Gates & Buffett Challenge Super-Rich to Give Half to Charity

Earlier this week, CNN reported that Gates and Buffett are going after their companions on the Forbes 400–one of the indices that ranks the richest people in the world. In 2009, the combined net worth of the Forbes 400 was approximately $1.2 trillion. Yes, that’s trillion with a “t.” And 50% of $1.2 trillion is $600 billion.

$600 billion for philanthropy could go a long way.

The financial powerhouses who have signed onto the Gates-Buffett project are being referred to as The Great Givers, and their commitments will be made public on the website, The Giving Pledge.

It’s this aspect of the project–the making public of the pledge–that may be as significant as the pledges themselves. As the Giving Pledge FAQs explain, one of the goals of this initiative is to foster conversation about philanthropy and to envision new ways of giving that are morally and ethically appropriate, as well as effective in their aim to solve social problems.

You can read Warren Buffett’s pledge–his commitment to give 99% of his wealth away– here. Then, let us know what you think? Does this initiative represent an exciting new chapter for philanthropy?

Community Connection:

Read more about Gates’ philanthropic work in 4 Gates Foundation Projects You’ve Probably Never Heard of.