Gates, Buffett to megarich: Give it up

SEATTLE — Bill Gates and Warren Buffett, America’s two richest people, are embarking on a campaign to persuade their super-rich peers to give half their fortunes to charity in a move that could change the face of philanthropy.

The effort, if successful, could funnel a colossal amount of money into nonprofit groups.  If the individuals on the Forbes 400 list of richest Americans pledged half their net worth to charity, that would amount to $600 billion, Fortune magazine says.

Fortune, in an article posted Wednesday, detailed the origin and status of the campaign, which it called “the biggest fundraising drive in history.”

Several of the megarich, including Los Angeles philanthropists Eli and Edythe Broad; Silicon Valley’s John and Tashia Morgridge, whose fortune came from Cisco Systems; venture capitalist John Doerr of Kleiner Perkins and his wife, Ann; and media entrepreneur Gerry Lenfest and his wife, Marguerite, have already committed to the 50 percent pledge, according to program organizers. Buffett and Bill and Melinda Gates are sending e-mails and making calls to other billionaires deemed likely prospects to contribute, Fortune reported.

Buffett said it’s a good bet the super-wealthy have already thought about what to do with their money. “They may not have reached a decision about that, but they have for sure thought about it. The pledge that we’re asking them to make will put them to thinking about the whole issue again,” the Berkshire Hathaway chairman told Fortune.

“If they wait until they’re making a final will in their 90s, the chance of their brainpower and willpower being better than they are today is nil.”

First supper
The campaign began just over a year ago, when Gates and Buffett — who represent a combined net worth of $90 billion, according to Forbes — invited several billionaires to a secret dinner meeting in New York. Among those attending were Hungarian-born hedge fund guru George Soros, talk-show host Oprah Winfrey, David Rockefeller, media mogul Ted Turner and New York City Mayor Michael Bloomberg.

http://www.msnbc.msn.com/id/37731478/ns/us_news-giving/