Started in 2010 by Billionaires Warren Buffet and his close friends Bill & Melinda Gates, The Primary goal of the giving pledge was raise money for various charitable causes. Many Billionaires promised half their wealth for philanthropical purposes.
Billionaires joining the giving pledge to give their wealth with a letter explaining their reason to donate and also mentioning the problems they want to work on.
Problems range from Poverty alleviation, hunger, disaster relief and various other social causes. The movement gained traction in other countries attracting various billionaires from around the world to pledge their wealth for the enhancement of society.
The Giving Pledge started with 40 pledgers from the USA alone in 2010, as of 2017; there are 170 pledgers from 21 countries. The Giving Pledge specifically focused on billionaires, but many Ultra-rich and High-net-worth individuals started pledging towards the cause.
The pledge and its value are public to inspire more people to donate towards the cause. An Annual event is organized where the billionaires come promising a part of their wealth. They state their reason for undertaking and share ideas on what to do with the contribution.
The giving pledge hopes that this tradition continues with the upcoming generations. Promising half of their wealth demands great conviction and sacrifice just to ensure the quality of life of every human being around the world improves. The Giving pledge never forces billionaires to guarantee because it’s a moral commitment and not a legal contract.
In Conclusion, The giving pledge is the greatest brainchild of Warren Buffet, Bill and Melinda Gates. The idea of promising half their wealth needs a great amount of morality and sacrifice on the part of the billionaires. The Pledge acts as a forum for the pledgers to discuss the various global challenges, successes and failures.
The Billionaires are united by a common goal. That is to rid the world of various socio-economic challenges that most countries face so that people can lead a better life.