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Meta CEO Mark Zuckerberg and his wife, Dr Priscilla Chan, have pledged to spend 99 per cent of their wealth on philanthropic causes rather than leave most of their fortune to their three daughters.
The couple announced the commitment in December 2015, shortly after the birth of their first daughter, Maxima, through an open letter titled “A Letter to Max”.
Following the announcement, they established the Chan Zuckerberg Initiative (CZI), with the aim of advancing human potential and promoting equality. The organisation focuses on improving people’s lives through investments in education, scientific research, healthcare and social development.
In their letter, Zuckerberg and Chan said they felt a moral responsibility towards all children of future generations. They stressed that their ambition was not merely to secure a better future for their own children but also to help build a better world for all children.
When the pledge was announced in 2015, the 99 per cent stake was worth approximately $45 billion. The value has increased substantially over the years alongside the rise in Meta’s share price and Zuckerberg’s personal fortune.
In an interview with Britain’s The Sunday Times in 2021, Chan revealed that discussions about dedicating their wealth to philanthropy had begun much earlier, in 2005, when Facebook started showing signs of commercial success. She said her commitment to public service had been longstanding.
The couple’s pledge also aligns with the Giving Pledge, an initiative launched by Microsoft co-founder Bill Gates and investor Warren Buffett to encourage the world’s wealthiest individuals to dedicate most of their fortunes to charitable and philanthropic causes.
However, their commitment to donating 99 per cent of their wealth does not mean their three daughters will be left without financial security. The remaining one per cent of their fortune is estimated to be worth around $2 billion.
Rather than passing most of their personal wealth to their children as inheritance, Zuckerberg and Chan aim to create lasting social change by directing resources towards education, healthcare, scientific research and other initiatives that benefit society.
