US Billionaires¡¯ Practice Of Noblesse Oblige

Earning money is one of the most important things in a capitalist society. But what¡¯s more important is to learn how to spend money properly. This perception is especially important these days since many people blindly worship money. People focus on making more money in every possible ways even if it¡¯s against the moral values. Then they spend money on buying expensive houses, cars and clothes. It¡¯s time to think about the true meaning of money in life.

The recent news of U.S. billionaires¡¯ official pledge to give at least half of their wealth to charity makes people think about the meaning of sharing with others again. Forty wealthy families and individuals in the U.S. have joined Microsoft co-founder Bill Gates and billionaire investor Warren Buffet in the donation pledge.

The 40 Americans are well-known worldwide who have gained international fame for their business success. They have received applause for their decision to use their wealth for society and those in need rather than giving it to their children. People are surprised with their decision because even if they are rich, such a decision is not an easy thing to do.

Gates and Buffet have already participated in various social activities as active philanthropists. Bill Gates and his wife Melinda Gates said in a letter explaining their decision to noble pledge, ¡°If life happens to bless you with talent or treasure, you have a responsibility to use those gifts as well and as wisely as you possibly can.¡±

Buffet, CEO of Berkshire Hathaway and an investing guru, revealed that more than 99 percent of his wealth will go to philanthropy during his lifetime or at death. He added that time and talent often proves to be far more valuable than money.
However, such meaningful pledge of the U.S. led by billionaires is hard to find in Korea. Owners of family-run conglomerates, or chaebol, are donating money for social purposes which help people in need. But, critics say it¡¯s still too limited. They argue that the chaebol focus more on accumulating wealth and inheriting the companies down to their children.

Of course, big companies¡¯ wealth itself should not be blamed and most people admit their positive impact on national economy. However, their pledge for more donations can help people in need more effectively since there are limitations on use of government funds. Also, ordinary people should not think that sharing is only the responsibility of the haves.