Giving Pledge

More billionaires urged to join cause of sharing

It is important to earn money in a capitalist society. But it is more important to learn how to spend what is earned. This is all the more so in countries like Korea, where many people blindly worship money. For them, now is the time to take a few moments to ask why they are trying to make more money than they actually need.

In this sense, U.S. billionaires’ pledge to give at least half their wealth to charity provides a good opportunity to think about the noble spirit of sharing with others, especially the poor and underprivileged. On Wednesday, people around the world were impressed by the news that 40 wealthy families and individuals have joined Microsoft Corp. co-founder Bill Gates and billionaire investor Warren Buffet in the donation pledge.

The 40 Americans have gained international fame for their business success and fortunes. And now, they have won respect for their decision to use their wealth for society and those in need. Of course such a decision is hard to make no matter how rich they are. In this regard, we more than welcome their pledge, urging more billionaires, millionaires and the public to join the campaign.

Gates and Buffet have already built their reputation as philanthropists. But they are making the ``Giving Pledge” effort. The pledge is a moral commitment to give, not a legal contract. Gates and his wife Melinda said in a letter explaining their decision to 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, chairman and CEO of Berkshire Hathaway Inc., humbled himself by saying that ``my family and I will give up nothing we need or want by fulfilling this 99 percent pledge.” He reaffirmed 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.

Sanford Weill, former chief executive officer and chairman of Citigroup Inc., and his wife Joan pointed out that shrouds don’t have pockets, explaining why they will continue to give away all of their wealth. They hit the nail on the head. Humans cannot carry their wealth with them after death. They can bequeath part of their assets to their children. But it is not necessary to hand down most of their wealth to their offspring.

However, things are quite different in Korea. Owners of family-run conglomerates, or chaebol, are too stingy to give their wealth back to society for philanthropic purposes. They have often been criticized for making money by exploiting their employees and subcontractors. Meanwhile, they have shirked their social responsibility. Instead, they are too engrossed in accumulating their own wealth by all means ― legal or illegal.

Some Korean billionaires usually donate their wealth to charity when they try to avoid or mitigate punishment for raising slush funds or evading taxes. They usually bequeath their assets to their children without meeting public expectations for them to practice the spirit of giving. They had better discard greed and learn how to share with others.

Giving is a virtue necessary to make the world a better place. It brings hope to children and adults suffering due to poverty and lack of opportunities. One may say that sharing is only the privilege of the haves. Of course, the rich should take the lead in donation. But giving should not be the luxury of the affluent any more. It really makes people wealthier and happier when all members of society can share and live better.