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May 24, 2016

Multibillionaire Russian Mogul Pledges His Wealth to Charity

Mikhail Fridman, a Russian investment mogul and co-founder of a $1 million annual prize known as the "Jewish Nobel," has publicly committed to plow his entire fortune, estimated by Forbes at $13.3 billion, into philanthropy, The Times of Israel writes.

“I’m not a big fan of such public statements, but I can say that I am going to transfer all my money to charity. I don’t plan to transfer any money to my children,” Mr. Fridman said in a speech in Russia on Friday. The co-owner of finance firm the Alfa Group said he believed his children would be better off not inheriting his wealth and instead forging their own paths.

Mr. Fridman is a member of the Genesis Philanthropy Group, a foundation led by Russian Jewish billionaires that established the Genesis Prize in 2012 to honor achievements by Jews in the arts, sciences, and public life. Past winners include former New York City mayor Michael Bloomberg and actor Michael Douglas.