'By giving, we inspire others to give,' says NYC mayor Michael Bloomberg.
Microsoft co-founder Bill Gates, left, and Berkshire Hathaway CEO Warren Buffett launched 'The Giving Pledge' in June.Bill Gates and Warren Buffett have convinced 38 other American billionaires to join them in giving away at least half their fortunes to charity, The Giving Pledge announced on Wednesday.
Earlier this year, Gates and Buffett launched The Giving Pledge as an initiative to encourage America's wealthiest people to commit to giving the majority of their money to charity, while they are still living or after their deaths.
Among the other billionaires who have agreed to the pledge are New York City Mayor Michael Bloomberg, oil tycoon T. Boone Pickens, media mogul Ted Turner, hotel mogul Barron Hilton, and film director George Lucas.
"If you want to do something for your children and show how much you love them, the single best thing — by far — is to support organizations that will create a better world for them and their children. And by giving, we inspire others to give of themselves, whether their money or their time," Bloomberg told MSNBC.
According to Forbes magazine, there are 403 billionaires in the United States, and Buffet and Gates are the two of the richest, with a combined net worth of about $100 billion.
What do you think of the billionaires' pledge? Would you do the same if you were a billionaire? Leave your comments below.
» MSNBC: 40 billionaires pledge to give away half of wealth
» Forbes.com: The richest people in America