Philanthropy: Globalising giving | The Economist

THE mission led by Warren Buffett and Bill Gates to make large-scale philanthropy the norm among the super rich has just won a dozen new converts. For the first time, those taking the Buffett-Gates "Giving Pledge" come from outside America, according to the announcement on February 19th. The total number of billionaires pledging to give away at least half their wealth by the end of their lives now stands at 102.

The new signatories are an interesting mix of rich and emerging-economy money. The best known is Richard Branson, who used to be a notable sceptic about traditional personal philanthropy. British hedge fund boss Christopher Cooper-Hohn has also signed up, which will surprise no-one who has followed the activities of the Children's Investment Fund Foundation run by his wife, Jamie. Likewise, mobile phone entrepreneur, John Caudwell. As for David Sainsbury, a super market tycoon, he was starting to give away most of his pile long before Messrs Buffett and Gates even thought about it.

More intriguing is Hasso Plattner, a founder of SAP, a software giant. Does his signature indicate a thawing of the traditional reluctance of rich Germans to talk publicly about their wealth or, when they do it, their giving? Andrew "Twiggy" Forrest, an Australian mining billionaire, has also been challenging Australia's conservative rich to do bigger, bolder philanthropy.

Several of the signatories are from emerging economies. The former communist bloc is represented by Victor Pinchuk, a Ukrainian who holds an annual philanthropy discussion in Davos during the World Economic Forum, and Vladimir Potanin, a nickel mining magnate. There are two Africans. Mo Ibrahim, a mobile phone billionaire, has long been giving to support efforts to improve governance in the continent, including through a large prize for retired African leaders who did a good job in office. Patrice Motsepe, a South African mining boss, is the first black African billionaire to promise to give away so much.

There is one Malaysian, Tan Chee Yioun, whose property development, gaming and sports conglomerate includes Cardiff City Football Club, and one Indian, Azim Premji, a technology tycoon whose giving has long been large and public. This seems like a small return on the considerable efforts of Messrs Buffett and Gates to encourage more philanthropy by rich Indians. Likewise, their visits to China have yielded not one signatory, nor have their entreaties to Latin America's super rich, such as Carlos Slim,who is by some measures now the world's wealthiest man.

"The 50% hurdle may be too high in some cultures," noted one American Giving Pledge signatory last week, adding that a more realistic goal may be to get any sort of public commitment to give in some countries, even if it is "only" for 10% or 20%.?The idea that reducing your children's inheritance is good for them is perhaps uniquely popular amongst America's wealthy.

Still, maybe these new signatories will inspire their peers, much as Ted Turner's pledge in 1997 to give $1 billion to the UN did for his fellow American super rich. According to Forbes, there were 1223 billionaires on the planet in 2012. 102 down, 1121 to go.

Source: http://www.economist.com/blogs/newsbook/2013/02/philanthropy

geithner gabrielle giffords juliette lewis chelsea handler mitch daniels shirataki noodles prince fielder