Billionaires Go Big For Charity

While Republicans in DC look for ways to preserve the fortunes of the wealthiest Americans, an elite group of billionaires is conspiring to give all of (er, most of) theirs away. With Bill Gates and Warren Buffet taking the lead, is it possible that this move could mark such radical philanthropy as a new status symbol among the rich?

The Giving Pledge is an exclusive pact among a group of more than 50 of the world’s wealthiest people (including Gates and Buffet), who have pledged to fork over the majority of their wealth to philanthropic causes. Take Buffet, for instance. He pledges to give 99% of his wealth to charity. With a net worth of $42 billion, he’d still have $470 million left to spare.

Of course, his pledge might seem to overshadow other commitments, like the 1% Foundation’s One Percent Pledge, which challenges young Americans to give 1% of their incomes to charity. Still, though, Buffet doesn't have any illusions about the true metrics of generosity. “Measured by dollars, this commitment is large,” he admits. “In a comparative sense, though, many individuals give more to others every day.”

Every day, millions of Americans sacrifice their time and money to give to churches, schools, and institutions that work to improve their neighborhood and beyond. So while it's great to see the billionaires' club do some heavy lifting here, let's not forget that true giving takes all forms — and as Buffet reminds us, it's not about the size of your check, but about what proportion you devote of your life.

I applaud the generous billionaires who've taken the Giving Pledge — they’ve promised to spread their billions to revolutionize the way America’s children learn, to take down the threat of breast cancer and to devote themselves to making this world a better place. But what truly makes this effort distinct in my mind is the way that such philanthropists haven't lost a sense of humility about their work. As they know, the true drivers of charity in this nation are people with regular incomes who take the time to write their careful checks every month — people like you and me.

Photo Credit: m_bahareth