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Barry Frankfurt

ByBarry Frankfurt, Barry Frankfurt

Opinion

Massive donors should curb their enthusiasm

September 21, 2010 10:41
2 min read

The period of the High Holy Days is often regarded as the time to do three things: repent, pray and give to charity.

The last of these is the one that prompts virtually all of our communal organisations to appeal for support and facilitate our New Year "obligation" to give tzedakah. As UK charities continue to look for new ways to remind us that, as Jews, we have an obligation to give away 10 per cent of our wealth, a recently launched initiative in America has taken philanthropy to a new level.

Warren Buffett, the "Sage of Omaha", a man with an estimated wealth of $37bn, has instigated "The Giving Pledge". He and 40 of his peers have made a commitment to distribute at least half of their fortunes to charity. In Buffett's case, this rises to an astonishing 99 per cent.

There have been very sizeable gifts in the past, but this kind of philanthropic gesture is unparalleled. It is estimated that charities could benefit to the tune of $600bn. At present, no such project has been launched in the UK, but if The Giving Pledge made its way over to our more conservative side of the pond, how would it be received?