Wednesday night I attended a nice little event for Yes! Magazine supporters and enjoyed many great conversations. One conversation in particular, with Jule Meyer Principal of Parkman Foundation Services, revolved around philanthropy and the great Giving Pledge campaign started by Bill and Melinda Gates. Now, I should preface what I’m going to talk about with this statement: I think the world’s wealthiest donating most of their wealth to noble causes is a wonderful idea. I just have a few misgivings around the intention and the implicit idea that the giving is a sacrifice for others.
The Gates’ number one ally in getting the campaign rolling, Warren Buffett attempted to start the giving by pledging that “more than 99% of [his] wealth will go to philanthropy during [his] lifetime or at death.” At face value this appears to be quite the statement: more than 99% of his wealth given away! However, it seems to me that Buffett’s pledge might be more for show and is slightly disingenuously when labeled as philanthropy. Here’s why…
The Richest of the Rich
Perhaps it is difficult for the majority of us to actually realize how much money the top 1% of the world have in their bank accounts. A simply way to think of it: the richest 1% of Americans possess more than all the combined wealth of the bottom 90%. In Warren Buffett’s case, he’s currently valued at around $47 Billion – with a B. That’s more zeros than can fit in most calculators – $47,000,000,000. He recently fell from the #1 richest person in the world to the #3 spot, poor guy.
I wonder if there is even a concept of “enough” with this class of richest of the rich. These top 1% wield an amazing amount of influence and power with their vast sums of monetary wealth. Do they really deserve this power? Is it right for them to have so much while most of the world has hardly enough?