Billionaire Jewish couple’s generosity pushes them off Forbes Rich List

The couple expressed "a great sense of urgency" in 2010 when they signed the Giving Pledge, which asks the world's wealthiest people to pledge to give the majority of their wealth to charitable causes either in their lifetimes or in their wills.

"We are deeply indebted to our community and our country for the many opportunities granted to us, and for a social and economic environment in which we could make the most of those opportunities," the Arnolds wrote at the time.

"We consider it our responsibility to ensure the same opportunities for others."

John, 51, began his career as a natural gas trader at the now infamous Enron, and later ran his own hedge fund before retiring at the age of 38 to dedicate himself full-time to philanthropic work. Meanwhile Laura, 53, was formerly mergers-and-acquisitions attorney. 

In 2008 the couple founded Arnold Ventures, a philanthropic organisation focusing on “evidence-based policy solutions”, and two years later, they were among the first billionaires to sign up to the Giving Pledge campaign, which was spearheaded by Bill Gates, Melinda French Gates and Warren Buffett.

Singing the pledge in 2010, the Arnold’s said: “We look upon our financial position with a mix of disbelief and humility, never having dreamed that we would be in this situation,” adding that they has both had “a solid middle-class upbringing with an emphasis on values, work ethic and social responsibility.”

Explaining their decision to dedicate the majority of their time and money to philanthropic endeavours, they said: “We are deeply indebted to our community and our country for the many opportunities granted to us, and for a social and economic environment in which we could make the most of those opportunities. We consider it our responsibility to ensure the same opportunities for others. We view our wealth in this light – not as an end in itself, but as an instrument to effect positive and transformative change.”