Buffett gives $30bn to charity
Buffett gives $30bn to charity
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Monday, 26, Jun 2006 10:13
The world's second richest man, Warren Buffett, has given away over half of his personal fortune – to Bill Gates.
The owner of Berkshire Hathaway, worth around £23 billion, is today sending a letter to the Bill and Melinda Gates Foundation outlining his plans to donate ten million shares of his company, worth approximately £20 billion.
Observers are viewing his decision to invest so heavily in the philanthropic projects of the Microsoft founder as a heavy vote of confidence in his close friend, who recently retired completely from his Microsoft activities in order to concentrate on charitable activities.
"We are awed by our friend Warren Buffett’s decision to use his fortune to address the world's most challenging inequities and we are humbled that he has chosen to direct a large portion of it to the Bill and Melinda Gates Foundation," a statement by Bill and Melinda Gates said.
"The impact of Warren’s generosity will not be fully understood for decades. As we move forward with the work, we do so with a profound sense of responsibility."
His donation is the largest single act of philanthropy in the history of the US, overwhelming efforts by industrialists-turned-philanthropists such as John D Rockefeller and Andrew Carnegie.
"I was wired at birth to allocate capital - now all concerned can't wait to get started, particularly me," Mr Buffet told Forbes magazine.
"I would argue that when your kids have all the advantages in terms of how they grow up and the opportunities they have for education - it's neither right nor rational to be flooding them with money."
The 75-year-old financier, who pays himself a modest salary and lives in the house he bought before amassing his personal fortune, will give away his financial holdings in annual increments, beginning next month.