40 billionaires sign up to Bill Gates and Warren Buffett’s charity drive

Forty of the world’s wealthiest entrepreneurs – including Oracle founder Larry Ellison and Star Wars creator George Lucas – have signed up the “Giving Pledge” charity initiative launched by Warren Buffett and Bill Gates, whereby billionaires agree to donate huge chucks of their fortunes to charity.

The list of signatories, released overnight, includes some of the biggest names in US business, including New York Mayor and Bloomberg founder Michael Bloomberg, Microsoft co-founder Paul G. Allen and oil tycoon T. Boone Pickens.

Buffett and Gates, who have pledged to give away at least 50% of their fortunes, will now take their initiative to Asia, where they will try to convince billionaires in India and China to follow their lead.

Gates and Buffett are attempting to revitalise America’s philanthropic sector, which has been hit hard by the GFC.

According to a report in the Wall Street Journal, statistic from the Giving USA Foundation show donations fell 3.6% to $US303.75 billion last year, down from $315 billion. Donations also fell 2% in 2008.

However, the very public nature of the Buffett/Gates push has raised some questions about billionaires who place a high value on privacy would react.

This point was acknowledged by Ellison in a letter to Giving Pledge that was published on its website.

“Many years ago, I put virtually all of my assets into a trust with the intent of giving away at least 95% of my wealth to charitable causes. I have already given hundreds of millions of dollars to medical research and education, and I will give billions more over time,” Ellison wrote.

“Until now, I have done this giving quietly – because I have long believed that charitable giving is a personal and private matter. So why am I going public now? Warren Buffett personally asked me to write this letter because he said I would be “setting an example” and “influencing others” to give. I hope he’s right.”

Star Wars creator George Lucas focussed his pledge letter on education.

“I am dedicating the majority of my wealth to improving education. It is the key to the survival of the human race. We have to plan for our collective future – and the first step begins with the social, emotional, and intellectual tools we provide to our children.”