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Australia The Giving Pledge turns ten years old - Billions in donations for the common good

06:51  25 august  2020
06:51  25 august  2020 Source:   finanzen.net

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Signatories of the Giving Pledge must be billionaires, if not for the money they are giving away. Here's the newest class of Giving Pledge signatories, their countries of origin, their net worths (when publicly available) and lines from their public pledge letters indicating their reasons for donating .

However, taking the pledge can help to make giving easier and more rewarding: Many members find that setting the size of their year 's donations in Because there is some flexibility in the timing of donations ( for example you could donate less than 10 % for a few years and make it up afterwards)

"By the time I die, I will have donated half of my wealth to charitable causes", is the tenor of the members of "The Giving Pledge". An organization founded in 2010 by and for multi-billionaires who follow the principles of philanthropy.

Thomas Lohnes/Getty Images © Provided by Finanz.net Thomas Lohnes / Getty Images

• 10 years of The Giving Pledge

• Too much money to donate

• Non-profit billionaires

The Giving Pledge

"The Giving Pledge" or "The promise." "to give something" describes a movement founded in 2010 by Bill, Melinda Gates and Warren Buffett, which encourages super-rich billionaires around the world to use their wealth for the common good.

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"We will give 99 percent of our Facebook shares — currently about billion — during our lives to advance this mission," the couple wrote in a letter Along with fellow billionaire Warren Buffett, the Gateses also helped create the Giving Pledge in 2010, which encourages more of the super-rich to

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describes its background on its own website as follows: "In August 2010, 40 of the richest American people joined forces with the commitment to use the majority of their wealth to tackle some of the most significant social problems."

The three founders of the philanthropic movement used The Giving Pledge as an open invitation to wealthy people who are willing to use their financial resources for the common good. After various wealthy people outside of the USA felt themselves addressed by the organization in the early years, The Giving Pledge globalized in February 2013 and was able to attract philanthropists in Germany, India, Russia, Great Britain and Australia, so that today there are more than 200 worldwide richest people from a total of 23 nations belong to the Giving Pledge.

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So why do the Gates work so hard to give their billions to philanthropy? In the couple's 10 th annual letter describing their foundation's charity work To that end, the Gates have also co-founded The Giving Pledge with their billionaire buddy Warren Buffett. The platform invites billionaires to commit to

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"Joining a Giving Pledge is more than just a one-time event. [...] The Giving Pledge is a moral obligation", as it says on the homepage.

Too much money to keep the donation oath

In addition to the founders, the members of the philanthropic club include Tesla boss Elon Musk, Netflix CEO Reed Hastings, Amazon founder Jeff Bezos and the former Citigroup -CEO Sanford Weill.

So all of these super-rich individuals have promised to spend at least half of their wealth on charity until they die. But many of these followers are unable to keep this "oath" even though they seriously strive to do so. The members' assets have grown so rapidly over the past ten years, since Giving Pledge was founded, that the available funds far exceed the donation options.

A study by the Institute for Policy Studies shows that the 62 members already had total assets of 376 billion US dollars in 2010, which has grown to 734 billion US dollars today. "While some of the members actually want to keep their promise, many are unable to do so because their fortunes have simply grown too quickly," comment the study's authors.

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He founded The Giving Pledge in 2009 with Bill Gates, whereby billionaires He bought the land when he was 14 years old with ,200 of his savings. By the time he finished college This deal was valued at approximately billion (with $ 10 billion of outstanding BNSF debt) and represented an

Buffett founded The Giving Pledge , whereby they and other billionaires pledge to give at least half of their wealth to Gates's maternal grandfather was J. W. Maxwell, a national bank president. Gates has an older The following year , a Lakeside teacher enlisted Gates and Evans to automate the school's

This means that donation expenses would have to be increased significantly by each individual so that the promise of the Giving Pledge can still be kept.

As an example, Jeff Bezos and his ex-wife MacKenzie are partially honoring their oath. In 2018, they jointly opened the $ 2 billion Day One Fund to fund education for children in need. And in early 2020, Bezos provided an additional $ 10 billion to combat climate change. Considerable sums of money were donated here, but the total assets of the Amazon boss are around 131 billion US dollars, which means that 12 billion US dollars do not comply with the oath of the Giving Pledge organization.

While in the past ten years only eleven of the 62 members at the time had their assets reduced due to donations, the assets of the remaining 51 simply increased too quickly.

Recent donations

While critical voices accuse The Giving Pledge of seeking tax benefits under the guise of charity, others see the organization as a success.

So are other recent donations from Warren Buffett (2.9 billion US dollars), MacKenzie Scott (formerly Bezos) (1.7 billion US dollars), Michael Bloomberg (1.8 billion US dollars) to institutions with individual charitable missions known.

Accordingly, the members of the Giving Pledge regularly donate unimaginable sums and use them for a "good cause". Thus, this association can be viewed critically, but nonetheless as a non-profit alliance, even if many of the members cannot (or cannot) fulfill their vow to donate half of their private assets until their death. Henry Ely / Finanzen.net Editor

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