Warren Buffett Gives Major Share of Fortune to Gates Foundation

Warren Buffett has announced his plans to give away 85 percent of his wealth, now estimated to be more than $44-billion, to philanthropic causes, Fortune magazine reports.

The largest chunk of the money will be given to the Bill & Melinda Gates Foundation, where Mr. Buffett will become a trustee. The rest will be given to foundations run by Mr. Buffett’s children and one that he created with his former wife, Susan, who died in 2004.

The commitment is the largest in philanthropic history, a record previously held by Bill and Melinda Gates, who have given away more than $29-billion. It far exceeds the sums given by Andrew Carnegie or John D. Rockefeller, or any contemporary donor, according to a Chronicle analysis.

Mr. Buffett said he will start transferring the money in July. Previously, Mr. Buffett had said he would not give away his fortune until his death. (Read The Chronicle’s articles on Mr. Buffett’s giving philosophy and on his corporate philanthropy.)

The Gates Foundation is already the wealthiest foundation in the United States, according to The Chronicle’s most-recent survey of foundations.

With an estimated $30-billion or more coming from Mr. Buffett, the Gates Foundation could be worth almost as much as the nine other richest grant makers in the United States.

Mr. Buffett’s wife, Susan, left $2.4-billion to the couple’s philanthropy when she died in 2004, making her the second most-generous donor of the year, according to The Chronicle’s annual ranking.