As a wealthy and influential American businessman, Warren Buffett has the ability to make gifts to organizations like the Bill and Melinda Gates Foundation. As the second richest Forbes 400 member with a net worth of 80.6 billion, he was able to send $31 billion to the Bill and Melinda Gates Foundation. Most of $44 billion in stock options will be given to the Bill and Melinda Gates Foundation as well. Also, Buffett is dividing $6 billion to four charities that have been started by family members. These groups support causes like the environment, abortion rights, and helping low-income children as well as human rights.
At an event held at the New York Public Library, Buffett signed letters that gave $37 billion in stock to these five different foundations, double-checking the name of the beneficiaries. Gates has several charities that make up the Bill and Melinda Gates Foundation, created in 2000 with the goal of reducing economic disparity in the world. The endowment is $29.2 billion. The focus of the Foundation is to support scientific research aimed at developing vaccines that do not require refrigeration, preventing the spreading of insects that cause illness, and growing crops in harsh climates.
Gates calls Buffett’s gift the “biggest single gift anyone ever gave anybody for anything,” because 10 years later Gates had to write Buffett an open letter. The bulk of the money has gone into vaccine distribution, the ability to access contraceptives, and scientific research. Gates has ways of measuring progress by looking at the child mortality numbers since smaller families are more likely to get out of poverty. Children having access to vaccines are why the death rates have lowered. Bill and Melinda Gates believe in giving developing countries access to contraceptives, as well as working on a malaria vaccine.