Two billionaires with Medford roots have pledged to give away their money.
The Boston Globe recently featured William Cummings, whose charitable foundation recently gave $100,000 each to Medford’s Royall House and the high school’s Center for Citizenship and Social Responsibility.
Fellow Medford native and former New York City Mayor Michael Bloomberg is also well-known for his philanthropy. Both men have signed onto The Giving Pledge, a movement started by Bill and Melinda Gates and Warren Buffett that asks America’s wealthiest to give most of their money away to charity.
“Having already pledged privately years ago to donate 90 percent of our wealth to charity, we now publicly take the Giving Pledge in the hope that, with every new member, the Association will gain momentum and provide encouragement to others who have the capacity to give in very meaningful ways,” said the Cummings in a statement.
“…the reality of great wealth is that you can’t spend it and you can’t take it with you. For decades, I’ve been committed to giving away the vast majority of my wealth to causes that I’m passionate about – and that my children are passionate about. And so I am enthusiastically taking the Giving Pledge, and nearly all of my net worth will be given away in the years ahead or left to my foundation,” said Mayor Bloomberg in his statement.