Warren Buffett, the world's second-richest man, said he will soon start giving away almost all of his fortune to charity, most of it going to a foundation controlled by the world's richest man, Bill Gates, Fortune magazine reported Sunday.
Buffett, who amassed his $44 billion fortune over the last three decades through his control of Berkshire Hathaway, will start transferring his stock in the company over to five foundations this year. The largest portion -- five-sixths -- will go to the Bill and Melinda Gates Foundation, Fortune said.
Dang, and I didn't get my foundation set up yet. Seriously though, I had read that he did not plan to give his money to his children, as he believed that spoiled them, so it came as no suprise when I heard on the radio today that he would be give to some of the liberal causes that he has supported throughout his life.
The death of Buffett's wife, Susan, in 2004 spurred him to step up plans to start the giveaway, since he had expected she would oversee his foundation after his death, Buffett told the magazine.
"I know what I want to do and it makes sense to get going," he said.
At 75, he said he is in good health.
Buffett said he chose the Gates Foundation because "I came to realize that there was a terrific foundation that was already scaled-up -- that wouldn't have to go through the real grind of getting to a megasize like the Buffett Foundation would -- and that could productively use my money now."
He said he has become good friends with the Gates and has "grown to admire what they were doing with their foundation."
"I don't think I'm as well cut out to be a philanthropist as Bill and Melinda are," he said.
The Gates Foundation focuses mostly on international health programs -- fighting malaria, HIV/AIDS and tuberculosis -- and on improving U.S. libraries and high schools, Fortune said. Buffett will join the Gates Foundation board.
In regards to the other charities and his children Buffett had the following quote in the article.
Buffett said his children control the other foundations to get the stock, but he will not leave them "huge amounts" for their personal use. He said his philosophy is "that a very rich person should leave his kids enough to do anything but not enough to do nothing."
great news!
ReplyDeleteI would have liked to see him spend some of his money on putting financial education into our high schools. Dave Ramsey's "More than Enough" series is awesome High School curriculum.
ReplyDeleteRight now, Mr. Ramsey is fighting with Visa putting thier "educational" program into schools for free. Of course, those with less-than-innocent motives...those that stand to make BILLIONS off of marketing to these kids.
Someone with the financial backbone to compete with Visa needs to lead the teaching of our youth.