Billionaire Buffett gives billions to the Gates Foundation

The world’s second richest man is giving away money to the world’s richest man. To his charitable foundation, to be precise.

Billionaire Buffett gives billions to the Gates Foundation

The billionaire Warren Buffett, chairman of Berkshire Hathaway, is committing himself to give away 85 per cent of his stock holdings, and among his donations will be an annual gift of $1.5 billion to the Bill & Melinda Gates Foundation. Buffet’s personal fortune is believed to be around $44 billion.

Gates appeared with Buffett for a donation ceremony at the New York Public Library (pictured), reports the Associated Press. ‘There is more than one way to get to heaven, but this is a great way,’ it quotes Warren Buffett, the renowned stock-picker dubbed the Oracle of Omaha.

‘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 & Melinda Gates Foundation,’ said Bill Gates in a statement.

‘Over the past 15 years,’ it continues, ‘we have enjoyed a special friendship with Warren, and his advice has had a major influence on us. Warren has not only an amazing intellect but also a strong sense of justice. Warren’s wisdom will help us do a better job and make it more fun at the same time.’

Gates announced he would be stepping down from day-to-day management at Microsoft earlier this month, in order to concentrate on charitable work with the Bill & Melinda Gates Foundation. This is estimated to give around $1 billion a year to charity projects that include educational scholarships and computer donations to schools in the United States. However most of the money goes to funding healthcare initiatives in the developing world.

You can read more about the Bill & Melinda Gates Foundation, and the Buffet donation, here.

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