Great News for the World
BusinessWeek Online, 6/27/06
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.
After Buffett’s announcement at the New York Public Library on June 26, Melissa Berman, chief executive and president of Rockefeller Philanthropy Advisors in New York City, spoke with BusinessWeek.com’s Bremen Leak on the significance of the gift and the impact it will have on charitable giving in the U.S. Edited excerpts of their conversation follow:
It must have been extraordinary to witness such a historic moment in philanthropy. As someone who advises donors on a daily basis, what was your initial reaction to the announcement this morning?
This is great news for the world—period. The capacity that these donors will have to make an impact on the world with their own donations and innovative partnerships is incredible. Warren Buffett’s gift was very unique.
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