Warren Buffett and Gates team up

joestump — Mon, 26 Jun 2006 20:16:43 +0000

Warren Buffett announced over the weekend he’ll be giving about $37 billion dollars away to charity. Most of it will be going to the Bill & Melinda Gates Foundation, which focuses mainly on world health issues and improving libraries and schools here in the US. In all the foundation will oversee about $60 billion in assets. Invested fairly conservatively you could expect them to make about 7% on that money each year, which is about $4.2 billion a year. Accounting for inflation (3%) you’re still looking at $2.4 billion a year in revenue. And this isn’t accounting anyone else dropping a few billion into the piggy bank. That’s more 61 nations’ GDP’s for 2003.

Say what you want about Bill Gates, Microsoft, Warren Buffett and rich people in general. The fact remains that the Gateses and Buffett have created the largest charitable organization in the history of human kind. It has noble goals such as curing HIV/AIDS in Africa and improving our schools and libraries. And, honestly, how can you argue with their goal.

The foundation’s global health mission is to help ensure that lifesaving advances in health are created and shared with those who need them most.

stu.mp » charity

Warren Buffett and Gates team up