Sir Richard Branson and his wife, Joan, have joined a handful of billionaires who have pledged much of their wealth to charity. Branson joined Warren Buffett and Bill Gates as the latest billionaire to make such a pledge as part of The Giving Pledge, started by Microsoft founder Bill Gates.

Branson, the UK’s fourth richest person, whose net worth is estimated at $4.2 billion, declared half of his wealth to charity in an open letter in which he also said that he would like to use a majority of his wealth to “make a difference in the world” through “entrepreneurial approaches,” also saying that money and objects do not bring happiness.

The entrepreneur behind the Virgin Group of companies, Branson went on to state that he and his wife realized how little they valued material possessions after a series of disasters caused them to lose a number of personal items, including a house in London that burnt down and one in the British Virgin Islands that was struck by lightning.

Richard Branson asserted that he and his wife would like a portion of their fortune to go towards creating a “healthy, equitable and peaceful world for future generations to enjoy.” The Giving Pledge, started three years ago by Gates, has already seen a around 30 additional American billionaires pledge a good amount of their wealth to charity.

– Christina Kindlon

Photo: Time