What is the Giving Pledge? World’s richest pledge to give their money

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Warren Buffett announced this week that he was donating $ 2.9 billion to five philanthropic organizations, the last installment of the $ 37 billion he has donated to charity since 2006.

The $ 2.9 billion donation in the form of Berkshire shares went to the Bill and Melinda Gates Foundation, the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the Foundation NoVo. Buffett says he intends to sell all of the Berkshire shares he owns within 12 years of his death.

WARREN BUFFET DONATES $ 2.9 BILLION TO THE BILL AND MELINDA GATES FOUNDATION, OTHERS

The CEO of Berkshire Hathaway created the Giving Pledge in 2010 with Bill and Melinda Gates to encourage other billionaires to give up the majority of their wealth.

Over the past decade, more than 200 of the world’s wealthiest people in 23 different countries have signed the pledge. Other notable billionaires who signed up are Facebook CEO Mark Zuckerberg, investor Bill Ackman, Tesla CEO, Elon Musk, and Mackenzie Bezos, the ex-wife of Amazon founder Jeff Bezos.

There are currently 2,095 billionaires worldwide, according to Forbes, so around 10% of them have signed the Giving Pledge. There are 614 billionaires in America.

THE FORTUNES OF THE TOP 10 BILLIONS IN THE WORLD HAVE BEEN INCREASED DURING THE DECADE

Despite the commitment to donate at least 50% of their net worth, many billionaires have seen their fortunes grow at an astonishing rate over the past decade. Analysis of Forbes’ list of real-time billionaires revealed that the richest 10 people in the world have added more than half a trillion dollars to their collective wealth since 2010.

Gates gave almost $ 50 billion in the 1990s, but his wealth has doubled since 2010, when he initially made a commitment to donate. It was worth $ 53 billion in 2010 and now has a net worth of $ 111 billion.

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Buffett has not seen much of his wealth slip since the start of the Giving Pledge. He has donated $ 37 billion since 2006, but is still the eighth richest person in the world with a net worth of $ 69 billion.

This comes amid a growing wealth gap that has angered many lawmakers and activists. According to the Census Bureau, the gap between the rich and the poor was the highest it was in over 50 years in 2019.

Former Democratic presidential candidates, including Bernie Sanders and Elizabeth Warren, lobbied for “wealth taxes” during their presidential campaigns. Sanders’ wealth tax proposal would have exceeded 8%, while Warren would have exceeded 3%.

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