Last month Bill Gates and Warren Buffett issued a call to action to their fellow billionaires to publicly pledge at least half of their fortunes to philanthropy.
Eli and Edythe Broad, along with Microsoft co-founder Paul Allen, shared their commitment to do so, in large part, during their lifetimes. The Broad Foundations have already invested more than $2 billion in education, medical research and the arts while Allen’s total giving over the years has reached about $1 billion, reflecting his interests in science, the arts and education.
In a public statement, the Broads explained their motivation: "We agree with Andrew Carnegie's wisdom that 'the man who dies rich, dies disgraced. Philanthropy is unbelievably rewarding, and we hope others will also realize the benefits of being active, engaged philanthropists."
Fortune magazine estimates that if everyone on the Forbes 400 list of the wealthiest Americans took the "Giving Pledge", an additional $600 billion could flow to U.S. charities.