Kim Bong-jin "Donating More Than Half of My Wealth to Society"... First Korean to Pledge 'The Giving Pledge'

Plans Announced for Future Education Inequality Resolution, Cultural Arts Support, and Formation of Charity Sponsorship Organizations

On the 18th, Kim Bong-jin (right) and Seol Bo-mi, a couple registered as the 219th donors on The Giving Pledge website.

[Asia Economy Reporter Kim Cheol-hyun] Kim Bong-jin, chairman of Woowa Brothers, has decided to donate more than half of his wealth to society. Chairman Kim confirmed this through the pledge of 'The Giving Pledge' (hereafter Giving Pledge), a voluntary donation movement started in 2010 by Bill Gates, chairman of Microsoft (MS), and Warren Buffett, chairman of Berkshire Hathaway, who promised to return their wealth to society. Chairman Kim became the first Korean to join the Giving Pledge.

According to Woowa Brothers on the 18th, Chairman Kim was officially recognized as a pledger by the Giving Pledge on that day. The Giving Pledge posted photos of Chairman Kim and his wife along with the English and Korean versions of the pledge on its website. In the pledge, Chairman Kim stated, "My wife and I will donate more than half of our wealth to society before we die," and added, "I am confident that this donation declaration will be the greatest legacy we can give to our children."

He also said, "As John Rawls said, the value of wealth shines even more when it is shared according to the 'priority principle for the least advantaged,'" and "I believe that promising and fulfilling a donation of 10 billion won in 2017 was the best decision of my life so far, and now I have decided to make an even greater contribution."

The Giving Pledge undergoes a rigorous qualification process including due diligence on the applicant's wealth formation process, in-depth interviews on the sincerity of their donation intention, and reputation checks. Currently, 218 people from 24 countries have declared donations through the Giving Pledge. Members include Facebook founder Mark Zuckerberg, Tesla CEO Elon Musk, Star Wars director George Lucas, Oracle chairman Larry Ellison, and former New York Mayor Michael Bloomberg. About 75% of members started with nothing and built their wealth. Although there is no legal binding, it is a moral commitment among members and a declaration to the world. Members fulfill their pledge by freely donating to suitable domestic and international charities and non-profit organizations according to their interests and issues they want to address. Chairman Kim explained, "I am steadily planning to solve issues related to educational inequality, support culture and arts, and create organizations that help charities perform their work better."

After several months of the joining process, Chairman Kim became the first Korean and the 219th donor worldwide to join the Giving Pledge. He said, "About 10 years ago, when I was running a small company with fewer than 20 people at the start-up stage, I vaguely dreamed of making the Giving Pledge if I succeeded after reading articles about Bill Gates and Warren Buffett. I am very moved to make this declaration now," and added, "If the dream I had becomes the dream of many entrepreneurs who challenge themselves to change the world, I would be extremely happy."

This content was produced with the assistance of AI translation services.