Sir Richard Branson pledges to donate half his Virgin fortune to 'make peaceful world'

The Virgin Group founder has added his name to the Giving Pledge campaign set up by U.S. investor Warren Buffett and Microsoft founder Bill Gates.

In their pledge letter, Sir Richard and his wife Joan said they wanted to use cash from the company to create 'a healthy, equitable and peaceful world for future generations to enjoy'.

According to the Daily Mail, they said that 'stuff really is not what brings happiness. Family, friends, good health and the satisfaction that comes from making a positive difference are what really matters'.

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The Giving Pledge was started three years ago by Gates, his wife Melinda and Buffett and within just a few months they had encouraged more than 30 other U.S. billionaires to get no board, the report said.

The initiative does not accept any money, but asks billionaires to make a moral commitment to give away their wealth to charity.

Sir Richard is among the first non-U.S. batch of signatories to join, as Gates and Buffett decided to concentrate their early efforts on those in America first.