By taking the “Giving Pledge,” the forty families or individuals, most of whom are billionaires, are promising a collective sum of at least $125 billion to charitable causes, based on Forbes’ current estimates of their net worth and other data sources.
On the whole, Americans have given more than $300 billion per year in recent years, though giving has declined since the start of the recession, according to the Giving USA Foundation.
“We’re hoping that America, which is already the most generous society on Earth, becomes even more generous over time,” Buffett told reporters on a conference call today. “More philanthropy and smarter philanthropy in the future is the goal.”
....
Buffett and Bill and Melinda Gates reached out to some 80 members of the Forbes billionaires list, asking them to sign on. Over the last month and a half, they personally called and hosted private dinners, hoping to convince them to pledge. About half agreed, and they’ll continue to push for others to join in the cause. Right now, the Giving Pledge is focused on Americans, but the campaign could eventually expand worldwide.
“They’re really strong-arming them to do this, and they’re doing it themselves,” said Matthew Miller of Wealth-X, which tracks the world's richest people.
Miller added that that not everybody says yes, and there’s even something of a backlash among the super-rich.
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