Mark Zuckerberg’s philanthropic drive puts pressure on other billionaires to follow suit

Mark Zuckerberg’s startling announcement to spend 99% of his shares in socially impactful areas has been received by critics and fans alike. The media has gone overboard, patronizing at times and practical in other about how to use this wealth in the best possible way so that it is useful to the society.

If managed in a proper manner, it can make a load of difference in the world. Mark will still be a rich man even after his donation. He and his wife Priscilla will be worth $455 million. Both have become one of the 137 other billionaires who have donated more than 50% of their wealth to philanthropic causes.

As compared to the billionaires of the past who made their fortunes in metal and oil, the modern day billionaires have made their fortune on the bedrock of Internet.

Out of the list of 400 richest Americans prepared by Forbes, 20 have made their fortunes in tech namely, Microsoft, Oracle, Amazon, Facebook and Google.

One remarkable fact about these billionaires is that they are remarkably young. Most of them had turned out their first venture before the age of 30.

According to Forbes eight of the richest entrepreneurs under 40, have made their money from Facebook.

The welcome fallout of Zuckerberg’s action is that it will encourage more billionaires to part with their riches for the society.

After Facebook CEO – Mark Zuckerberg decided to part with a major portion of his wealth for socially productive causes, China’s billionaires have come under pressure from netizens who are urging them to remember their social responsibilities and part their wealth for social causes.

The topic “Zuckerberg donates 99% of his shares,” has garnered 5 million views since it was posted on Wednesday according to the state-controlled Global Times.

The report also highlighted the philanthropic habits of US entrepreneurs. Chinese billionaires are often being accused of being stingy.