Billionaires pledge $125 billion to Bill Gates charity drive
Forty American billionaires have pledged at least half of their wealth to charitable causes - a combined value of at least $125 billion.The offerings came at the request of some of the country's best-known billionaires, Bill and Melinda Gates and Warren Buffett. The trio worth a combined $100 billion convinced 40 families and individuals on the Forbes 400 list of richest Americans to sign onto their Giving Pledge campaign.
Included on the list of donors, which was released Wednesday, are California hedge fund investor Thomas Steyer and his wife, Kat Taylor, who were worth around $1.2 billion in 2008.Mr. and Mrs. Gates and Mr. Buffett, first and second respectively on the Forbes 400 list, reached out to between 70 and 80 of the Forbes list’s members and around half agreed to pledge. The 40 families and individuals who have joined the Giving Pledge are worth a combined $251 billion, according to recent figures from Forbes.
According to the Merrill-Capgemini 2010 World Wealth Report, North America's wealthiest donate about $200 billion annually. That figure comes from charitable contributions from people making $1 million or more.“In the case of money, you can’t spend it [all] if you have over a certain amount," said New York City Mayor Michael Bloomberg, who is also on the list, and is worth about $18 billion. “I’ve always thought the best thing to do is to make the world better for your kids and your grandkids rather than just give them some money.”
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I really salute these two world's richest man and world's best philanthropist for their care about charity work. They almost donated all of their wealth to charity instead giving it to their children. Their philosophy is give enough to children so that they are able to work themselves with the available resources.
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