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The Giving Pledge

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The Giving Pledge HISTORY OF THE PLEDGE In August 2010, 40 of America’s wealthiest people joined together in a commitment to give the majority of their wealth to address some of society’s most pressing problems. Created by Bill and Melinda Gates and Warren Buffett, the Giving Pledge came to life following a series of conversations with philanthropists around the world about how they could collectively set a new standard of generosity among the ultra-wealthy. The Giving Pledge is a simple concept: an open invitation for billionaires, or those who would be if not for their giving, to publicly commit to giving the majority of their wealth to philanthropy. It is inspired by the example set by millions of people at all income levels who give generously – and often at great personal sacrifice – to make the world better. Envisioned as a multi-generational effort, the Giving Pledge aims over time to help shift the social norms of philanthropy among the world’s wealthiest people and inspire people to give more, establish their giving plans sooner, and give in smarter ways. Those who join the Giving Pledge often write a letter explaining their decision to engage deeply and publicly “This is about building on in philanthropy and describing the causes that a wonderful tradition of motivate them. Signatories fund a diverse range of issues including poverty alleviation, refugee aid, philanthropy that will disaster relief, global health, education, women and ultimately help the world girls’ empowerment, medical research, criminal justice reform, environmental sustainability, and arts and become a much better culture. place.” – Bill Gates While originally focused on the United States, the Giving Pledge quickly saw interest from philanthropists around the world. In February 2013, the pledge went global with signatories from Australia, Germany, India, Malaysia, Russia, South Africa, Ukraine and the United Kingdom. Today, the Giving Pledge includes more than 200 of the world’s wealthiest individuals, couples, and families, ranging in age from their 30s to their 90s. Globally, they represent 23 countries: Australia, Brazil, Canada, China (mainland, Taiwan, and Hong Kong), Cyprus, Germany, India, Indonesia, Israel, Malaysia, Monaco, Norway, Russia, Saudi Arabia, Slovenia, South Africa, Switzerland, Tanzania, Turkey, Ukraine, UAE, the United Kingdom, and the United States. Joining the Giving Pledge is more than a one-time event. It means becoming part of an energized community of some of the world’s most engaged philanthropists to discuss challenges, successes, and failures, and to share ideas to get smarter about giving. Signatories are united by a shared commitment to learning and giving, and the Giving Pledge team provides opportunities for signatories to gather throughout the year to learn from experts how to best leverage their philanthropy to address some of the world’s biggest challenges. About the Giving Pledge What is the Giving Pledge? The Giving Pledge is a movement of philanthropists who commit to giving the majority of their wealth to philanthropy or charitable causes, either during their lifetimes or in their wills. The Giving Pledge aims to shift the norms of philanthropy among the world’s wealthiest people by inspiring them to give more, establish their giving plans sooner, and give in smarter ways. This is done in part by building a community where Giving Pledge signatories can attend learning sessions, share best practices, and exchange ideas for maximizing the impact of their giving. Why a pledge? The Giving Pledge is a moral commitment – not a legally binding one. It is a simple proposition, encouraging more of the world’s wealthiest people to commit to giving the majority of their wealth to charitable causes and philanthropy. The Giving Pledge is inspired by the example set by millions of people who give generously, and often at great personal sacrifice, to make the world a better place. The Giving Pledge is a long-term effort to change the norms of philanthropy among the world’s wealthiest people. What does the Giving Pledge aim to achieve? Through individuals coming forward and being explicit and public about their intentions to give the majority of their wealth to philanthropy, it is hoped that: . The social norm that the wealthiest people are expected to give the majority of their wealth to philanthropy and charitable causes will be strengthened. Philanthropists committed to large scale, high-impact giving will come together to exchange knowledge, experiences, and lessons learned from their philanthropy. Conversations, discussions, and action will be inspired, not just about how much to give but also for what purposes and to what ends. What is the role of large-scale philanthropy today in society? We live in an exciting time where innovation and advances in technology are redefining what’s possible. But the problems affecting the world are complex, and solving them requires the collaboration of governments, non-profits, academic institutions, and businesses. Philanthropists can play an important role as catalysts, focusing on areas where existing funding is scarce, or that governments and businesses can’t or won’t fund. What is the impact of the Giving Pledge? The aim of the Pledge is to set a new standard of giving among the world’s wealthiest people by encouraging them to commit to giving the majority of their wealth to philanthropy and charitable causes. To date, more than 200 signatories from 23 different countries have signed the Giving Pledge. In the process, they are solidifying a new social norm that billionaires should commit to giving the majority of their wealth to philanthropy to address society’s most pressing needs. Ultimately, changing the social norm of philanthropy among the world’s wealthiest people will be achieved through a moral and public commitment that, over time, sets a new standard of giving. How many people have joined the Giving Pledge, and where are they from?The Giving Pledge started with 40 pledges in the United States in 2010. As of June 2020, there are 210 pledges from 23 countries: . Australia, Brazil, Canada, China (mainland, Taiwan, and Hong Kong), Cyprus, Germany, India, Indonesia, Israel, Malaysia, Monaco, Norway, Russia, Saudi Arabia, Slovenia, South Africa, Switzerland, Tanzania, Turkey, Ukraine, UAE, the United Kingdom, and the United States. In the U.S., they are from 30 states and the District of Columbia. How the Giving Pledge works How does the Giving Pledge work? Each couple or individual who chooses to pledge makes the commitment publicly and may also issue an open letter explaining their decision. Signatories’ names and letters are publicly listed on GivingPledge.org. Signatories pursue their philanthropy independently and give to a wide range of issues and causes. The Giving Pledge is not an oversight organization, nor is it a pooled fund. The Giving Pledge does not distribute funds, grants, or donations in any form. At an annual gathering, those who have taken the Pledge are invited to come together to share ideas, hear from experts in their respective fields, and learn from each other. Throughout the year, there are further opportunities for learning that go deeper on specific topics of interest to the group. How do signatories give, and what specific causes or organizations do they support? Signatories fulfil their pledge at different times and in a variety of ways: through traditional charities, foundations, and non-profits, including their own foundations or philanthropic vehicles; through Donor-Advised Funds (DAFs); through collaborative philanthropy or co-funding, or through other charitable vehicles. The Giving Pledge does not solicit support for any specific philanthropic foundation, cause, or organization. The Pledge encourages signatories to support issues that inspire them personally and benefit society. Giving Pledge signatories are focused on a wide array of causes, from medical research to poverty alleviation, disaster relief, and arts and culture. Some signatories focus on their local communities, while others focus on national or global issues. How much should signatories give? Through joining the Giving Pledge, signatories commit to give the majority of their wealth to philanthropy. Many signatories have and will exceed that benchmark. Some make a series of very large gifts over a short period, while others establish a program of smaller, regular gifts distributed over many years. Each signatory’s approach to philanthropic giving is deeply personal. How does someone formalize their pledge? Signatories are encouraged to write a letter stating their commitment to give the majority of their wealth to philanthropy. Signatories’ names and letters are publicly posted on the Giving Pledge website. The Giving Pledge publicly announces new signatories once a year, typically in the spring. Do political donations count toward the pledge? What about donations to 501(c)(4) groups in the U.S.? Charitable giving counts toward fulfilling the Giving Pledge. Definitions of what constitutes charitable giving vary from country to country. In the U.S., political donations and gifts to 501(c)(4) organizations do not count as charitable giving and so fall outside the scope of the Pledge. Are there learning opportunities for signatories? Yes. To support signatories in achieving their philanthropic goals, the Giving Pledge provides resources and information about philanthropy and supports opportunities for virtual and in-person knowledge sharing. The Giving Pledge hosts a private annual gathering for signatories in addition to smaller gatheringsand earning sessions throughout the year on different topics. Joining the Giving Pledge How do I join the Giving Pledge? If you have at least U.S. $1 billion in personal net worth and are ready to make a public pledge to donate the majority of your personal wealth to philanthropy, please send an inquiry to [email protected]. I’m not a billionaire. Can I join the Giving Pledge? The Giving Pledge is focused on billionaires (those with a net worth of U.S.
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