Forty billionaires to give away wealth

Forty American billionaires have pledged to give at least half of their fortunes to charity as part of a campaign by Bill Gates and Warren Buffett. Microsoft founder Gates and investor Buffett, who are worth a combined $90bn (£56.6bn), have persuaded 38 of their fellow billionaires to sign up.

The friends and philanthropists started The Giving Pledge last month.

Its aim is to persuade fellow billionaires to pledge the money to charity, either in their lifetime or after they die.

Buffett said: "We've really just started, but already we've had a terrific response.

"At its core, the Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used."

He added: "We're delighted that so many people are doing just that - and that so many have decided to not only take this pledge but also to commit to sums far greater than the 50% minimum level."

Those who sign the pledge are also invited to publish a letter explaining their decision.

Among the latest batch to have signed up is New York Mayor Michael Bloomberg, who is worth $18bn (£11.3bn).

In his letter Bloomberg wrote: "Making a difference in people's lives - and seeing it with your own eyes - is perhaps the most satisfying thing you'll ever do. If you want to fully enjoy life - give.

"And if you want to do something for your children and show how much you love them, the single best thing - by far - is to support organisations that will create a better world for them and their children."

Joining him is Star Wars Director George Lucas.

Lucas wrote: "My pledge is to the process; as long as I have the resources at my disposal, I will seek to raise the bar for future generations of students of all ages."

Others on the list include entertainment executive Barry Diller ($1.2bn, £775m), Oracle co-founder Larry Ellison ($28bn, £17.6bn), energy tycoon T. Boone Pickens ($1.1bn, £692m), media mogul Ted Turner ($4.8bn, £3bn), banker David Rockefeller ($2.2bn, £1.3bn) and investor Ronald Perelman ($11bn, £6.9bn).

They join Eli Broad, who made his money in property, venture capitalist John Doerr, media entrepreneur Gerry Lenfest and former Cisco Systems Chairman John Morgridge in supporting the effort.

The US has 403 billionaires, the most of any country, and all together they have a combined fortune of $1.3 trillion.

Mr Buffett himself pledged to give 99% of his wealth to good causes in 2006.

Gates and Buffet will now wine and dine other billionaires in an attempt to persuade them to follow suit.


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Paul Allen commits majority of his wealth to philanthropy

Billionaire Paul Allen has taken his friend Bill Gates up on his challenge to publicly pledge the majority of his wealth to philanthropy.

Paul G. Allen, who is 57, said today that he plans to leave the majority of his $13 billion estate to philanthropy to continue the work of his foundation and to fund scientific research. It was also a way of marking the 20th anniversary of the Paul G. Allen Family Foundation, which he started in 1990 with his sister, Jo Lynn Allen, and has since given 3,000 grants totaling about $400 million.

A month ago, Bill and Melinda Gates and Warren Buffett began a public campaign to encourage other billionaires to make a "Giving Pledge," and donate at least half of their wealth to charity.

Allen said he has planned to do that for many years, but he had not gone public with his intentions until now.

"He and Bill have talked about this and he thinks it's a good idea to let people know," said David Postman, a spokesman for Allen at Vulcan. "He hopes that maybe it spurs other people to give and he's hoping there will be good things that come of it."

Allen said he wanted to make it clear that his philanthropic efforts "will continue after my lifetime," he said in a statement. "As our philanthropy continues in the years ahead, we will look for new opportunities to make a difference in the lives of future generations."

This year Forbes ranked Allen as the world's 37th richest person with a fortune estimated at $13.5 billion.

His total giving over the years has reached about $1 billion, reflecting eclectic interests in science, the arts and education, including nonprofits he founded: the Allen Institute for Brain Science and the Experience Music Project.

While Gates' charity has become global in size and ambition, Allen's has remained mostly local and personal.

"Since the beginning, our philanthropy has been focused in the Pacific Northwest, where I live and work," Allen said. "I'm proud to have helped fund great work done by non-profit groups throughout the region. But there's always more to do."

Allen has battled non-Hodgkin's lymphoma since his diagnosis last fall. He has finished chemotherapy treatments and has been been doing well, Postman said. Allen traveled to Africa recently, and has been "running businesses as much as he ever has. He stays intimately involved in the things he cares about."

Microsoft founders and future billionaires Bill Gates, left, and Paul Allen in Bellevue in 1981, when the company employed less than 100 people.

The Paul G. Allen Family Foundation also announced $3.9 million in funding to 41 nonprofit organizations in the Pacific Northwest, focused largely on arts and culture.

The foundation gave Anniversary grants of $20,000 each to five individual founders of nonprofits, recognized as "change agents who created organizations that continue to deliver high impact programs for local communities."

The recipients are Rachel Bristol, founder and CEO of Oregon Food Bank; Bridget Cooke, founder and executive director of Adelante Mujeres in Forest Grove, Ore.; Jeanne Harmon, founder and executive director of the Center for Strengthening the Teaching Profession in Tacoma; Myra Platt and Jane Jones, founders of Book-It Repertory Theatre in Seattle; and Ken Stuart, founder and president of Seattle Biomedical Research Institute.

SOURCE: TED S. WARREN/ASSOCIATED PRESS/SEATTLE TIMES