Leading By Example

Aug. 23, 2007 — -- America is a very rich country, with some very rich citizens. Which made me wonder about the "filthy rich." They could give millions to charity…but do they?

Take Larry Ellison. He made his money running Oracle software. Ellison is one of the most generous philanthropists, according to BusinessWeek's 2006 list, having donated $790 million to charity, but he still has nearly $20 billion left. He's spent millions on toys, like his 452-foot yacht, which cost about $200 million.

Ellison's donations of $790 million is a lot of money, but according to that same BusinessWeek list, it represents only four percent of his fortune. By comparison, Ted Turner has given 69 percent of his wealth to charity, and fellow billionaire Eli Broad has given 36 percent.

We know who the richest people in America are because of research done by Forbes Magazine. Each year they compile a list, called the Forbes 400. Even those at the bottom of the list this year were billionaires.

Matt Miller edits the list for Forbes, and he says that while some of the billionaires were angry at having their wealth made public, others love the attention:

"It's an ego trip," he explains. "It's a power thing, you know? Every single person on the list would never admit to liking it publicly. But every single one of 'em cares about what rank they are…[We] have 50 or 60 people who call up regularly every single year, saying 'You are absolutely wrong, and I am worth double what you say.'"

A few billionaires, like Ted Turner, admit to the competition.

Nine years ago I asked Ted Turner if the members of the Forbes 400 want to be higher on the list, and he responded "Of course they do!"

But shortly afterward, Turner did something that hurt his position on the list. He stood up at a United Nations function and announced that he'd donate $1 billion to the U.N. He said it was a challenge to other rich people to do the same.