Billionaires Give Away Half Of Wealth 20 replies

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Flash525

The Carbon Comrade

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14th July 2004

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#1 8 years ago

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Bill Gates and Warren Buffett want to persuade more billionaires to sign up. Microsoft founder Gates and investor Buffett, who are worth a combined $90bn (£56.6bn), have persuaded 38 of their fellow billionaires to sign up. The friends and philanthropists started The Giving Pledge last month. Its aim is to persuade fellow billionaires to pledge the money to charity, either in their lifetime or after they die.

Buffett said: "We’ve really just started, but already we’ve had a terrific response.

"At its core, the Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used." He added: "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% minimum level.” Those who sign the pledge are also invited to publish a letter explaining their decision.

Among the latest batch to have signed up is New York Mayor Michael Bloomberg, who is worth $18bn (£11.3bn). New York mayor Michael Bloomberg has pledged half of his wealth. In his letter Bloomberg wrote: "Making a difference in people's lives - and seeing it with your own eyes - is perhaps the most satisfying thing you'll ever do. If you want to fully enjoy life - give.

And 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 organisations that will create a better world for them and their children."

Joining him is Star Wars Director George Lucas.

Lucas wrote: "My pledge is to the process; as long as I have the resources at my disposal, I will seek to raise the bar for future generations of students of all ages." Others on the list include entertainment executive Barry Diller ($1.2bn, £775m), Oracle co-founder Larry Ellison ($28bn, £17.6bn), energy tycoon T. Boone Pickens ($1.1bn, £692m), media mogul Ted Turner ($4.8bn, £3bn), banker David Rockefeller ($2.2bn, £1.3bn) and investor Ronald Perelman ($11bn, £6.9bn).

They join Eli Broad, who made his money in property, venture capitalist John Doerr, media entrepreneur Gerry Lenfest and former Cisco Systems Chairman John Morgridge in supporting the effort.

The US has 403 billionaires, the most of any country, and all together they have a combined fortune of $1.3 trillion.

Mr Buffett himself pledged to give 99% of his wealth to good causes in 2006.

Gates and Buffet will now wine and dine other billionaires in an attempt to persuade them to follow suit.

Source: Bill Gates and Warren Buffett Persuade 40 Fellow Billionaires To Give Half Their Wealth To Charity | World News | Sky News

All I can do is applaud these people. It's nice to see that some people still have a conscience when it comes to such things. Granted some of them will still have a nice bank balance by the time they're done, but many of them have worked for it (some, very hard) so deserve to keep a fair amount, others have probably just been lucky.

But yeah, fair play to these people. Hopefully more will follow suit.




Mihail VIP Member

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19th January 2003

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#2 8 years ago

Sort of a old story..... but honestly enough, half a billion is still 500 million...... I mean you could only buy five one million dollar houses with that.




Schofield VIP Member

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#3 8 years ago

Wow that is nice, that is a lot of money going towards charity.




Commissar MercZ

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#4 8 years ago

Don't want to sound cynical but this really won't do anything. Most of these guys built their wealth because of a system that lets them keep everyone else in destitute. Particularly those in the third world which I assume this will be going to.




D.Sporky!

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#5 8 years ago

Mihail;5399450Sort of a old story..... but honestly enough, half a billion is still 500 million...... I mean you could only buy five one million dollar houses with that.[/QUOTE]You mean five hundred one million dollar houses..or five ten million dollar houses?

[QUOTE=Commissar MercZ]Don't want to sound cynical but this really won't do anything. Most of these guys built their wealth because of a system that lets them keep everyone else in destitute. Particularly those in the third world which I assume this will be going to.

Not really sure how you mean here...creating a company that successfully markets a product that everyone can use, and being a genius player in the stock market is considered raping the third world?




WiseBobo

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#6 8 years ago
D.Sporky!;5399725Not really sure how you mean here...creating a company that successfully markets a product that everyone can use, and being a genius player in the stock market is considered raping the third world?

Not necessarily, but you cannot deny exploitation occurring in the third world being propagated by businesses in first.




D.Sporky!

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#7 8 years ago
WiseBobo;5399730Not necessarily, but you cannot deny exploitation occurring in the third world being propagated by businesses in first.

You mean like giving people in India the crappy tech support jobs? :p




redgroupclan

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#8 8 years ago

A nice effort. It really is surprising. It says the combined wealth of all the billionaires in the U.S. is $1.3 trillion. That makes me wonder how the government could possibly get rid of the national debt. I mean, every billionaire in the U.S., if they were to give up all of their wealth to paying off the national debt, they would make just a little dent.




Schofield VIP Member

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#9 8 years ago
redgroupclan;5399761A nice effort. It really is surprising. It says the combined wealth of all the billionaires in the U.S. is $1.3 trillion. That makes me wonder how the government could possibly get rid of the national debt. I mean, every billionaire in the U.S., if they were to give up all of their wealth to paying off the national debt, they would make just a little dent.

Exactly, which is why the debt will never go away.




Keyser_Soze

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#10 8 years ago
Mihail;5399450Sort of a old story..... but honestly enough, half a billion is still 500 million...... I mean you could only buy five one million dollar houses with that.

don't you mean 500 1 million dollar houses?