Billionaires with Medford Roots Pledge to Donate Wealth

Medford natives Bill Cummings and Michael Bloomberg have signed onto The Giving Pledge, a movement started by Bill and Melinda Gates and Warren Buffett that asks America’s wealthiest to give most of their money away to charity.

Bill and his wife Joyce live in Winchester and recently became the first MA residents to join the pledge. The Cummings have been active philanthropists for years, establishing a charitable foundation, setting up a local scholarship program, and donating millions to Tufts University, including to the veterinary school, which bears their name.

“Having already pledged privately years ago to donate 90 percent of our wealth to charity, we now publicly take the Giving Pledge in the hope that, with every new member, the Association will gain momentum and provide encouragement to others who have the capacity to give in very meaningful ways,” said the Cummings in a statement.

Bloomberg, New York City Mayor, has also donated his wealth over the years and has a philanthropic foundation.

“…the reality of great wealth is that you can’t spend it and you can’t take it with you. For decades, I’ve been committed to giving away the vast majority of my wealth to causes that I’m passionate about – and that my children are passionate about. And so I am enthusiastically taking the Giving Pledge, and nearly all of my net worth will be given away in the years ahead or left to my foundation,” said Mayor Bloomberg in his statement.

– InsideMedford.com