Warren Buffett, Bill Gates Giving Pledge Gets 12 More Billionaires To Commit Over Half Of Their Fortunes

There are now 81 billionaires committed to giving at least half of their fortunes to charity, thanks to 12 new families and individuals who have signed on to Bill Gates' and Warren Buffett's "Giving Pledge."

Among the new additions to the pledge, a non-contractual promise to give the majority of one's wealth to charity, are Home Depot co-founder Arthur Blank and hedge fund mogul Bill Ackman.

“It’s terrific to be adding these 12 families to the Giving Pledge,” Buffett, pledge co-founder and chairman and CEO of Berkshire Hathaway, said in a press release. “They come from different backgrounds, but share a common desire to see positive change in our world."

Blank describes in his Giving Pledge his desire to tackle the country's wealth gap:

"The needs in our society are more profound than at any point in my lifetime. The gap between rich and poor in America is growing," Blank wrote on the Giving Pledge. "Philanthropy alone cannot repair all of the social injustice in our country or the world. It can, however, inspire good will, spark innovation and provide thought leadership.”

Gates and Buffett, the world's second and third richest people respectively according to Bloomberg, started the pledge as an invitation to the country's wealthiest -- billionaires only -- to give more than half of their money to charity. Among the notable billionaires to sign on is Mark Zuckerberg, who pledged in December 2010.

The announcement comes in the wake of Buffett's announcement that he has prostate cancer.

Check out others who have signed on to the "Giving Pledge" in the past:

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Eli and Edythe Broad

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Billionaire businessman and real estate mogul Eli Broad and his wife, Edythe, have pledged to give away 75 percent of their fortune within their lifetimes. The Broad Foundation supports arts organizations, funds advancements in medical science and advocates for education reform.

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Billionaire businessman and real estate mogul Eli Broad and his wife, Edythe, have pledged to give away 75 percent of their fortune within their lifetimes. The Broad Foundation supports arts organizations, funds advancements in medical science and advocates for education reform.

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Comments

[danzickus]

08:03 PM on 03/28/2013

(1) How about this, how about someone start a pledge that donates to NASA's space program? Watch Neil Degrasse Tyson make an intellectual attempt to double NASA's budget from 1/2 penny to a penny in front of Congress on Youtube (2011)
https://www.youtube.com/watch?v=0ndhxdDgSgI

(2) NASA is dedicated to the exploration of outer space and has the potential according to Neil, to do a lot more for our Nation. From a billionaire's perspective, this must not be the case without a simple business model clearly laid out that can show future gains monetarily for years to come (I believe that's close to how Warren Buffet explains his ventures into the capitalistic market we have today). Its so fascinating when you see the congressional hearing take place in front of these U.S. reps, which seem to be beyond male menopause based on their behavior, agreeing to disagree with Tyson on hear say. They try to throw Tyson curve balls and knuckles but he smashes them out of the park every time with brilliant vernacular and performance enhanced story.

[Gary Reber]

11:43 AM on 11/21/2012

Under the proposed Capital Homestead Act as a substitute for inheritance and gift taxes, a transfer tax would be imposed on the recipients whose holdings exceeded $1 million, thus encouraging the super-rich to spread out their monopoly-sized estates to all members of their family, friends, servants and workers who helped create their fortunes, teachers, health workers, police, other public servants, military veterans, artists, the poor and the disabled.

Support the Capital Homestead Act at http://www.cesj.org/homestead/index.htm and http://www.cesj.org/homestead/summary-cha.htm

[WillPascoe]

12:41 AM on 09/09/2012

Damned if you do, damned if you don't. If they give their money away quietly they're hiding something, if they get a mention (NOT their own press release, just a mention) they're looking for glory. I wonder how many of the critics are doing something from their heart for charity? How many are supporting a needy child somewhere, or giving to their local soup kitchen, homeless shelter, or charity shop?

[Ronnie Stewart]

08:44 PM on 07/10/2012

We are exercising our CRAZY Faith! Please watch the video we posted on our page and pass it around!!!! WE NEED YOUR HELP GETTING THIS VIDEO IN THE RIGHT HANDS!!!

Please click on this link to watch the video
http://www.youtube.com/watch?v=ZiEV0p3vfi8

[figus mockum]

03:39 PM on 07/10/2012

I often wonder about the super-rich giving away their money. Then I stop and think about all the layers of people this money has to go thru. Each and everyone taking their 'cut.' (I feel the same way about non-profits) I guess this is where 'trickle-down' comes from.
First and foremost, education must be a primary goal. Without education, we are just chasing our tails.
Also, one would think all the government programs, the non-profits, and foundations, the religious chairties, why is anyone in need?

[Mike Block]

10:26 AM on 04/24/2012

I would hold more faith in this if just one of these wealthy philanthropists would come out and simply say something like "I will give 25 million dollars to the man who brings me Kony's head".

THAT would be truly amazing. How about the Warren Buffet Free Mental health Clinic?

Promising to donate to charitable institutions looks great on paper, but just once I want to see them do something immediate, clear and tangible.

I hope this information is true.

Excelsior

[kteachums]

04:56 PM on 04/23/2012

I just want to say thank you to Warren Buffet, Bill Gates and the 81 who care. These people are our role models. They live their lives with love and concern for others. I always said if I ever am fortunate enough to have money I want to be able to help those who are less fortunate than I. As a school teacher I do my best. Thank God for the angels that walk this earth.

[Annespeaks]

02:13 AM on 04/23/2012

"The needs in our society are more profound than at any point in my lifetime. The gap between rich and poor in America is growing," Blank wrote on the Giving Pledge. Philanthropy alone cannot repair all of the social injustice in our country or the world."
I find it revealing that the billionaires who are not running for office directly (Romney) or indirectly (Koch brothers) all say the gap between rich and poor is a problem.

[SueZbell]

04:34 PM on 04/22/2012

While most of the work the Gates Foundation, et al is laudable, I'm going to suggest the politically incorrect:

First: The words "no contract" mean no obligation by their "heirs" to honor the pledge?

Second: Why did they these wealthy people think they needed to underpay their help and overcharge their customers for so long?

Has it ever occured to them that just raising wages and lowering prices and profits would help the employee class? No. What they seem to want is more fame while living and a mention in the history books. They have so much money and already have all the "things" they'll ever need that neither they nor their heirs can spend what is left after taxes.

Which brings me to my third point: Are those amounts they have promised to "give" about the amount they expect that the government would get to pay down the deficit if they don't give it away for the glory of it first?

Yes, all this "giving" from the greed-is-good crowd makes me cynical.

[rfstevens]

12:36 PM on 04/22/2012

I just cannot fathom that there would be so many haters to such a story. Man, it must be miserable to be you.

[SueZbell]

04:46 PM on 04/22/2012

Not haters. Realists.

[rpm1cpa]

12:28 PM on 04/22/2012

Did you ever notice that the extremely wealthy never give to pure public charities like soup kitchens drug rehabs, orphanages single parent families or unemployed people and disabled veterans. Its always to museums, orchestras parks and thinks that other well off people can enjoy.

[wtf is this]

03:23 PM on 04/22/2012

Really? I guess the gates foundation & its vaccination program are just for the rich?
& aren't museums & parks utilized by the poor as well? Nothing wrong with giving to those. Hopefully they're also giving to humanitarian efforts though.

[SueZbell]

04:49 PM on 04/22/2012

Along with all those vaccination programs in third world countries, perhaps their foundation needs to be distributing free birth control--if only to p*$$ off those in the employer class that are NOT giving because it could reduce competition for future jobs and make it more difficult for the employer class to hire for a nominal wage instead of a living wage.

[SueZbell]

04:36 PM on 04/22/2012

No glory in it.

[ponyboy3543]

09:43 AM on 04/22/2012

One can surely tell which comments are coming from repubs. Yes, it is the negative comments. GOP only wants to gather more money for themselves and to hell with the common people that made them wealthy in the first place. What a deal.

[SueZbell]

04:40 PM on 04/22/2012

I've always been registered as an independent.

You may be looking at this from a different angle than I as my subsequent posts indicate.

[Ayesha Khan]

09:34 AM on 04/22/2012

This is too good to be true, i am really confused. More than half of their wealth makes a lot of money, and giving in charity like what charity ? I don't understand this. Mr Bill Gates has a philanthropic approach and he has already donated a lot. Moreover, he raised some type of foundations which serves humanity. But if collectively all these billionaire's have agreed to let go more than half of their assets i fail to understand where they plan to give it away. well obviously not to their neighbors, it has to be some institutes, or charitable organizations there are so many of them. Well the news lacks a lot of details and there are too many loop holes ---so any reaction would be --Over reaction, until something materializes--- Anyway Great news i hope it comes true. :))))

[wtf is this]

03:27 PM on 04/22/2012

Perhaps they're not advertising where there money is going since every dollar would be scrutinized. Feeding poor in Africa? What about poor at home? Building shelters for the homeless? what about refugees in the Sudan?
Too much to choose from. Not even their wealth will solve all problems.
& perhaps they simply don't want a big fanfare for giving away their money.
Bravo to those that are giving.

[EKAM8]

09:23 AM on 04/22/2012

Before you get all Gooey they will claim the LOT as Tax Breaks. They didn't become Billionaires for being Angels.

[SueZbell]

04:41 PM on 04/22/2012

Exactly.

[jconceicao]

09:23 AM on 04/22/2012

A very expensive way to get your 15 minutes of fame. You want to give, give but make sure nobody finds out about. You 12, do you think you can do that ? Give half of your fortune and make sure nobody finds out about it ? I doubt it. The fact that you want the whole world to know that you're doing this makes me shrill. What's next ?

[SueZbell]

04:43 PM on 04/22/2012

No contract, no public verbal promise = no obligation--just a little more "glory" for Gates and the geezer.

[jconceicao]

08:44 PM on 04/22/2012

Where have you all been since 2008? After all it was people like yourselves who brought the whole world economy down to it's knees. Remorse is it? Too little, too late.