US billionaires pledge wealth to charity

05 August 2010 | 02:20:59 PM | Source: BBC

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The campaign was started by investor Warren Buffett and Microsoft founder Bill Gates. (AAP)

Thirty-eight US billionaires have pledged at least 50 per cent of their wealth to charity through a campaign started by investor Warren Buffett and Microsoft founder Bill Gates.

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They include New York Mayor Michael Bloomberg, CNN founder Ted Turner and entertainment executive Barry Diller.

"The Giving Pledge" lists all the families and individuals who have committed to the project.

The site says the pledge is a "moral commitment" not a "legal contract".

The campaign was started in June to convince US billionaires to give away at least half of their fortunes either during their lifetimes or after their deaths.

"We've really just started but already we've had a terrific response," Mr Buffett said in a statement.

He added: "The Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used."

Those who pledge their money to "philanthropic causes and charitable organisations" must publicly state their intention through a letter of explanation.

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