"Great News for the World"

With his massive pledge to the Gates Foundation, Warren Buffett is changing the way people think about giving

Warren Buffett's gift of $31 billion to the Bill and Melinda Gates Foundation is the largest gift in history by a multiple of 20, excluding the Gateses' $29 billion gift (see BusinessWeek.com, 6/27/06, "Buffett's Mega-Gift"). It will eventually drive the Gates Foundation's endowment to double its size. Indeed, the endowment of the Gates Foundation—already the richest in the U.S.—will be larger than the combined endowments of the other 9 foundations on the top 10 list.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.