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Together, its been reported they own as much wealth as the bottom half of american households combined. While resentment towards the superrich grows, there may be a Silver Lining taking shape. It turns out a lot of those rich people are giving staggering sums of money away in what is being called a golden age of philanthropy. This surge in generosity is not by accident. Much of it is the result of an ambitious and targeted campaign called the giving pledge. It was started by an influential trio bill and Melinda Gates, two years ago, charlie rose had the opportunity to get them together to learn more about their new club for billionaires. Membership comes with just two requirements be worth at least a billion dollars and be willing to give half of that away. Rose is it necessary to join the giving pledge that you promise 50 of your net worth . Melinda gates yes, in your lifetime or in your will. Rose or in your will. Warren buffett right. Rose are people shocked by that . Buffett i dont think so. Melinda gates were asking them to be bold. Were asking them to step out and to do something big. But a lot of them were already on their way there and just hadnt put a numeric number behind it. And i think now, also, the giving pledge has gotten going, people know thats the expectation. Buffett and we dont. We dont find a lot of people that say, i want to join if it was 40 . laughter rose some may say, im happy to give much more than 50 . Buffett oh, most of them. Most. My guess is that a very significant percentage of our. Our members, i mean, way over half are going to give a lot rose thats certainly true of the founders. The gates have already committed to giving 95 of their wealth away; Warren Buffett, 99 . They say that kind of extreme giving is needed because the rich have been getting so much richer. Tech innovations and rising Global Markets have produced vast fortunes not seen since the industrial revolution. So what does Warren Buffett say to convince todays billionaires to give their fortunes away . Buffett incremental wealth, adding to the wealth they have now, has no real utility to them. But that wealth has incredible utility to other people. It can educate children, it can vaccinate children. It can do all kinds of things. Rose there are others, and people that i know, say, i want to give it to my children. Thats what i want to do. Whats wrong with that . Buffett i dont really think confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth. Rose so far, 115 billionaires have bought buffetts argument and signed the giving pledge. Ages range from 27 to 98. Some inherited wealth, but most are selfmade. Their businesses range from technology and social media to pizza, hair care, and home improvement. Combined pledges so far . Ov aala trillion dollars. What conditions are there . I mean, can they say, yes, im with you. Im here. But i want to give it to this institution or that institution. Buffett we dont care what institution they give it to. Bill gates yeah, in fact, were not endorsing any flavor of philanthropy. We do think were all going to be smarter and do it better learning from each other. But there is no pooling of money. We celebrate the diversity of philanthropy. Rose billionaires can be shy when it comes to talking about but Warren Buffett helped convince seven who have signed the pledge to sit down with 60 minutes. They are investors Pete Peterson and nicolas berggruen, south African Mining tycoon Patrice Motsepe and his wife, dr. Precious moloimotsepe, entrepreneur sara blakely, and a. O. L. Founder steve case, and his wife jean. When did you first hear of the giving pledge . Jean case melinda called and talked to us. But we had the benefit of knowing bill and melinda for a long time, going back to our technology roots. Steve case we competed against them for many years. Jean case we did. Steve case and were happy to finally join forces. Rose you wanted to be on their side. Steve case yeah, yeah, we wanted to be on the. Aligned. Rose theyve all signed the same pledge, and they bring the same brashness to their philanthropic ambition that helped them build financial empires. Pete peterson charlie, this is a group made up largely of entrepreneurs. And they didnt make a billion dollars or billion by doing the ordinary; they did it by rose thats certainly true for sara blakely. Sara blakely well, i made all the money by making other peoples butts look a lot better. Rose i think youve missed me. In 2000, she took 5,000 in savings and started the undergarment company spanx. Now, she wants her philanthropy to be as cutting edge as her billiondollar business. Blakely i started my product that didnt exist and shook up an industry. And i want to collaborate with people and increase my chances of coming up with an idea or something that will do that for my cause, which is helping women. Rose at 42, blakely admits shes just beginning to figure out how shell help women. At 83, Warren Buffett says he wants to stick with what hes good at running his company, Berkshire Hathaway so hes given the bulk of his fortune to the bill and Melinda Gates foundation so it can be used to reduce global poverty and as for the other pledgers, theyre tackling an impressive array of causes unemployment in south africa, Early Detection and treatment of brain cancer and some interests that take on a more political tone tax reform in california and the national debt. But as bill gates discovered when he left microsoft, going from making money to giving it away isnt always easy. An example of just one of the lessons hes learned it doesnt matter how effective a vaccine is; if you dont package and deliver it the right way, it will not do any good. I guess theres a learning process, too. Melinda gates absolutely. Rose because you feel like, how do you do this even if youre inclined to do it . Bill gates its almost disconcerting to switch to an area where youre back at square zero a little bit. And the measurements arent quite the same as in the business game. What youre trying to do the need to take risk, try different encouragement. Rose thats why buffett and the gates invite pledgers once a year to exclusive resorts like Kiawah Island in south carolina. Here, billionaires attend seminars on how to give money away more effectively. Our cameras were not allowed in, ifu. 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