Friday, April 29, 2011
Ray Dalio, the head of Westport-based Bridgewater Associates, the world’s largest hedge fund, has joined the ranks of billionaires who have pledged to give away half their fortunes to charity.
Ray Dalio: head of Westport hedge fund has estimated $6 billion net worth. Forbes.com photo
In an announcement on Thursday, Dalio, 61, said he has learned that having more and money wasn’t important. Forbes last month estimated his fortune at $6 billion. (See WestportNow March 10, 2011)
Dalio, who lives in Greenwich, along with his wife joined nine other couples in a program begun by Bill and Melinda Gates and Warren E. Buffet in 2010. The number of pledge signatories now totals 69.
Called the Giving Pledge, organizers describe the program as a long-term charitable initiative that aims to inspire conversations about philanthropy and increase charitable giving in the United States.
“At first we experienced the worry about not being able to take care of the basics,” Dalio said in an excerpt from his pledge letter released in Seattle. “When we earned more money, we experienced the diminishing benefits of having more money.
“We learned that beyond having enough money to help secure the basics – quality relationships, health, stimulating ideas, etc. – having more money, while nice, wasn’t all that important….So we found taking our excesses and providing it to others who have extreme shortages has been both a good investment and a great satisfaction.”
Bridgewater, with about 1,200 employees in four Westport locations, is the town’s largest private employer.
Posted 04/29/11 at 12:35 PM Permalink