Gates and Rubenstein pledge majority of wealth to charity

Two Duke alumni who have donated substantially to the University have pledged at least half their fortunes to philanthropy.

Melinda French Gates, Trinity '86 and Fuqua '87, and David Rubenstein, Trinity ’70, committed Wednesday to donating a majority of their wealth to charity by taking the Giving Pledge, an effort to encourage the wealthiest individuals and families to return their fortunes to philanthropy.

Gates and Rubenstein are part of a group of 40 individuals and families who took the pledge, an effort founded by Bill and Melinda Gates and Warren Buffett. Among those who took the pledge are New York Mayor Michael Bloomberg, Barron Hilton and David Rockefeller.

“We have been blessed with good fortune beyond our wildest expectations, and we are profoundly grateful,” the Gates’ said in their pledge letter. “But just as these gifts are great, so we feel a great responsibility to use them well. That is why we are so pleased to join in making an explicit commitment to the Giving Pledge.”

Bill and Melinda Gates and the Gates Foundation have donated more than $100 million to Duke over the years. The Foundation funded $30 million for the construction of the French Family Science Center and $20 million for the establishment of the University Scholars program. Melinda Gates was No. 34 on Forbes magazine's list of 100 most powerful women last year.

Rubenstein, co-founder of private equity firm The Carlyle Group, has also donated millions to Duke, is the Sanford School of Public Policy’s single largest benefactor. He is the namesake for Rubenstein Hall, Sanford’s sister building that he funded on Towerview Drive. Forbes ranked Rubenstein 374 on its list of the world's billionaires in March with a net worth of $2.5 billion.