Warren E Buffett, dubbed as the planet's biggest philanthropist after he decided to give away 85 per cent of his wealth amounting to $37.4 billion to charity, said he does not believe in dynastic inheritance.
"I am not an enthusiast for dynastic wealth," is how the 75-year old billionaire investor put it, explaining to reporters on Monday his decision to give away the staggering amount to charity instead of family.
Standing with Microsoft Founder Bill Gates and Melinda Gates to whose foundation Buffett is giving away most of his wealth, he said "this has been coming for 50 years." There is never any other plan in terms of where the money should go, he said.
Buffett and Gates together account for roughly $100 billion and are the richest men in the world. Buffett is estimated to be worth $44 billion.
Of the $37.4-billion stocks of Berkshire Hathaway he plans to give to charities, Bill and Melinda Gates Foundation will get $31 billion to fund its programmes of improving education and health in poor nations.
Buffett donates $37 billion; mostly to Gates Foundation
The charities run by his three children and one named for his deceased wife will receive a total of $6.4 billion.
Melinda explained the work being done by the charity and Buffett said he would let Gates manage the philanthropy part.
The donation is said to be largest in the US history which dwarfs the charitable grants of John D Rockefeller and Andrew Carengie.
Buffett announced his decision to leave a major part for Gates Foundations within days of Bill Gates himself deciding to disengage from his first love Microsoft and engage full time in his charity.
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