Warren Buffet – Philanthropy

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In 2006, Warren Buffet decided to give away about 85% of his fortune $37.4 billion dollars to charities, with the bulk of it, $31 billion going to the Bill & Melinda Gates Charitable Foundation.  Mr. Buffet has been a longtime friend of Bill Gates and they both share a passion for philanthropy.  Mr. Buffett could have saved all of this money to divide between his three children, but he does not believe that would be in their best interest.  He feels working is very important and wants them to work and earn their own money.  He of course will leave them something, but the majority of his fortune will be divided between charities.

Warren Buffets’ firm Berkshire Hathaway owns Dairy Queen so he often frequents its stores.  He also uses them occasionally to reach out to the community via Girls Inc. and has been known to converse with girl scouts and others about their futures over ice cream there.  In 2010, He signed and auctioned a huge red Dairy Queen spoon with the $4,500 in proceeds going to the Children’s Miracle Network.  A total of 59 million has been raised by Dairy Queen for the Children’s Miracle Network since 1984.  He also has auctioned multiple DQ branded, signed ukuleles with the proceeds given to the Omaha Children’s hospital.

Every year, Mr. Buffett auctions off a lunch with himself at a steakhouse, which has brought as much as 3.5 million a lunch for the Glide Foundation which fights homelessness in San Francisco.  Currently, Mr. Buffett contributes to nine major charities; some have already been mentioned the others are as follows:  The Animal Rescue Foundation, James Redford Institute for Transplant Awareness, Music Rising, NoVo Foundation and Smile Train.  Recently, Warren Buffett and Bill Gates set up “The Giving Pledge” which has 81 members mostly billionaires, who have all pledged to donate a portion of their incomes to charities. By giving away the bulk of his fortune and encouraging others to contribute their wealth to charities, Warren Buffett hopes to have started a giving trend that will continue as his legacy for many years to come.

Lucinda Choules

References

(2) Buffett, Warren (2010) The Giving Pledge. Retrieved July 29, 2012, from http://givingpledge.org/

(1) Jeremy W. Peters (2006) Buffett Always Planned to Give Away His Billions. Retrieved July 29, 2012, from mhttp://www.nytimes.com/2006/06/26/business/26cnd-buffet.html?_r=1

(3) msnbc.com (2012) Spoon a big scoop for charity. July 29, 2012, from http://www.msnbc.msn.com/id/38501183/ns/us_news-giving/t/buffett-signed-dairy-queen-spoon-big-scoop-charity/

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2 Comments

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2 responses to “Warren Buffet – Philanthropy

  1. This is a wonderful contribution for charities, but it seems a little harsh not to leave more for his children, grandchildren and future generations in his family. I am all for giving back, but also helping family. Of course, that amount of money probably still leaves a generous amount for the family.
    Julie

    • Mr. Buffett has likely seen some of his friends kids delve into alcohol and drugs because they have more money then they could ever spend. He didn’t want that for his own kids. They wont be paupers by any means and will likely get more than 2 billion each.
      Cindy

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