In case you haven’t heard, last week around 40 billionaires in the U.S. announced their voluntary commitment to the Giving Pledge, promising to donate at least half of their fortunes to charity, joining a program that Bill and Melinda Gates and Warren Buffett started in June to encourage other wealthy people to give.

While the pledge has been a matter of some debate in philanthropic and nonprofit circles in the States, the interaction in the French media of the commitment has proven particularly entertaining.

This commitment is so audacious, so far-fetched, that to many in France it represents a manifestation of American folklore.  The tone of the French press and of many vocal members of the general public is three-fold:

• Skepticism:  “Is this a mere publicity stunt, and will these donors really keep their promises?”
• Disillusionment:  “With their level of wealth, they won’t miss a few billions.”
• Cynicism: “The wealthy in America are the only group to have enriched themselves for the last 20 years.  Now they’re asking for forgiveness.”

However, it’s worth noting that to many in France, the core pursuit of American society is money.  The truth is that it is not.  Rather, it’s individual success, living up to one’s full potential, rugged individualism.  That is the American dream.  Money is merely the means of keeping score.

This reflects a contrast I’ve underscored many times on this blog about the radical disparity of repeat entrepreneurs between the U.S. vs in Europe.  If becoming wealthy were the sole end game, why are there so many “repeat offenders” in the U.S., eagerly returning to the entrepreneurial fray after a smash hit ?

Once earned, money in the U.S. becomes a means to action: financing the next entrepreneurial venture, launching a political campaign, or pursuing a charitable cause.  Americans do not have the same attachment to building family estates like the Europeans do.

Ironically, the August 4^th date for the formal announcement coincides with an historic day in French history:  In the summer of 1789 in Paris, a rumor began to spread that the aristocrats had organized an army to kill the peasants.  Despite being only a rumor, it led the peasants to take arms against an imaginary foe.  So, on August 4, 1789, French aristocrats surrendered their special privileges by decree.

So, short of another « Great Fear » (as the episode in 1789 is known), how many French billionaires would consider depriving their hiers of half of their fortune ?