Scottish billionaire Sir Tom Hunter has pledged to donate £1 billion, or roughly $2 billion dollars, during his lifetime to charities in Britain and developing nations, the Times of London reports.
Hunter, who made his fortune in the sportswear industry and is Scotland's richest man, said the funds would be drawn from his investments in shopping centers and profits from his private equity partnership, West Coast Capital, and would be distributed through the . He has already committed £100 million, and the time frame for donating the rest would depend on the success of West Coast Capital. Hunter also said the foundation would focus on three issues in its grantmaking: poverty alleviation in Africa, the prevention of young people becoming (not in education, employment, or training), and leadership development. To accomplish its goals, the foundation will create strategic partnerships and work with local governments.
"There is more great wealth in fewer hands today than ever before in history," said Hunter, who was knighted in 2005 for his service to entrepreneurship and philanthropy. "My own personal belief is that with great wealth comes great responsibility. Therefore, you've got to take care of these things if wealth creation is still going to be seen as a positive force by the rest of the population."