Bill Gates and Warren Buffett’s Giving Pledge after 15 years: Only 9 of the 256 billionaires actually followed to give away half of their wealth

The report by the Institute for Policy Studies’ “The promise of 15” Thinks that the initiative-die billionaires publicly oblige to give at least half of their well-being for charity organizations-largely unfulfilled. The IPS team, led by Chuck Collins, Bella Devaan, Helen Flanny and Dan Petergorsky, invites the public to Examine his data and methodology. Collins is one itself Oscar Mayer Erbe, who gives away his assets And devoted his career to research into inequality.

Few have met the promise in accordance with the IPS calculations. Only one set of living 2010 promise (Laura and John Arnold) actually gave away half of their wealth. Among the 22 deceased US commitments only eight met their promise before death – only one, chuck feeney, gave away his entire assets while alive.

The promise is more of a public, moral commitment than a legally binding contract. Participant Sign an open letter Explain your reasons for giving and can choose which causes and charities support. The initiative was developed to inspire generosity, to determine and change new standards for the billionaire philanthropy and to change how great prosperity is used to cope with the urgent social challenges

Key results:

• 256 individuals, couples or families have signed the giving promise. including 194 from the USA and 62 from other countries. Of the US signs, 110 billionaires with a combined assets of 1.7 trillion US dollars -remain about 13% of all US billionaires.
• Among the original 57 US signatures in 2010 are 32 billionaires. Your collective net assets have increased by 283% since signing (166% adapted to inflation). Only 11 of the original group are no longer billionaires, especially because their prosperity fell under the threshold, not because of giving.
• Giving is mainly for intermediaries: Of an estimated $ 206 billion donated by the original 2010 catering, around 80% ($ 164 billion) have gained in private foundations-with only a small fraction in donor funds. In 2023, 44 foundations that were bound to these billionaires kept a fortune of $ 120 billion and paid a median of 9.2%, often far below the estimated value of these assets.
• Wealth exceeds giving: For most, the speed of asset accumulation exceeds the donations of the non -profit donations, so that the promise on current airways cannot be fully realized.
• Tax and public effects: If all living original promises give enough to meet the promise today, almost 367 billion US dollars would flow to the charity organization. However, such gifts would lead to Forge Federal Tax Revenue of $ 272 billion and reduce the support of public programs, since wealthy donors can claim up to 74% for non -profit tax deductions.
• Concentration of philanthropic power: The report warns of an upcoming “major transfer of wealth”, which, in combination with cheap tax law and slow non -profit distribution rates, continue to postpone the family foundations of the billionaires, concentrate power and undermine democratic accountability.

The political recommendations from the report include:

• Increasing the minimum payment requirements and the rapid flow of the funds of foundations and DAF’s charity organizations that have not been parked for years have not been parked.
• Increasing transparency, public accountability and enforcement in order to curb abuse of charity vehicles for personal or political profits.
• Confirmation of large assets more to slow down excessive accumulation and reduce the dependence on private philanthropy.

The report advocates to illustrate the Ethos “Giving during Life”, and demands systemic reforms to ensure that donations for non-profit donations only serve the tax and inheritance of the Ultra-Rich.

The promise of giving did not react Assets‘s request for comment.

For this story, Assets Used generative AI to help with a first draft. An editor checked the accuracy of the information before publication.