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June 23, 2008

Two British Business Executives Commit $1.5-Billion to Charity

Two large gifts made by British business executives are marking a trend of the very rich to give more and more to philanthropic efforts rather than leaving their vast fortunes to their children, reports the Guardian.

Chris Hohn, a hedge-fund manager, has given $913.6-million to the Children’s Investment Fund, a charitable foundation run by his wife to support projects in Africa and the developing world. The donation is thought to be the largest ever made in Britain.

Duncan Bannatyne, an entrepreneur and star of the television show “Dragon’s Den,” plans to give away his entire fortune, approximately $588.2-million, to charity as well.

The article estimates that the 30 most-generous philanthropists among Britain’s wealthiest 1,000 people either donated or pledged over $4.6-billion over the year to May 2008, double the total of the previous year.

The donations came after two British universities announced big gifts last week.

Monday June 23, 2008 | Permalink

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