Warren Buffett, the world's second-richest man, said he will soon start giving away almost all of his fortune to charity, most of it going to a foundation controlled by the world's richest man, Bill Gates, Fortune magazine reported Sunday.
Buffett, who amassed his $44 billion fortune over the last three decades through his control of Berkshire Hathaway, will start transferring his stock in the company over to five foundations this year. The largest portion -- five-sixths -- will go to the Bill and Melinda Gates Foundation, Fortune said.
Buffett said he chose the Gates Foundation because "I came to realize that there was a terrific foundation that was already scaled-up -- that wouldn't have to go through the real grind of getting to a megasize like the Buffett Foundation would -- and that could productively use my money now."
The Gates Foundation focuses mostly on international health programs -- fighting malaria, HIV/AIDS and tuberculosis -- and on improving U.S. libraries and high schools, Fortune said. Buffett will join the Gates Foundation board.
Bill and Melinda Gates issued a written statement Sunday saying they were "awed" by Buffett's decision.
[Excerpt from CNN]
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