Warren Buffett gives to Bill Gates

The second richest man in the world plans to give a large portion of his many billions to the richest man in the world. The famous investor Warren Buffett has announced that he will be giving a substantial amount of his estimated $44 billion to the Bill and Melinda Gates Foundation.

Buffett will give about $30 billion to the Gates Foundation, making it the largest charitable donation ever to be made. The foundation currently gives about $1.5 billion away each year, which will now be matched with another $1.5 billion each year by Warren Buffett.

The world's biggest philanthropic foundation just got a whole lot bigger
Andrew Carnegie gave away $7.2 billion, measured in today's dollars. John D. Rockefeller and his eponymous son gave away a combined $12.6 billion. Mr. Buffett's donation to the Gates Foundation of 10 million shares in his investment company, Berkshire Hathaway Inc., is worth $30.7 billion at today's share price and may be worth substantially more by the time all the stock is handed over. But the scale of Mr. Buffett's philanthropy is matched by its good sense. Rather than insisting that his name be engraved on libraries and concert halls built with his money, Mr. Buffett has chosen to give through fellow billionaires who have already figured out how to use philanthropic money effectively. Like the master investor that he is, Mr. Buffett has identified star managers and taken a stake in their enterprise." Washington Post

# Philanthropy News, Warren Buffett, Bill Gates