The Daily Background

The net, is buzzing tonight with news that the second richest man in the world– the American Warren Buffet– will be giving away more than 80% of his weath (eventually to become 100% by the time of his death), starting next month.

He will be donating the bulk of his money to the Bill and Melinda Gates Foundation, which is a phillanthropic group focusing mostly on world health issues like HIV prevention and treatment, and anti-starvation efforts, run by the richest man in the world, Bill Gates.

Fortune Magazine has an article and an exclusive interview with the 74 year old whose net worth is more than 40 billion dollars.

Buffet has always said that he would eventually contribute most of his money to charity, but has always suggested that it would be at the time of his death, rather than while he was still alive. This is being called a dramatic change in his thinking. You can read the story of how Buffet aquired such a huge amount of money at his Wikipedia entry. From the entry:

Despite his immense wealth, Buffett (who supported Kerry in 2004) is famous for his unpretentious and frugal lifestyle. He continues to live in the same house in Omaha he bought in 1958 for $31,500.[3] His chairman’s salary from Berkshire Hathaway of $100,000 per annum is extremely modest by corporate American standards.

In addition, Buffet has long been an opponent of inherited fortunes (a strong suporter of the Estate Tax), saying in the interview:

I still believe in the philosophy… that a very rich person should leave his kids enough to do anything but not enough to do nothing.

Rather poetic, huh?

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