Wednesday, September 23, 2020
Home Business Hundreds of billionaires have pledged their fortunes through Warren Buffett and Bill...

Hundreds of billionaires have pledged their fortunes through Warren Buffett and Bill Gates’s Giving Pledge, but very little money can actually help people, new study finds


Giving Pledge Study Finds Donations May Not Help People: Report – Business Insider

Over 75% of the original 65 billionaires who pledged to give the majority of their fortunes in 2010 are richer today than they were then.

Bill Gates and Warren Buffett, co-founders of Giving Pledge.

Spencer Platt / Getty Images

  • Over 75% of the original signatories of Bill Gates and Warren Buffett’s Giving Pledge – a pledge to give up the majority of their wealth – are richer today than they were when they signed in 2010, a new Progressive Institute for Policy Studies (IPS) think tank report found.
  • The report suggests that many signers are making money faster than they are giving it away. The net worth of nine of the original signers, including Facebook’s Mark Zuckerberg, Home Depot co-founder Ken Langone and Salesforce’s Marc Benioff, increased by more than 200%, according to IPS.
  • Many ultra-rich philanthropists make large donations to private foundations that offer massive tax breaks and are not legally required to spend their funds to help people, IPS reported.
  • The Giving Pledge does not oversee signatory donations, according to the organization’s website.
  • More than 200 billionaires from 23 countries have signed the pledge, which could be worth up to $ 600 billion by 2022, research firm Wealth-X has revealed.
  • A representative from The Giving Pledge did not immediately respond to Business Insider’s request for comment on the findings of the IPS report.
  • Visit the Business Insider homepage for more stories.

Previous articleKaepernick shirt was the target of attack dogs at Navy Seal event


Please enter your comment!
Please enter your name here