Warren Buffet Donates Over US$3 Billion To Charity

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Legendary investor Warren Buffet donated billions of dollars to charity earlier this month as part of his decade long plan to give away his entire fortune. The 86-year-old billionaire boss of Berkshire Hathaway who according to Forbes magazine is the fourth wealthiest person in the world donated US3.1 billion worth of Berkshire Hathaway stock to several non-profit organisations, making it his largest ever philanthropic contribution.

12th annual donation

This is the 12th annual donation made by Mr Buffet to five charities and constituted 18 million shares of his conglomerate. The largest beneficiary of the gift was the Bill and Melinda Gates Foundation. Mr Buffet also gave shares to four family charities. The Gates Foundation which seeks to improve health and reduce poverty as well as aid education received $2.42 billion as its share of the donation.

Donations to family charities

Mr Buffet also made donations to the Susan Thompson Buffet Foundation which is named after his late first wife. He also gave shares to the Howard G. Buffet Foundation as well as the Sherwood and NoVo Foundations which are respectively run by his children Howard, Susan and Peter. After the latest donation Mr. Buffet has now given away US$27.5 billion to charity since 2006.

The Giving Pledge

Things took on a new turn in 2010 when Mr Buffet launched the Giving Pledge along with his fellow billionaire friend Bill Gates. The Pledge encourages the world’s wealthiest to give away the majority of their wealth to good causes and as of last month around 170 people had made the pledge. Despite giving away such a large amount of money, Mr Buffet’s position as the fourth richest person on the planet according to Forbes has not changed.

Friends with Bill Gates

Mr Gates and Mr Buffet are close personal friends and Mr Gates is also a director of Berkshire Hathaway. Mr Buffet usually reduces the number of shares he donates by about five per cent from the previous year. The charities tend to sell their shares in Berkshire in order to finance their activities which is in line with Mr Buffet’s wishes that the money be spent. Mr Buffet also makes smaller donations to other organisations as well.

"Please note, any prices mentioned in the Charity Gifts blog are correct at the time of posting. Please check the relevant website for the latest pricing information."

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