The Giving Pledge

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The Giving Pledge is a campaign to encourage wealthy people to contribute a majority of their wealth to philanthropic causes. As of 2017, the pledge has 158 signatories, either individuals or couples; some of the 158 have since died. Most of the signatories of the pledge are billionaires, and their pledges total over $365 billion. It does not actually dictate that the money is spent in any certain way or towards any particular charity or cause, and there is no legal obligation to actually donate any money.

Video The Giving Pledge

Description

The organization's goal is to inspire the wealthy people of the world to give at least half of their net worth to philanthropy, either during their lifetime or upon their death. The pledge is a moral commitment to give, not a legal contract. On The Giving Pledge's website, each individual or couple writes a letter explaining why they chose to give.

Maps The Giving Pledge

History

In June 2010, the Giving Pledge campaign was formally announced and Bill Gates and Warren Buffett began recruiting members. As of August 2010, the aggregate wealth of the first 40 pledgers was $125 billion. As of April 2011, 69 billionaires had joined the campaign and given a pledge, and by the following year, The Huffington Post reported that a total of 81 billionaires had committed. As of 2012, signatories of the pledge included: Hasso Plattner, David Rockefeller, Azim Premji, Richard Branson, Elon Musk, Tim Cook, Sara Blakely, and Kiran Mazumdar-Shaw. By May 2017, 158 individuals and/or couples were listed as pledgers.

14 More Billionaires Just Signed Up For The Giving Pledge

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Benefits to those making the Pledge

Immediate recognition (for non-binding pledge)
Avoid paying taxes to the federal government
Heirs may retain control of assets that would otherwise go to the government

"However, the admirable benefits of the Giving Pledge should not obscure two important consequences resulting from increased charitable donations. First, the Giving Pledge erodes the federal tax base, particularly the federal estate tax base. Second, the Giving Pledge can be satisfied by gifts and bequests to family-controlled private foundations. While some private foundations are commendable institutions pursuing important charitable objectives, others are not.

Warren Buffett and Bill Gates, Sr. have been vigorous supporters of the federal estate tax. In this sense, there is considerable irony in the fact that Giving Pledgers avoid all federal estate taxes on the money they leave to charity. Indeed, much of the Giving Pledgers' wealth consists of appreciated stock for which they have paid no federal income tax.

Mr. Buffett and Mr. Gates, Sr. have spoken eloquently of the need for wealthy individuals to repay the public for the government services that made their wealth possible. A Giving Pledger (or other charitable donor) who leaves appreciated stock tax-free to charity makes no such repayment.

14 billionaires signed Bill Gates and Warren Buffett's Giving Pledge

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Signers

At least $365 billion of giving has been pledged by 139 individuals, with a combined 2016 net worth of $731 billion. Below is a list of all net worth amounts (pledges are not shown):