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Gates and Buffett Prefer To Give Than Receive

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LIFESTYLES OF THE RICH
DailyFeed
Billionaires Warren Buffett and Microsoft (MSFT) founder Bill Gates have started a list called the Giving Pledge, in which they ask the world’s billionaires to pledge at least 50% of their wealth to charity. So far, 40 U.S. billionaires – including the likes of Paris Hilton’s granddaddy Barron Hilton and former Citigroup head Sandy Weill – have signed up.

While that seems like quite a lot, 363 billionaires currently living in the U.S. have yet to succumb to Buffett and Gates’ many charms. The pledge has garnered $158.8 billion in promises so far – paltry compared to the $1.2 trillion net worth of said 403 U.S. billionaires.

Giving 50% or more of your wealth to charity seems like quite a lot, but when you are worth $53 billion like Mr. Gates, giving half of it away probably wouldn’t change your lifestyle much. Meanwhile, the daily income of two-thirds of the world’s population is only $2 – giving away half of their wealth would mean not being able to afford anything on McDonald’s (MCD) dollar menu.
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