In 2010, Microsoft co-founder Bill Gates and his then-spouse Melinda French Gates, alongside fellow billionaire and Berkshire Hathaway chief executive Warren Buffett, initiated the Giving Pledge: a campaign urging the ultra-rich to contribute a minimum of fifty percent of their fortunes either while living or upon their passing. Over 250 of the planet's most affluent individuals have committed to the pledge, yet many have so far failed to live up to it.
TL;DR
- The Giving Pledge, initiated by Bill Gates and Warren Buffett, urges the ultra-rich to donate at least fifty percent of their fortunes.
- Critics like Scott Bessent and the Institute for Policy Studies argue the pledge is largely unfulfilled and fails to address wealth disparities.
- While many signatories have not met their commitments, some, like MacKenzie Scott and John and Laura Arnold, have given substantial amounts.
- Bill Gates plans to commit virtually all his wealth to the Gates Foundation, while Melinda French Gates focuses on women's issues through Pivotal Ventures.
“Have they given enough? No,” French Gates said in an interview with Wired published Tuesday.
Treasury Secretary Scott Bessent on Wednesday also called the Giving Pledge a failure—but for distinct motivations. While he characterized it “well intentioned,” Bessent stated the pledge was “very amorphous” and asserted that affluent individuals made the pledge out of apprehension that the populace might “come at it with pitchforks.” However, Bessant also noted that few billionaires have genuinely fulfilled their vow to contribute their wealth. Bessent’s remarks followed the Trump administration's unveiling of “Trump Accounts” for youngsters, initiated by a $6.25 billion donation from Susan and Michael Dell.
In a recent letter to shareholders, Buffett also appeared to distance himself from the Giving Pledge, saying his philanthropic plans weren’t as “feasible” as he once thought. “Early on, I contemplated various grand philanthropic plans. Though I was stubborn, these did not prove feasible,” Buffett wrote. “During my many years, I’ve also watched ill-conceived wealth transfers by political hacks, dynastic choices and, yes, inept or quirky philanthropists.”
Rather than a singular, broad philanthropic strategy, Buffett opted to transfer the majority of his remaining $150 billion net worth to the charitable foundations established by his three offspring, enabling them to contribute approximately $500 million annually. Nevertheless, Buffett ranks among the globe's most prolific philanthropists, having given away more than $60 billion.
Numerous studies have also raised doubts about the Giving Pledge, illustrating how it enables billionaires to appear charitable and civic-minded, yet fails to challenge the disparities and tax regulations that facilitated such immense fortunes initially. The Institute for Policy Studies (IPS) has also argues that the Giving Pledge is “unfulfilled, unfulfillable, and not our ticket to a fairer, better future.”
“Three quarters of the original U.S. Giving Pledgers who are still alive remain billionaires today,” according to IPS. “They have collectively gotten far wealthier since they signed, while just 8 of 22 deceased Pledgers fulfilled their pledges.”
Gates told Coins2Day in May that he would shut down the Gates Foundation, committing “virtually all of my wealth”—which amounts to about $100 billion—to the foundation. Today, he’s worth about $118 billion.
French Gates departed the Gates Foundation in 2024, but now oversees Pivotal Ventures, a collective of charitable entities concentrating on women's concerns. In 2024, she pledged $150 million to create professional opportunities for women, with one-third of that directed towards the AI sector.
Although French Gates said there’s more to be done by billionaires in terms of philanthropic giving, she clarified that her criticism didn’t apply to all who signed the Giving Pledge. “OK, have those people actually been giving money? Some of them, yes, some of them at massive scale,” she said. “We are trying to demonstrate through the pledge that you can give at massive scale.”
Consider John and Laura Arnold, who have contributed over $2 billion thus far. (John Arnold is a recognized Wall Street energy trader.) They became signatories of the Giving Pledge, and gave more than $204 million in 2024, according toForbes. The pair's wealth is approximately $2.9 billion.
However, the standout figure in philanthropy this year, and for several preceding years, is MacKenzie Scott, the wealthy author, charitable giver, and former spouse of Amazon creator Jeff Bezos. Scott, who has committed to the Giving Pledge, has also donated about $20 billion in the past five years, distributing hundreds of millions this autumn alone to groups concentrating on diversity, equity, inclusion, learning, and aid following calamities. Scott's net worth remains approximately $40 billion currently, a result of the Amazon shares she obtained during her 2019 separation from Bezos.
“Once you start, you can build a flywheel and then we’re trying to demonstrate for them: Go big,” French Gates said. “You can go big, you can go bold.”
