Tags: Bloomberg | billionaires | goals | philanthropy

Bloomberg to Fellow Billionaires: Set Realistic Goals in Philanthropy

By    |   Monday, 28 Apr 2014 10:28 PM

A billionaire has got to know his limitations.

So says Michael Bloomberg, former mayor of New York City, in a discussion on philanthropy with The New York Times.

The media mogul, who is worth $32 billion according to Forbes, already has donated $3.3 billion to charity, according to his foundation. And Bloomberg has joined Warren Buffett and other wealthy individuals in pledging to give away all their riches during their lifetimes.

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Billionaires can't adopt the attitude that they will solve the world's problems by themselves, Bloomberg says.

"All the billionaires added together are, as they’d say, bupkis compared to the amount of money that government spends,” he told The Times. “It’s trillions of dollars. Private philanthropy can’t do that.”

Philanthropists should devote their money to sectors where they can work on an idea, and if it's successful, present the results to the government, Bloomberg says. Hopefully the government will then fund a program based on the idea.

"You want to do things where your money matters," he said. "I’d argue another gift to fight a
disease that has a lot of the world’s attention and people are focusing on it is not where I want us to go."

Bloomberg announced last week that he will devote $50 million to fighting the NRA over gun control. The organization didn't waste time in responding.

Bloomberg is an "arrogant hypocrite," Chris Cox, an NRA executive director, said at the organization's annual convention Friday, ABC News reports. "Stay out of our homes, stay out of our refrigerators, and stay the hell out of our gun cabinets because this freedom is not for sale."

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A billionaire has got to know his limitations. So says Michael Bloomberg, former mayor of New York City, in a discussion on philanthropy with The New York Times.
Bloomberg, billionaires, goals, philanthropy
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2014-28-28
Monday, 28 Apr 2014 10:28 PM
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