Billionaire Paul Allen to give the majority of his money to charity
Billionaire Paul Allen said today that he plans to give away the majority of his money to charity, following in the footsteps of his Microsoft co-founder and celebrated philanthropist Bill Gates. The pledge marks the 20th anniversary of Allen's foundation, and it follows a recent campaign by Gates and Warren Buffet for the nation's billionaires to give away at least half of the money they've earned.
"Today I also want to announce that my philanthropic efforts will continue after my lifetime," Allen said in a statement. "I've planned for many years now that the majority of my estate will be left to philanthropy to continue the work of the Foundation and to fund non-profit scientific research, like the ground breaking work being done at the Allen Institute for Brain Science. As our philanthropy continues in the years ahead, we will look for new opportunities to make a difference in the lives of future generations."
Allen, who established the Paul G. Allen Family Foundation in 1990, has awarded more than $400 million to non-profit agencies since the foundation was started. He's also contributed $600 million to non-profits that he's started such as the Allen Institute for Brain Science and the Experience Music Project. Today, the foundation announced that it plans to give $3.9 million to 41 non-profits. Allen is also celebrating the 20th anniversary of his foundation by giving away $20,000 to five charities, including the Oregon Food Bank, The Center for Strenththing, the Teach Profession, Adlante Mujeres, Book-It Repertory Theater and the Seattle Biomedical Research Institute. Allen ranked 37th on the Forbes list of billionaires earlier this year with a net worth estimated at $13.5 billion. At one point, he ranked in the top 10.
What does a billion dollars buy? It's hard to hurt a billionaire financially. They're well protected. But say your average billionaire wants to contribute a few hundred millions to charity. First don't forget for a billionaire, like Allen, with over $13 billion, to expend $400 million is for him/her to contribute less than 5% of the fortune. This means, in Paul Allen's case, that over $12.5 billion is left to distribute upon his demise. But for a mere $400 million today you could provide clean water to 1 million humans. Or medical care for 100 million malaria suffers. My question is: what are you waiting for?
All this calculation makes me uncomfortable. It does not reflect the pure generosity of someone, no matter how rich, who contributes $100.
"Today I also want to announce that my philanthropic efforts will continue after my lifetime," Allen said in a statement. "I've planned for many years now that the majority of my estate will be left to philanthropy to continue the work of the Foundation and to fund non-profit scientific research, like the ground breaking work being done at the Allen Institute for Brain Science. As our philanthropy continues in the years ahead, we will look for new opportunities to make a difference in the lives of future generations."
Allen, who established the Paul G. Allen Family Foundation in 1990, has awarded more than $400 million to non-profit agencies since the foundation was started. He's also contributed $600 million to non-profits that he's started such as the Allen Institute for Brain Science and the Experience Music Project. Today, the foundation announced that it plans to give $3.9 million to 41 non-profits. Allen is also celebrating the 20th anniversary of his foundation by giving away $20,000 to five charities, including the Oregon Food Bank, The Center for Strenththing, the Teach Profession, Adlante Mujeres, Book-It Repertory Theater and the Seattle Biomedical Research Institute. Allen ranked 37th on the Forbes list of billionaires earlier this year with a net worth estimated at $13.5 billion. At one point, he ranked in the top 10.
What does a billion dollars buy? It's hard to hurt a billionaire financially. They're well protected. But say your average billionaire wants to contribute a few hundred millions to charity. First don't forget for a billionaire, like Allen, with over $13 billion, to expend $400 million is for him/her to contribute less than 5% of the fortune. This means, in Paul Allen's case, that over $12.5 billion is left to distribute upon his demise. But for a mere $400 million today you could provide clean water to 1 million humans. Or medical care for 100 million malaria suffers. My question is: what are you waiting for?
All this calculation makes me uncomfortable. It does not reflect the pure generosity of someone, no matter how rich, who contributes $100.
posted by Schultz and Company | 5:33 PM
|
0 comments
