The high-tech boom in Seattle, triggered largely by the success of Microsoft, has been instrumental in creating a lot of wealth for those involved. But is the community seeing the benefits? A report by the Associated Press suggests it is.
There are more than 74,000 households in the Seattle area with a net worth of $1 million or more, AP reports. While those millionaires may not have the resources of Bill Gates -- cofounder of Microsoft and the world's wealthiest person -- they are finding their own ways to give.
In one previously-reported example, a group called Social Venture Partners was formed to pool some of this newly-created wealth into a fund that contributes to causes like child welfare and education. Using money from the group's 190 partners, Social Venture Partners plans to give a little over $1 million to charitable causes next year, AP reports.
The sheer volume of money pouring into the area has changed charitable giving locally. The United Way of King County has seen contributions increase from $38.9 million to $68.6 million over the last 10 years, due largely to increases in contributions from Microsoft employees and other computer-related entrepreneurs.
People in the high-tech industry also are giving time to their favorite causes, as they retire early and look for some way to contribute. Barbara Dingfield, who worked in corporate giving for Microsoft, is now board chairperson for the United Way of King County. Ray diCasparo, another former Microsoft employee, is still working 50-hour weeks, but now is doing it setting up a National Kidney Foundation office in the state, AP reports.
Peter Hall, an expert on nonprofits at Yale University, attributes a lot of Seattle's philanthropic spirit to Gates, who both built Microsoft into one of the country's most successful companies and established the nation's largest charitable foundation, with assets of $17 billion.
"By creating this whole cohort of millionaires, he's also created a philanthropic community," Hall told the AP.
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