Billionaire Paul Allen has taken his friend Bill Gates up on his challenge to publicly pledge the majority of his wealth to philanthropy.
Allen, who is 57, said today that he plans to leave the majority of his $13 billion estate to philanthropy to continue the work of his foundation and to fund scientific research. It was also a way of marking the 20th anniversary of the Paul G. Allen Family Foundation, which he started in 1990 with his sister, Jo Lynn Allen, and has since given 3,000 grants totaling about $400 million.
America’s wealthiest donors are making far bigger gifts to charitable organizations in 2010 than they did a year ago—but far fewer of them are giving $1-million or more to charitable causes, a Chronicle of Philanthropy analysis has found.
The continued effects of the turbulent economy can be seen in the decrease in the number of gifts of $1-million or more announced in the first six months of this year. At least 181 gifts of that size have been awarded this year, compared with 250 such donations in the first six months of 2009.
Many nonprofit organizations in New York are deeply concerned they will lose significant contributions from wealthy donors if a pending state budget proposal becomes law. The proposal would reduce the charitable-contribution deductions allowed for individual donors who are “high earners.”
Gov. David Paterson and the state legislature are in a bitter battle as they try to finalize a budget during the bad economic times, but they apparently have agreed on a proposal that would allow the approximately 3,500 New York taxpayers who earn more than $10-million annually to deduct on their state tax returns only 25 percent of their charitable contributions rather than the current 50 percent.
America’s richest people should commit at least 50 percent of their net worth to charity, three of the nation’s wealthiest citizens said today.
Warren Buffett, who has committed 99 percent of his fortune to charity, along with Bill and Melinda Gates, who have given more than $28-billion to their foundation and say they plan to give a significant portion of their remaining wealth to good causes, issued the pledge.
April 30, 2010, Channel NewsAsia — China's wealthiest people appear to be giving more to charity, according to some latest numbers. Overall, philanthropy is on the rise in Asia, and is also catching on in the business community.
Observers say the rising trend is partly due to the rapid wealth creation in Asia. And some may also be attracted to intangible benefits, such as branding and staff retention. These views were aired at the UBS Philanthropy Forum in Singapore Thursday.