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Top Philanthropists of 2006
Financial philanthropy and major charitable giving has been a part of America’s elite families for a long time. Family names like Rockefeller, Morgan, and Carnegie still resonate in the United States after a century of their charitable giving to universities, research centers, and communities. |
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A new generation of philanthropists is giving their invested and hard earned money to international organizations and pet causes that are worthy. The real question is why billionaires feel compelled to give their money, earned over years of successful business position, to causes like poverty reduction, AIDS research, and conservation. For all five of the best philanthropists in the year 2006, as found in Business Week at http://bwnt.businessweek.com/philanthropy/06/index.asp, it can be said that their investment in national and international issues is more than a tax write off and a public relations effort. People like Bill Gates and Gordon Moore have the means to fulfill lifelong interests and help fund policy areas that are under funded by the federal government. A look at all five philanthropists and their considerable charity will help us flesh out this argument even more.
Warren Buffett
One of the biggest news stories of the past year was the unparalleled commitment of $31 billion to the Bill and Melinda Gates Foundation by philanthropist Warren Buffett. Buffett, the CEO at life insurance firm Berkshire Hathaway, donated nearly 90 percent of his net worth to the foundation dedicated to health and conservation issues. Buffett earned his nearly $40 billion war chest through years of investments and lavish compensation packages and is leaving a considerable amount of money to his children and grandchildren. Like most philanthropists, sound financial philanthropy planning has allowed him to make this unprecedented financial move. Buffett is also providing money to other charities committed to literacy and world education issues, because of his interest in charity and philanthropy.
Bill and Melinda Gates
Bill Gates’ name is ubiquitous with technological savvy, shrewd business moves, and out of the box thinking in the computer game. However, Gates has also committed himself to a life of philanthropy with his wife Melinda with their foundation. The Bill and Melinda Gates Foundation, not only received a commitment of major funds from fellow billionaire Warren Buffett, but Bill Gates has committed his foundation to the elimination of AIDs throughout the world. Bill Gates has committed nearly 60 percent of his wealth to this end goal by funding his agency and other agencies on the African continent, where the AIDS epidemic is ravaging millions every year. Gates is often considered the leader of philanthropy in the United States, in particular the fertile Pacific Northwest where many philanthropists house their foundations.
George Soros
Many observers of the 2004 presidential election in the United States are aware of the name George Soros, as he helped fund voting efforts for Democratic candidates at all levels. Soros, a Hungarian-born investment banker, has been a major force in financial philanthropy in the world over the last decade. His investments have included $300 million to a university in Budapest, which he helped found, and another $400 million to ensuring fair elections in Africa and Asia. By devoting nearly 70 percent of his considerable wealth over the last four years to keeping elections clean, George Soros is utilizing the media and political machinery to create a more democratic type of politics. Soros’ motivation comes from his birth in a Soviet-held region, where local figureheads helped maintain control on behalf of the Soviet Union. Soros is one of the most successful Eastern European businessmen to emerge from the Cold War, and he is devoted to avoiding the problems of the Soviet era.
Gordon and Betty Moore
One of the most under-appreciated philanthropists in the Northwest and the United States today is Intel cofounder Gordon Moore and his wife Betty. Gordon and Betty Moore have provided twice their net worth to charities over the last five years, through shrewd investments and a full time commitment to their Seattle-based foundation. Gordon Moore has developed a commitment to the environment and green building, using an environmentally friendly building as the headquarters for his foundation. The $7 billion donated by the Moores in 2006 shows their lifelong commitment to the cause of conservation, as does their disregard for the trappings of the wealthy. The Moores live comfortably, but are offering most of their money to help keep the air, water, and land clean for future generations.
Herbert and Marion Sandler
Rounding out the top five philanthropists of 2006 are Herbert and Marion Sandler, who are cofounders of telecommunications company Golden West. The Sandlers have donated over $1 billion to various foundations over the last five years, with a commitment to the elimination of diseases like malaria and asthma from the developing world. Through years of innovation and solid business practices, the Sandlers have been able to amass a significant amount of money. Their commitment to world health issues has been made easier by financial philanthropy planning and a lifelong interest in charity.
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