Gates Says Self-Made Wealthy Are More Generous Than Heirs (Bloomberg)
By - Mar 24, 2011 3:47 PM ET
Bill Gates, the college dropout who started the world’s richest charitable fund, said needy people depend on self-made millionaires and billionaires to donate money before passing their wealth on to less-generous heirs. “
Our experience worldwide is that first-generation wealth is actually more generous than dynastic wealth,” Gates, the richest American, said today at a press conference in New Delhi. “Both here in India and U.S. and other countries, the biggest givers are those who are receivers of first-generation wealth.”
Gates, 55, is pressing the rich to give away more of their money. He started the Giving Pledge in June with Warren Buffett and offered membership to billionaires who agree to commit half their fortunes to charity. Facebook Inc. founder Mark Zuckerberg, filmmaker George Lucas and New York City Mayor Michael Bloomberg have signed up.
India’s entrepreneurs will have an opportunity to give back as well, Gates said. “The fact that India over the last 20 years has developed these incredible success stories means that a very high percentage of them in their own way will be giving back to society,” Gates said.