We live in an exciting time for philanthropy where innovative approaches and advances in technology have redefined what’s possible. Grassroots movements are proving every day how a single individual, regardless of wealth, can make a lasting impact on the lives of others.
While most billionaires give at least some money to charity, there are those that are planning on giving away a majority of their fortune. Called the Giving Pledge, each family or individual who chooses to pledge makes a publicly statement explaining their decision to pledge.
Till date, more than 155 of the world’s ultra-wealthy from the ages of 30-101 have joined the cause founded in 2010 by Warren Buffet and Melinda and Bill Gates with some pledging up to 99 percent of their money to charity.
Here are a few famous names.
Devoted to reforming India’s public education system through the Azim Premji Foundation, the chairman of Indian consulting and IT company was the first Indian to join the pledge and has given away $8 billion so far. Premji joined the Giving Pledge in 2013, after he already donated 8.7 percent of his Wipro stock to set up his foundation. His nonprofit’s initiatives include the Computer Aided Learning Program and Azim Premji University, which trains teachers.
Zuckerberg, who founded Facebook and remains the company’s CEO, was one of the first people to join the Giving Pledge in 2010. Zuckerberg and Chan gave $100 million each to improving Bay-Area schools and the public school system in Newark, New Jersey. After donating to the CDC Foundation, last year, Mark Zuckerberg and his wife encouraged all of their Facebook followers to do the same.
The founder-head of biopharma major Biocon, Shaw was the second Indian to join the Giving Pledge. Active in Indian philanthropic circles, especially when in using her wealth to fund research to treat cancer. The Mazumdar-Shaw Cancer Center in this city has 1,400 beds and provides affordable cancer care.
Paul Allen has given away $2 billion so far to scientific research through the Allen Institute for Brain Science. The Microsoft co-founder joined the Giving Pledge in 2010. The majority of his philanthropy is seen in the Pacific Northwest, specifically in science research. Included in his $2 billion of donations so far is a $100 million donation to combat the Ebola virus outbreak in West Africa.
Warren Buffett has already donated more than $21.5 billion to philanthropic causes. He create the Giving Pledge and promised to donate more than 99 percent of his money to charitable causes during his lifetime or upon his death. In his pledge letter on the website, Buffett writes, “To date about 20% of my shares [in Berkshire Hathaway stock] have been distributed” to charity. He plans to continue distributing about 4 percent of his stock in the company every year.
The other creators of the Giving Pledge, this couple has given away more money than anyone else in the world “ almost $27 billion to programmes including emergency relief, agricultural development, urban poverty, education, and global health. Specifically, the couple is devoted to fighting diseases that are preventable with treatments like vaccinations.
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What is the Giving Pledge?
The Giving Pledge is an effort to help address society’s most pressing problems by inviting the world’s wealthiest individuals and families to commit to giving more than half of their wealth to philanthropy or charitable causes either during their lifetime or in their will.
It does not solicit support for the Bill & Melinda Gates Foundation or any other specific cause or organization. Instead, it encourages signatories to find their own unique ways to give that inspire them personally and benefit society.
