Billionaire Pledges To Leave Half His Money To Charity, Urges Other To Follow
Vincent Tan, executive chairman and founder of the Berjaya Corporation has announced plans to give away half of his wealth to charity once he is gone. The billionaire is urging other wealthy Malaysians over the age of 70 to pledge the same.
Tan says the initiative will aid the country's underprivileged the ability to own their own affordable homes, citing the fact that housing is a basic human need and an essential aspect of maintaining an individuals sense of dignity.
The chairman explained his initiative to The Star by saying, "I think it is not wise to leave all your wealth to your family only when after all, our accumulated material wealth is made possible with the support from Malaysians and government's concessions and licences and other help by many people we encountered in our lifetime of wealth accumulation,"
He went on to tout the housing projects that Berjaya has successfully taken part in. The work he has overseen has been part of what has lead his desire to help others experience the joy of personal home ownership.
Making Vincent even more of a relatable figure despite his large wealth is that he is willing to look at his own personal wealth as something that, while the product of hard work, involved a healthy dose of luck. He went on to tell the Star that he didn't find wealth through inventions or innovations, but rather strokes of luck that involved many franchise opportunities including McDonald’s, Starbucks, and 7-Eleven for a great price from a Malaysian group.
"It is only right that I give half of my wealth back to the people and country. It is the right thing to do."
In making this pledge, Tan says he is officially a signatory of the Giving Pledge, a vow first put forth by Bill and Melinda Gates, as well as $100 Billion investor Warren Buffet.
At 69 years old, Vincent recently surprised the public by appointing Abdul Jalil Rasheed as the new chief executive officer of Berjaya Corp. For the billionaire, this move is seen as his first step to taking a reduced role with the company. The appointment makes the 38 year old the first CEO of Berijaya from outside the Tan family. For the founder, the time seems right.
"I am 69 years old now and by next year I will be 70. I think that's enough. I have been working since I was 17 years old when I first joined a bank as a clerk and I have been working non-stop for 52 years now."
Sources: Free Malaysia Today, The Star, Edge Prop
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