We all know that the bank accounts of some of the wealthiest folks in America are larger than the GDP’s of some backward countries. Aware of the good these billionaire folks can do by contributing towards various charities, three of the nation’s wealthiest citizens of the world have urged America’s richest people to commit at least 50 percent of their net worth to charity. The pledge was issued by Warren Buffet along with Bill and Melinda Gates. While Warren has committed 99% of his wealth to charity, the gates have given more than $28-billion to their foundation and continuing doing so till today. The pledge has come after the various meetings held by the three billionaires to gather donors and encourage them not only to give that much but also to announce their giving plans publicly as way of inspiring other wealthy people to give substantial sums.
Patty Stonesifer, an adviser who encourages greater giving, said the Gateses and Mr. Buffett believe that wealthy people need a standard to strive toward and that a 50-percent minimum seems reasonable for people with a high net worth. She added that the philanthropists would meet in the fall to further discuss various ideas and that such meetings may become an annual event.
News about the pledge effort was first released by Fortune magazine, which estimated that some $600-billion would flow to charity if the 400 people on the Forbes list of wealthy Americans all committed that amount. The idea was born over a year ago when the gates and Buffet asked David Rockefeller Sr. to host a gathering of some of the country’s wealthiest and most prominent philanthropists.
After the announcement of the pledge, four families have reportedly come forward to pledge at least 50% of their wealth to charity. A Web site, has been set up to provide more information about the effort to encourage greater giving. This is definitely a great initiative by the three billionaire humanitarians and the non-profit organizations will surely benefit a great deal once more and more wealthy families accept this pledge.