Report Measures Success of Bill Gates’ 15-Year-Old Giving Initiative
Giving Pledge signees have not kept up with their own wealth
The Giving Pledge was founded by Bill Gates and Warren Buffett in 2010 to encourage giving from billionaires, and 57 individuals, couples, and families signed in the first year. Members pledge to give away over half their wealth, either while living or upon death. Of all the original signers still living, one couple has fulfilled their commitment.
Photo via Institute for Policy Studies
“The short story is that the vast majority of Giving Pledgers are not on track to fulfill their Pledges,” according to a recent report from the Institute for Policy Studies, a progressive think tank.
Chuck Collins directs initiatives for the Institute for Policy Studies and helped author the report. He told The Chronicle of Philanthropy he doesn’t think the effort should end. Instead, he thinks officials of the initiative should examine the effort and how it can live up to its potential, particularly considering how much wealthier billionaires are today than they were in 2010.
There are 32 original signees who still have a living family member and are still billionaires. Since 2010, their collective wealth has increased by 166%. Four of the original pledgers have seen their wealth increase by over 500%, and for one couple—Mark Zuckerberg and Priscilla Chan—it’s a 4,000% increase (percentages adjusted for inflation).
“While some Pledgers earnestly intend to fulfill their promises, many have fallen short because their assets are simply growing too fast,” says the report.
In the effort’s first year, about one-seventh of the 404 known billionaires in the United States signed the Giving Pledge. That’s 57 individuals, couples, and families. Since 2010, they have given around $206 billion to charity. An estimated 80% of that went to private foundations.
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Most recently, Giving Pledge announced eight couples and three individuals who have joined the list of people who have pledged.
“I’m excited to welcome these new Pledgers to our community of people who share a core belief: that we can solve urgent global challenges through giving our resources back to society,” said Bill Gates. “There’s never been a greater need for philanthropy—and there has never been a greater opportunity to have an impact in our own lifetimes.”
The study found that there are now nearly 200 signers from the United States, and over 250 total. Twenty-two Giving Pledge signers have died. Of those, eight gave away 50% or more of their fortunes to charity either while living or in their estates.
“The Giving Pledge has helped create new norms of generosity and grown into a connected and active global learning community,” a Giving Pledge spokeswoman told The Chronicle of Philanthropy in response to a request for comment about the report.
The study found that if all living 2010 signers who are still billionaires fulfilled their pledges today, $370 billion would go to charity.
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