Wealthy philanthropists like Bill Gates and Warren Buffett have the potential to do more than the Group of Eight (G8) leading nations to lift Africa out of poverty, according to Jeff Sachs, special adviser to the UN secretary-general.
– There are 950 billionaires whose wealth is estimated at 3,5 trillion US dollar (3.500 billion dollar). An annual 5 per cent “foundation” payout would be 175 billion (milliarder) dollar per year – that would do it. Then we do not need the G8 but 950 people on the Forbes list (over the richest people), Mr Sachs told the Financial Times on Monday.
He was speaking as the Organisation for Economic Co-operation and Development reported last week that aid from rich countries to Africa remained static last year even though G8 leaders promised in 2005 to spend 50 billion dollar more each year to 2010 on aid, with half the rise going to sub-Saharan Africa.
