PHILANTHROPY NEWS DIGEST

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PHILANTHROPY NEWS DIGEST
a service of the Foundation Center
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July 24, 2007
Volume 13, Issue 30

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Scottish Billionaire Pledges £1 Billion for Charitable
Efforts in Britain and Africa (7/20/07)

Scottish billionaire Sir Tom Hunter has pledged to donate
£1 billion, or roughly US$2 billion, during his lifetime to
charities in Britain and developing nations, the Times of
London reports.

Hunter, who made his fortune in the sportswear industry and is
Scotland’s richest man, said the funds would be drawn from his
investments in shopping centers and profits from his private
equity partnership, West Coast Capital, and would be distributed
through the Hunter Foundation. He has already committed £100 mil-
lion, and the time frame for donating the rest will depend on the
success of West Coast Capital. Hunter also said the foundation
would focus on three issues in its grantmaking: poverty allevia-
tion in Africa, the prevention of young people becoming “NEET”
(not in education, employment, or training), and leadership
development. To accomplish its goals, the foundation will create
strategic partnerships and work with local governments.

“There is more great wealth in fewer hands today than ever
before in history,” said Hunter, who was knighted in 2005 for
his service to entrepreneurship and philanthropy. “My own per-
sonal belief is that with great wealth comes great responsibil-
ity. Therefore, you’ve got to take care of these things if
wealth creation is still going to be seen as a positive force
by the rest of the population.”

Foster, Patrick. “The Businessman Who Plans to Give Away £1Bn.”
Times of London 7/18/07.

http://fconline.foundationcenter.org/pnd/10008142/story

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