Warren Buffett Gets The Wealthy To Give Back
Warren Buffett announced Wednesday that nearly 10% of the wealthiest Americans listed in the current Forbes 400 have committed at least half of their entire net worth to charitable causes. Buffett kicked off the Giving Pledge project with Bill and Melinda Gates in June in an effort to get all current and former members of the Forbes 400 list to pledge half their wealth to philanthropy.
"We called 70 to 80 people in the Forbes list," Buffett said during a press call Wednesday. "It was a very soft sell, but 40 signed up."
According to Buffett, he didn't know a fair number of the people on the call list "at all." Still, he picked up the phone himself and dialed people who already have a history of being active donors to various causes.
Among the best-known names of those who have signed on: New York Mayor Michael Bloomberg, investor Ronald Perelman, hotel magnate Barron Hilton and Microsoft ( MSFT - news - people ) co-founder Paul Allen.
Buffett’s group will not pressure tycoons to give to specific causes. Philanthropists are being encouraged to donate as they see fit, to promote the environment, education to health. Bloomberg, who participated in Wednesday's announcement with Buffett, said that diversification in charity works the best.
Walter Scott, who sits on the Berkshire Hathaway ( BRK - news - people ) board and is worth $1.9 billion by our latest estimate, aims to make a difference in the realm of education, youth services and science. He notes in his pledge: "My interests, that I hope my foundation's successor trustees continue, are twofold. Number one is causes that serve young people. I have nothing against old people. I am one! But I believe society will get the most bang-for-the-buck if I invest in things that help us produce educated and productive citizens, whether through youth social services or assisting them pursue a college education through scholarships."
Hedge fund billionaires John and Laura Arnold are interested in funding education reform, health care, social services and social justice. "We are blessed to embark on this critical endeavor at a relatively early stage in our lives and with a great sense of urgency. We will devote the majority of our wealth, time and resources to philanthropy in the coming years, and we fully intend to achieve transformative results during our lifetime. There is no more worthwhile work and no greater mission. And there is no reason for delay in making a difference," they say in their pledge.
Based on our most recent estimate, the total pledged through the Giving Pledge comes to at least $120 billion to charity so far.
Buffett said that he's been surprised by the favorable response to the Giving Pledge during the past six weeks and still plans to host several dinners with around the country with Bill and Melinda Gates to get more wealthy individuals and families to sign on. He and Bloomberg added that they are particularly interested in getting more young people listed in the Forbes 400 to pledge their wealth.
"We want to make sure every young person on the Forbes list is contacted before we get through," said Buffett.
As for those who have turned him down, Buffett still has hope: “Every Saint has a past and every sinner has a future."
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عميت عين لا تراك عليها رقيبا
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