their children. And by giving, we inspire others to give of themselves, whether their money or their time."
CNN founder Ted Turner says that "I'm particularly thankful for my father's advice to set goals so high that they can't possibly be achieved during a lifetime and to give help where help is needed most," he said. "That inspiration keeps me energized and eager to keep working hard every day on giving back and making the world a better place for generations to come."