Rich rewards for disposing of their wealth

While most magnates leave money to be given away in their will, some gave it away while they were still alive

FILE - Oil magnate John D. Rockefeller, shown in this 1930 file photo, was ranked as the richest American of all time by American Heritage magazine. The magazine, which adjusted for inflation in its ranking of the 40 wealthiest Americans in history, calculated Rockefeller's worth at $US190 billion. (AP Photo/File).p/ /headshot

They say ’tis the season for giving and Facebook billionaire Mark Zuckerberg has really taken that to heart, and his bank vault. He is giving $US45 billion to charity to mark the birth of his daughter Max. It will bring a lot of festive cheer to charities which will benefit, and although not meant as any kind of religious gesture it could be said such generosity goes back to the example of Jesus himself.

In one incident in the gospels Jesus tells a rich young man to “sell everything thou hast, and give to the poor, and thou shalt have treasure in heaven: and come, follow me.” In the Bible account the young man walks away despondent and, it seems, never becomes a follower, unwilling to give up his many riches. Jesus then tells his disciples “it is easier for a camel to go through the eye of a needle than for a rich man to enter heaven”.

In another gospel story Jesus spots a tax collector named Zacchaeus watching him from a tree. He welcomes the man, much to the dismay of followers who see the man as a sinner. In the first century AD tax collectors in Judaea ran lucrative businesses collecting money for their Roman overlords and were considered traitors by most Jewish people. Tax collectors were mostly corrupt, self absorbed, but above all rich. But when Jesus later dines at Zacchaeus’s home the tax collector reveals he has given away half of his fortune to the poor and intends paying back anyone he has cheated four times the amount.

Centuries later an American tycoon would preach the virtues of philanthropy. Andrew Carnegie, born in Scotland in 1835, immigrated with his family to the US in 1848 and worked various jobs before making a canny investment in a delivery company, Adams Express, in 1855.

After that successful venture he invested his fortune in railways, iron, oil and steel but in 1889 published a book titled simply Wealth (later known as The Gospel Of Wealth), in which he says “rich men should be thankful for one inestimable boon. They have it in their power during their lives to busy themselves in organising benefactions from which the masses of their fellows will derive lasting advantage, and thus dignify their own lives.”

He was true to his word and during his lifetime gave away more than 90 per cent of his fortune, about $US350 million (estimated to be about $US13 billion in today’s terms). He created public libraries, funded schools, injected money into higher learning institutions and set up scholarships. He also funded the arts. One great legacy was New York’s great performance space Carnegie Hall

Carnegie’s example was an inspiration to fellow tycoon John D. Rockefeller. Born in Richford New York in 1839, Rockefeller made a fortune in the oil industry but believed it was his duty to give back to society to help others better themselves. He established the Rockefeller Foundation to give way more the $US500 million of his fortune. He wrote: “I have always indulged the hope that during my life I should be able to establish efficiency in giving, so wealth may be of greater use to the present and future generations. If the people can be educated to help themselves, we strike at the root of many of the evils of the world.”

In recent times there have been many other wealthy businessmen who gave until it hurt.

Chuck Feeney born in New Jersey from Irish-American parents, started on his business career by selling duty free liquor to American servicemen in the 1950s. He later founded the Duty Free Shoppers Group with fellow entrepreneur Robert Miller, selling high end luxury goods to travellers.

In 1984 he established a charitable foundation, Atlantic Philanthropies which has given away more than $US6 billion of his $US7 billion fortune. He has therefore been dubbed the billionaire trying to go broke.

THE RICH AND GENEROUS

● American Microsoft founder Bill Gates has given away $US28 billion through his Bill and Melinda Gates Foundation aided by American businessman Warren Buffett who has given $US25 billion

● Hungarian-born financier George Soros has handed out $US10 billion of a $20 billion fortune.

● American actor and founder of the Bryna film production company Kirk Douglas established a foundation to give away $US80 million

● American George Kaiser of Kaiser-Francis Oil has given away $US4 billion to combat poverty, drug abuse and look for alternative energy.

Originally published as Rich rewards for disposing of their wealth