Billionaire Bridgewater Associates founder Ray
Dalio and his wife, Barbara, announced their commitment to the
Giving Pledge, an effort by Bill Gates and Warren Buffett
encouraging America's wealthiest families to give more than
half of their wealth to charity.
Forbes estimated that Dalio's
fortune was $6 billion in
March, which is likely to be low given AR's
Rich List estimate in April that Dalio earned $3.1 billion
in 2010 alone.
Several other well known managers have already
signed the pledge, including John Arnold of Centaurus Energy,
T. Boone Pickens of BP Capital, Julian Robertson of Tiger
Management and Leon Cooperman of Omega Advisors.
According to the group, the pledge "is an effort to
help address society's most pressing problems by inviting the
wealthiest American families and individuals to commit to
giving more than half of their wealth to philanthropy or
charitable causes. The pledge is a moral commitment to give,
not a legal contract, and it does not involve pooling money or
supporting a particular set of causes or organizations."
So far, 69 families have signed since its June 2010
inception. "We are seeing great progress in less than a year,"
said Warren Buffett, pledge co-founder and chairman and CEO of
Berkshire Hathaway in a statement today announcing new
commitments from Dalio
and nine others. "I am delighted that so many wealthy
Americans are taking a public pledge that supports
philanthropy. The continued energy and passion for this
project, and the many philanthropy conversations it has sparked
with families from all walks of life, are inspiring."
Until now, Dalio's charitable contributions were
relatively small compared to his wealth. As AR noted in its March 2011
cover story on Bridgewater, Dalio and his family foundation
gave more than $65 million to hundreds of charities during the
past three years, a period when his personal fortune
One of the main recipients of Dalio's philanthropy
has been David Lynch's Transcendental Meditation group, to
which Dalio gave more than $1.25 million in 2008.
See Dalio's full letter explaining his giving
Ray & Barbara Dalio Giving Pledge Letter