40 U.S. Billionaires Pledge Half of Fortunes to Charity

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Bill Gates and Warren Buffett are leading the charge to give back. (Photo: Shannon Stapleton/Reuters)

Imagine if the richest people in American donated half of their wealth to charity.

What would the impact be?

Maybe there would be a cure for HIV/AIDS or enough funds for every child around the world to get a proper education.

Bill Gates and Warren Buffett are telling Americans that imagination can be reality.

The billionaire pals pledged to give half of their fortunes to charity and persuaded 40 more of America's billionaires to follow suit.

Titled The Giving Pledge, their endeavor invites America's billionaires to donate half of their wealth to the charities or philanthropic causes of their choice.

Reported by MSNBC, New York City Mayor Michael Bloomberg is part of the billionaire give-back pack.

He says of The Giving Pledge: 

If you want to do something for your children and show how much you love them, the single best thing—by far—is to support organizations that will create a better world for them and their children. And by giving, we inspire others to give of themselves, whether their money or their time.

Among others pledging to give back are legendary filmmaker George Lucas and media mogul Ted Turner.

In George Lucas's pledge, he wrote, "I am dedicating the majority of my wealth to improving education. It is the key to the survival of the human race."

Lucas has already made an impact on education in America by starting The George Lucas Educational Foundation.

The vision of the Foundation is of a new world of learning. "A place where kids and parents, teachers and administrators, policy makers and the people they serve, all are empowered to change education for the better."

Ted Turner wrote in his pledge:

I'm putting my resources and energies toward tackling the worlds more important issues. The three problems that concern me the most are the threat of nuclear annihilation, climate change and the continuing growth of the world’s population.

In 1998 Ted Turner gave the United Nations the monumental gift of $1 billion to start the United Nations Foundation.

His contribution has helped the United Nations address global issues such as children's health, women's rights and sustainable development.

Just think if all of the 400 wealthiest Americans on the Forbes list pledged half their wealth. According to Fortune Magazine, an astonishing $600 billion dollars would be given to charity.

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Comments 2

Submitted by cwardnm on Sat, 08/07/2010 - 10:23am
Wolves become lambs when they see the torches and pitchforks. I am a 63 year old entrepreneur who has lived near and around the rich and famous all my life - from the wealthy suburbs of Chicago, to Aspen, Telluride and Southern California. The super rich share a few common traits - a singular, ruthless desire to separate the rest of us from our property - an indefatigable quest to eliminate competition - and a talent to cultivate public subsidy for their obsessions. In an nutshell - behind every great fortune - there are greater crimes against the groups they prey upon. Then there are their kids, who suffer an assortment of personal maladies, including, but not confined to the inability to quantify their own worth beyond accidental birth. Again.. I've lived among the rich pretty much all my life. Although inherited wealth appears to be its own punishment - the butchers and thieves who accumulate these fortunes are pretty much the same throughout history. They are supreme scammers - savvy enough to know when to start confessing that it's 'time to give back'. It's not that the rest of us are lazy or common. The robber barons throughout history are driven to conquest - so damaged in their personhood - that while the rest of us work, pray, love and smell our roses, the royals and wolves plot how to increase their market share. When the starving peasantry left the French countryside for the palaces of the Loire they had blood in their eyes. Enough was enough... then as now.

Submitted by Darlene Carvin on Thu, 08/05/2010 - 2:20pm
I think their intentions are good, but so much money goes into to the pockets of the administration of the so-called charities. They should buy the rain forest, and let the natives live in peace, stop the slaughtering of the trees and save the eco system, for mankind. Our troops could guard the boundaries. Two major problems solved.