Through the Giving Pledge, initiated by Bill Gates and Warren Buffet, 40 billionaires pledged to donate 50% of their wealth to charity. Will 50% become a new standard?
I don’t believe we’ve ever had a peer-driven giving standard for the wealthy.
From the religious community we have 10% tithing. But tithing was not designed for the wealthy—quite the contrary. Many people of very modest means generously tithe.
From the financial advisory community comes the 1-3% of asset rule.
Should donating 50% of one’s wealth take hold as a peer expectation, it is a quantum leap. And it has the potential to have even greater impact if it trickles down to all wealthy donors, not just the mega-rich.
We’ll have to wait and see what happens.