Newspaper article The Journal (Newcastle, England)

Multi-Billion Pound Gift for Charities

Newspaper article The Journal (Newcastle, England)

Multi-Billion Pound Gift for Charities

Article excerpt

The world's second richest man has announced plans to give the bulk of his $42bn (pounds 23bn) fortune to five charitable foundations.

Previously, American billionaire investor Warren Buffett had said his wealth would only be given to charity after his death.

The 75-year-old chairman and chief executive of Berkshire Hathaway plans to give the largest contribution to the Bill and Melinda Gates Foundation, established by Mr Buffett's friend Bill Gates.

Buffett's gift will increase the resources of the Gates Foundation, which is already the world's largest philanthropic organisation with assets of about $29.1bn (pounds 16bn). The foundation aims to fight disease and promote education around the world.

His vast holdings in Berkshire Hathaway had been expected to go solely to the Susan Thompson Buffett Foundation, begun by his late wife. Her foundation has given millions of dollars to hospitals, universities and teachers, as well as to Planned Parenthood and other abortion rights groups. …

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