Although John Arnold and his wife, Laura, consistently ranked among the top personal donors in America, at least one reviewer said they barely did enough.
April 14, 2021
3 minutes of reading
A billionaire couple is facing criticism for their pledge to donate only 5% of their net worth each year, MarketWatch report.
Ex-Enron trader and hedge fund manager John Arnold and wife Laura, a former attorney, is said to have promised to donate the money as part of their pledge to Global Citizen’s “Give While You Live” campaign. This initiative aims to accelerate charitable donations to fight world poverty.
But one critic told MarketWatcH that Arnolds could give so much more, especially since the couple is worth about $ 3.3 billion. “They’re pushing in the right direction, but not significantly enough,” says Nia Wassink, a non-profit consultant and co-organizer. Non-profit organization structure podcast, tell publisher. “It’s commendable, but it’s just that they want to do it while maintaining their wealth and power, and it’s mutually exclusive. We cannot see real change and shift of power when the rich still hold money and power ”.
Wassink argues that the 5% that Arnolds has pledged to is not much, especially as their total net worth is expected to increase by $ 974 million over the next 25 years. Arnolds income trajectory is similar to the income trajectory of the richest people in the United States billionaireMany of them have seen Their net worth soared during the pandemic. In fact, overall US billionaires were wealthier than $ 1.3 trillion between March 2020 and February 2021.
“They should deploy that wealth in a way that makes them no longer billionaires,” Wassink said of the couple.
In fact, since 2015, Arnolds has exceeded their commitment to give away 5% of their net worth, MarketWatch Note. For example, last year the couple donated $ 567 million to charity – 17.18% of their net worth. The couple donated for a number of reasons, including lowering drug prices, ending mass detention and implementing fairer tax policies.
David Hebert, communications director at the couple’s charity, Arnold Ventures, said: “Charity is an important tool in solving some of the systemic problems in their country. we are facing “. “Private sector donors can and often do, trying to solve important issues that are often overlooked just because of political and / or reputational concerns. can often take risks that elected officials often find too frightening. “
And while Arnolds was fired for not giving enough money, MarketWatch points out that the couple that signed the Charity Pledge of Warren Buffett, Bill Gates and Melinda Gates in 2010, has consistently ranked among the highest philanthropic individuals in America.
“Currently, many charities are at risk of being unable to survive the pandemic,” John Arnold said in to announce his couple’s commitment. “However, more than $ 1 trillion has promised them to still be stored in tax-free investment accounts. American charities can’t wait for some bigger crisis to arise. Business as usual is simply not good enough. “