Warren Buffet and Bill and Melinda Gates, worth collectively about $100 billion, initiated a plan in 2009 to convince the 400 richest Americans to each give half of their wealth to charity, either while they live or at death. If successful, the effort will yield upwards of $600 billion for charity.
The Fortune magazine story that chronicles this initiative (Carol J. Loomis, “The $600 Billion Challenge,” July 5, 2010, pp. 82-94) included some fascinating statistics about charitable giving. Using IRS data from 2007 (the most recent available), the 400 largest taxpayers had a total adjusted income of $138 billion. They gave $11 billion in charity, or about 8%. Recognizing that some gifts may exceed the allowed deductions, it seems unlikely that they gave more than $15 billion or 11% of their income.
How many religious people give 11% of their income to charity?
The New Testament standard for giving is sacrificial giving (recall the woman who gave everything she had in Mark 12:41-44). For many in the developed world, 10% (a tithe) does not represent much of a sacrifice. For people making, on average, $345 million, giving 11% hardly seems sacrificial.
In the Fortune article, both Warren Buffet and Bill Gates make the point that they have everything they need or want, and can sustain that lifestyle on less than 1% of their assets. Buffet also seems to express envy for his children: he gives money but they invest much of their selves, time, and energy into helping others, a contribution perhaps more valuable than his financial contribution.
What lifestyle do you want? How much money does it take to afford and to sustain that lifestyle? How much time will you invest in making the world a better place or living your neighbor? How much money will you give, while living or at death, to support those goals?
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