05 August, 2010

40 US billionaires pledge half wealth to charity

Bill Gates and Warren Buffett think fellow US billionaires should donate most of their vast fortunes to charity, and they revealed Wednesday that 40 are set to do just that.

"Forty of the wealthiest families and individuals in the United States have committed to returning the majority of their wealth to charitable causes," said a statement released by www.givingpledge.org.

The idea is to squeeze morally-, not legally-binding pledges from the super wealthy.

"You don't have to wait to die to give it away," said Bloomberg, a media entrepreneur and major philanthropist whose worth is estimated by Forbes at 18 billion dollars. "It never made a lot of sense to me why you'd want to change the world for better and not be around to see it...You can't spend it if you have over a certain amount," he explained.

Read more from this article at: http://au.news.yahoo.com/a/-/world/7710834/40-us-billionaires-pledge-half-wealth-to-charity/

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I know we can be skeptical, and I am sure there are a lot of questions we could ask about where the money will go, and what oppression they caused in the making of their fortune...but ultimately, getting money from the super rich is a good thing.

Good on ya rich dudes!

Gen

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