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Amancio Ortega is now the world's richest man, passing Microsoft founder Bill Gates for the first time ever. The elusive multibillionaire founder of European
(Photo: Reuters/Christian Hartmann) "The Giving Pledge," made public by Bill and Melinda Gates and Warren Buffett four years ago, has already attracted 127 billionaires who have pledged to give at least half of their wealth to philanthropic causes. CBS News spoke to some of them as well as those behind the initiative.
Two weeks ago, an unusual crowd gathered at the Bacara, a tony beachfront resort and spa in Santa Barbara, Calif. - three dozen billionaires who had pledged to give away most of their money. However, many weren't quite sure how to do it.
They launched the Giving Pledge in 2010 in an effort to convince America's wealthiest individuals to commit to donating at least half of their fortunes to charities and philanthropic causes either during their lifetimes or in their wills. Today, more than 130 couples and individuals from 14 countries have signed on.
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