The generous Buffett
Buffett is also a great philanthropist. In 2006, he announced a plan to donate his fortune to charity, with 83 per cent of it for Bill & Melinda Gates Foundation.
Buffettt announced a new charity plan in 1981 and asked each shareholder to designate charities which would receive $2 for each Berkshire share the stockholder owned.
This was in response to a common practice on wall street where the CEO chose charitable organisations which will receive the company's hand-outs. The plan was a huge success and over the years the amount was increased for each share. Eventually, the berkshire shareholders were giving millions of dollars away each year - all to their own causes.
In June 2006, Warren Buffettt gave about 10 million Berkshire Hathaway Class B shares worth approximately $30.7 billion to the Bill & Melinda Gates Foundation.
Buffett also announced plans to contribute additional Berkshire stock valued at approximately $6.7 billion to the Susan Thompson Buffettt Foundation and to other foundations headed by his three children.
The bulk of the estate of his wife, valued at $2.6 billion, went to Buffett foundation after her demise in 2004.
Buffett doesn't feel guilty for being so rich. "The way I see it is that my money represents an enormous number of claim checks on society. There's nothing material I want very much. And I'm going to give virtually all cheques to charity when my wife and I die." 
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