The world’s second richest man – who’s now worth $44 billion – will start giving away 85% of his wealth in July – most of it to the Bill & Melinda Gates Foundation.
FORTUNE Magazine reported here on what is advertised as the largest charitable gift EVER — out giving Carnegie and the Rockefeller clan by a long shot. Here are a few excerpts from the Fortune story.
"Brace yourself," Buffett warned with a grin. He then described a momentous change in his thinking. Within months, he said, he would begin to give away his Berkshire Hathaway fortune, then and now worth well over $40 billion.
This news was indeed stunning. Buffett, 75, has for decades said his wealth would go to philanthropy but has just as steadily indicated the handoff would be made at his death. Now he was revising the timetable.
"I know what I want to do," he said, "and it makes sense to get going." On that spring day his plan was uncertain in some of its details; today it is essentially complete. And it is typical Buffett: rational, original, breaking the mold of how extremely rich people donate money.
Also interesting: Letters from Buffett and Should You Leave It All to the Children?