By Steve Purcell on
In a stunning move the world’s second richest man Warren Buffett has announced that he will donate around $37bn of his personal fortune to the Bill and Melinda Gates Foundation.
The sum, which represents 85% of his enormous personal fortune, will be paid in 10 million shares in his Berkshire Hathaway investments firm.
“This has been coming for 50 years,” said Buffett. “There’s never really been any other plan in terms of where the money should go.”
He added, “I am not an enthusiast of dynastic wealth, particularly when the alternative is six billion people having that much poorer hands in life than we have, having a chance to benefit from the money.”
Bill Gates and wife Melinda said in a statement, “We are awed by our friend Warren Buffet’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.”
Buffett said he chose to distribute his wealth to an existing foundation out of respect for its current work, telling Fortune magazine, “Who wouldn’t select Tiger Woods to take his place in a high-stakes golf game? That’s how I feel about this decision with my money.”
Copyright © 2006 Look to the Stars
Source: BBC News