Posted on 25th November 2011
A timeline of philanthropy shows how today’s philanthropists are inspired by a 19th Century publication.
The timeline published on the Guardian’s website in conjunction with the Bellagio Initiative starts in 1889 with Scottish-American industrialist Andrew Carnegie’s publication of The Gospel of Wealth. In it he postulates that wealthy people should donate their money to good causes before they die.
The timeline's most recent entry in 2011 is Berjaya Group founder Vincent Tan pledging to give away half of his estimated $1.25bn to his Better Malaysia Foundation. And in 2010, Bill and Melinda Gates and Warren Buffett joined forces to establish the Giving Pledge to encourage wealthy individuals to donate the majority of their wealth to charitable causes. This idea has been taken up by some philanthropists in the UK.
Other notable entries in the history of modern philanthropy include the work of oil tycoon John D Rockefeller, who set up the Rockefeller Foundation. To date it has given more than $14bn to projects around the world tackling wide-ranging problems such as yellow fever and climate change.
In 1919, the Sir Ratan Tata Trust was established by the son of the founder of the Tata empire, which started as a cotton trading business and grew into a multi-national company. It gives grants to education and medical relief in India.
In 1944, hotelier Conrad Hilton set up the Hilton Foundation, which focuses on providing safe water and care for children affected by Aids.
In 1976, American business magnate Howard Hughes left his legacy to the Howard Hughes Medical Institute, which is now the second wealthiest foundation in America.
In 1979, Hungarian-born financier George Soros set up the Open Society Foundation to fund scholarships for black students at Cape Town University. The Foundation now promotes democratic development in over 30 countries.
In 1994, Bill and Melinda Gates established their foundation to focus on global health and community development with an initial endowment of $94m.
In 2006, Warren Buffett pledged $31bn of shares in his company Berkshire Hathaway Inc to the Bill & Melinda Gates Foundation.
To read more click on following links:
Call for wealthiest to support a UK giving pledge
40 billionaires sign up to US giving pledge as leaders take idea to China
Legacy 10 launches to encourage culture of greater legacy giving in the UK
