Gates and Buffet extract billion dollar charity pledges

Philippine Times Wednesday 4th August, 2010

40 US billionaires, including Warren Buffett and Bill Gates, have decided to pledge at least 50 percent of their wealth.

The money will go to charities chosen by the Giving Pledge foundation, which was started in June by Gates and Buffett, whose billion dollar fortunes have been used in the past to fund charitable works.

In 2009, wealthy Americans gave away a total of about $300 billion in donations.

Among the billionaires joining the Gates/Buffett campaign are New York Mayor Michael Bloomberg, entertainment executive Barry Diller, Oracle co-founder Larry Ellison, energy tycoon T. Boone Pickens, media mogul Ted Turner, David Rockefeller and investor Ronald Perelman.

Mr Gates has said he will meet with other groups of wealthy people in other countries over the next six months to talk about philanthropy and how billionaires can pledge to give away most of their fortunes before or after their deaths.