Scrap metal dealer turned billionaire pledges three quarters of fortune to charity

SEATTLE (Scrap Monster): A one-time scrap metal dealer turned billionaire is set to become one of Britain’s biggest philanthropists after announcing that he and his family will give 75 per cent of their vast fortune to charity.

Anil Agarwal, founder of Vedanta Resources Plc, said he made the decision following a conversation he had with Bill Gates and his wife Melinda last summer.

Forbes has estimated that the 61-year-old Indian entrepreneur has a net worth of $3.5 billion(£2.15 billion).

Mr Agarwal made the announcement at an event in London to celebrate the 10 year anniversary of Vedanta's listing on the London Stock Exchange.

Mr Agarwal recalled how Mr Gates and his wife, Melinda, discussed their philanthropic causes with him in Seattle last summer.

“After that, I had a meeting with my family and we decided to donate 75 per cent of our wealth,” Mr Agarwal said.

Mr Agarwall told the Telegraph he wished for his money to be spent on promoting "the greater good of the society, community programmes that work towards eradication of poverty, child welfare and women empowerment".

He added: "I am keen to invest and create a world class, not for profit university in India that can bring in best in class education in liberal arts and humanities.

"My family supports my decision that 75% of our wealth which we gain as economic benefit, should be returned to society.”

Mr Agarwall had already pledged a donation of £510.6 million in 2007 to build the Vedanta University in Orissa, India.

This brings his total donations to around £2.12 billion, but it does not quite make him Britain’s biggest philanthropist, according to figures calculated from the Charity Commission and the Sunday Times Rich List.

Lord Sainsbury, who was the first British person to give more than £1 billion to charity in 2009, has now given a total of around £2.22 billion to charitable causes.

In 2013, Azim Premji, chairman of Bangalore-based software exporter Wipro Ltd., became the first Indian to join the Giving Pledge program which encourages the world’s wealthiest people to donate half of their wealth to charity.

The program was founded by Bill Gates, the richest person in the world, and American investor Warren Buffett, the world’s third richest person.

Courtesy: www.telegraph.co.uk