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Gates - Buffet ask the super rich to donate a lot more – Report |
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 Microsoft founder Bill Gates and The Oracle of Omaha Warren Buffett have reportedly embarked on a mission to try to persuade some of the richest people in the world to loosen their purse strings and donate more to charity, through what is coming to be known as the Giving Pledge. The feature blog on Fortune referred to a dinner meeting in May 2009, where Gates and Buffett met with billionaires of New York City, including Oprah Winfrey, David Rockefeller, and NYC Mayor Michael Bloomberg, to discuss ideas about philanthropy. After another two such dinners, the article said, Bill Gates and wife Melinda Gates have decided to try and get some of the super-rich to pledge almost half their wealth to charity or philanthropy during their lives, or at their death. Bill Gates commenced his major philanthropic efforts in 1994, creating the William H. Gates Foundation, which focused on global health. Three years later, he and wife Melinda created the Gates Library Foundation, which worked to bring public access computers with Internet connections to libraries in the United States. Renamed the Gates Learning Foundation in 1999, it focuses on ensuring that low-income minority students are prepared for college and have the means to attend. In 2000, to increase efficiency and communication, the two groups merged to form the Bill & Melinda Gates Foundation. The Oracle of Omaha, the Forbes article said, has donated around $6.4 billion to the Foundation, which has increased its giving to $3 billion a year, mainly for global health projects. Warren Buffett is also a trustee of the Foundation, while Bill Gates is a member of the Board of Directors of Buffett's Berkshire Hathaway, Inc. In 2006, Buffett pledged most of his fortune to the Gates Foundation and to four charitable trusts created by his family – the Susan Thompson Buffett Foundation, the Howard G. Buffett Foundation, the Susan A. Buffett Foundation, and the NoVo Foundation (led by Peter A. Buffett). His gift to the Gates Foundation of 10 million shares of Berkshire Hathaway stock, to be paid in annual installments, was worth approximately $31 billion in June 2006. |
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