Michael Bloomberg vows to part with his entire fortune
American business magnate Michael Bloomberg is on a mission to donate his money effectively and efficiently.
Michael Bloomberg says he will give away his $32.8 billion fortune before he dies, according to the New York Times.
Bloomberg - the 16th richest person in the world - continues to expand his wealth, having added billions to his net worth last year alone.
But while his wealth continues to grow, he admits he is burdened with the logistics of giving it all away.
The 72-year-old media baron has his finger in several philanthropic pies, including traffic cutback programs in Rio de Janeiro, road safety initiatives in India, reducing childbirth deaths in Tanzania and an anti-smoking program in Turkey.
But his generosity pales in comparison to other billionaires, with the Bill and Melinda Gates Foundation giving away $3.6 billion just last year, while Bloomberg has donated $3.3 billion all up.
But Bloomberg says he is deliberating the practicalities of effectively donating his money, the New York Times reports.
His experience as Mayor of New York seems to have left him with a certain philanthropic philosophy, with a focus on donating money where there is broad support for his program, at a city or national level.
His foundation, Bloomberg Philanthropies, currently employs about 30 people and is his means by which to achieve these objectives.
“Belief in the power of cities to take action” is the approach Bloomberg Philanthropies takes to drive change, its website says.
In fact during his three terms as Mayor, Bloomberg donated around $A731.61 million to his own city of New York, according to a New York Times report, while taking home a cool US$1 million each year.
Since he has left office, Bloomberg has ramped up his donations, recently giving away $452 million.
"What else are you going to do? You can't take it with you," he told Yahoo! News.