Saudi billionaire Prince Alwaleed bin Talal made headlines over the summer when he announced he would donate his personal fortune, valued at $32 billion dollars, to charity. His inspiration? Bill and Melinda Gates. The pair has commended the commitment, in part because it was done so publicly, a model of philanthropy they have championed with “The Giving Pledge.”
Launched by the Gateses and Warren Buffett in 2010, The Giving Pledge is a campaign that invites the wealthy to give more than half of their money to philanthropic causes or charitable organizations.
Pledgers representing 14 countries beyond the United States have signed The Giving Pledge since its international expansion in 2013 (Australia, Brazil, Canada, Germany, India, Indonesia, Malaysia, Russia, South Africa, Taiwan, Turkey, Ukraine, United Arab Emirates, United Kingdom). But only a handful of the 138 individuals and families on the list are based in or originally from the developing countries and emerging economies this philanthropy is meant to benefit. As global development is increasingly seen as a process funded by citizens and governments to achieve their own aspirations in their own countries, expectations are high for developing countries’ wealthy elite to chip in.