May 27, 2013

Adelson joining Buffet in leaving majority of wealth to charity

There is a charitable initiative happening around the world. I don't know when it started, but it was big when Warren Buffet pledged to donate 99% of his wealth to charity. That is a considerable sum, considering his estimated worth is in the range of $46 billion. To date, he has already given away close to $13 billion, according to Forbes. Most of his money is going to the Gates Foundation, and some will also be going to a few foundations run by his children. In addition, Bill Gates pledged a large percentage of his wealth to charity, and together they founded the Giving Pledge through which they encourage wealthy people to donate at least 50% of their wealth to charity before they die.

Sheldon Adelson, MOT supporter of Israel, Birthright, and especially of PM Benjamin Netanyahu (along with having given a lot of money to Newt Gingrich and Mitt Romney supporting their efforts to unseat Barak Obama from the presidency), has now made a similar pledge.

Adelson is estimated to be worth $27 billion, and is in the top 20 wealthiest people in the world. His Deputy Director, Michael Leven, has now said that Adelson will be donating 75% of his wealth to charity. He disagrees with Buffet's style, saying Buffet chose to give the bulk of his money to the Gates family foundation to distribute, while Adelson prefers to donate the money to charities and institutions whose objectives  are dear and important to him.

Similar to Buffet, he believes he has left enough money for his kids and they don't need so much money that was earned by other people.
(source: NRG)

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1 comment:

  1. Wow, it would be interesting (and quite welcome) if he set up a huge foundation to supply funds for yeshiva day school education.


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