June 26, 2006

Bill Gates to leave Microsoft - to run his foundation, and gets gift of $37bn from Warren Buffett

Billionaire Buffett to give away $37bn

· Largest donation in
US history goes to Gates fund
· Charity giveaway is 85% of 75-year-old's fortune

Source: The Guardian

“It is a gift of unprecedented proportions and will send shockwaves through the world of super-rich philanthropy. The world's second richest man, Warren Buffett, is to give the world's richest man, Bill Gates, the largest charitable gift in history - an estimated $37bn (£20bn). The 75-year-old doyen of the global investment community has pledged to give 85% of his stock in the investment company Berkshire Hathaway to the Bill and Melinda Gates Foundation started by Microsoft co-founder Bill Gates.”

Major news that will have a huge impact on global philanthropy. Expect many billions more to be released as others follow their example in a great effort to shape future history in the poorest nations and to help build a better world.

Almost every high net worth person I know has their own personal foundation or is about to set one up… all part of this same intense desire to make a difference in lasting ways.