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Warren Buffet donates record $2.8 billion to charities

Posted July. 17, 2014 03:27,   

Updated January. 01, 1970 09:00


Warren Buffett, the world`s third-richest man and legendary investor, has donated 2.8 billion U.S. dollars to charity groups, the largest amount of private donations in history.

On Tuesday (local time), Buffet donated nearly 2.2 million shares of Berkshire Hathaway Inc. stock to five charities. The lion`s share worth more than 2.1 billion dollars went to the Bill and Melinda Gates Foundation which was founded by Microsoft founder Bill Gates.

Buffet also donated 213 million dollars to the Susan Thompson Buffett Foundation, which was set up by his late first wife. Three other family charities named for his children Howard, Susan and Peter received 150 million dollars each. The donations will be used to help solve education, health and poverty issues around the world.

In 2006, Buffet and Gates helped found the Giving Pledge, which encourages the ultra-wealthy to donate the majority of their wealth to charity. Over 120 have agreed, including Facebook founder Mark Zuckerberg, former New York mayor Michael Bloomberg, Oracle founder Larry Ellison and film director George Lucas. In one interview, Buffet said he would donate 99 percent of all his wealth. So far, he has donated a total of 23 billion dollars, a third of his total assets.