Sir Ian Wood formally pledges to give away majority of his riches

Scots oil tycoon Sir Ian Wood has joined the world’s philanthropic elite after pledging to give away more than half his wealth to good causes.

The move sees him join fellow Scot and Stagecoach co-founder Ann Gloag among the club of global do-gooders.

The Aberdeen-born businessman, who is reportedly worth £1.38 billion, flew last week to a resort in Middleburg, Virginia, for an annual meeting of more than 50 of the world’s richest billionaires who have signed up to the Giving Pledge.

The pledge was launched in 2010 by Warren Buffett, the chairman of the American conglomerate Berkshire Hathaway, and Bill Gates, the co-founder of Microsoft.

Sir Ian, 72, said he has now signed up to the pledge because it offered the chance to exchange ideas on the best use of the funds.

Sir Ian is renowned for his charitable giving in the north-east, including his recent donation of £10million to NHS Grampian to build a multi-storey car park at Aberdeen Royal Infirmary.

His family trust, the Wood Foundation, also gave £4.5million to Robert Gordon University to expand the work of its Oil and Gas Institute and keep the north-east an anchor for the industry, despite the decline of North Sea reserves.

He said of the high-profile meeting: “The chance to meet people like that is valuable.

“I was possibly the only one there who didn’t have his own private jet. There were some big players there.”

Other signatories include Star Wars creator and film director and producer George Lucas; Michael Bloomberg, the businessman and former mayor of New York; and Mark Zuckerberg, the cofounder of social media network Facebook.

British signatories include Sir Richard Branson, the founder of Virgin; Lord Sainsbury, the businessman and former Labour minister; Lord Ashcroft, the former deputy chairman of the Conservative party; and Sir Christopher Hohn, the hedge-fund manager.

NHS Grampian said it was “absolutely delighted” with the donation from the Wood Foundation, which will have a real impact on the experience of visitors and patients to the hospital.

Work could start as early as next year with space for 1,000 cars to be created.

The foundation also focuses on projects to help tea growers in Tanzania and Rwanda, and on encouraging pupils in Scottish schools to get involved in philanthropic causes.