American investor Warren Buffett – the world’s second-richest man – has revealed that he intends to donate the vast proportion of his wealth to charity. The money will be managed largely by the Bill and Melinda Gates Foundation, which is one of the major donors of the Global Fund. Mr Gates said the donation would help eradicate the world’s top 20 diseases.
The donation by the 'sage of Omaha’ is believed to be the largest charitable donation in history, and could bring forward possible cures for some of the most common infectious diseases – namely HIV/AIDS, malaria and tuberculosis – the world’s three biggest killers. The Bill and Melinda Gates foundation currently devotes 60 per cent of its resources to investigating these three diseases.
Priorities for the Bill and Melinda Gates foundation include the search for an AIDS vaccine and new antimalarial drugs that may prevent mosquitoes from detecting humans, and so prevent the spread of malaria.
The scheme will see Mr Buffett donate a decreasing number of shares to five charities. Such are the quirks of economics that this decreasing number of shares will almost certainly be worth more every year, starting at around USD 1.5 billion, as Mr Buffett’s shares will almost certainly continue to increase in value.
Mr Buffett said in his characteristically self-effacing style to Fortune magazine: 'So I’m glad to say I’ve got quite a bit of cash now. Overall I can – and will – use all my Berkshire shares for philanthropic purposes and will have plenty left over to provide well for all those close to me.’ The donation is expected to eventually amount to UDS 37 billion.
Other areas the money will go to include the Susan Thompson Buffett foundation, which funds areas such as reproductive health, family planning, pro-choice causes, and non-proliferation of nuclear weapons; and trusts for his children. 'Dynastic mega-wealth would further tilt the playing field that we ought to be trying instead to level,’ he said.
Related stories: 25479, 25557
Category: Miscellaneous
Data Source Provider: Press sources (CNN/Fortune)
Document Reference: From the CNN/Fortune report, 'A conversation with Warren Buffett’ by Carol J. Loomis
Subject Index: Coordination, Cooperation; Economic Aspects; Regional Development; Scientific Research
RCN: 25898
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