Billionaires spreading the wealth

Facebook founder Mark Zuckerberg and 15 other wealthy entrepreneurs are signing away the majority of their fortunes as part of the “Giving Pledge,” a philanthropic effort created by Microsoft founder Bill Gates and investor Warren Buffett. The sixteen new members of the exclusive club include AOL co-founder Steve Chase, investor Carl Icahn and junk-bond genius Michael Milken, and bring the pledge’s membership to more than fifty. "I view this as a call to others who might in their thirties or forties use some of their creativity to get involved in philanthropy earlier in life," says Milken. This comes at a time when the poor economy is driving down charitable donations, with philanthropic giving in the U.S. falling 3.6 per cent between 2008 and 2009.

Wall Street Journal