Bill and Melinda Gates have a new angel investor in their philanthropic foundation, American Billionaire Warren Buffett.
On a stage at New York Public Library, Buffett, nicknamed “the Sage of Omaha”, announced his $31 billion dollar donation to the Microsoft founder’s foundation, Bill Gates recited the opening line of Adam Smith’s The Wealth of Nations in tribute to Buffett’s generosity
“However selfish so ever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others, and render their happiness necessary to him,” Gates read to Buffett and a room full of journalists.
Buffett, 75, described his gift as simply reinforcing a charitable model “used rather infrequently”. “(Philanthropists) should seek out talent to distribute their money, just as they sought out talent to acquire it,” Buffett said to the press.
Describing The United States of America as a “great meritocracy”, Buffett added: “I cannot think of anything that’s more counter to – that dynastic wealth. My kids have had all kinds of advantages…the idea of passing those from generation to generation, so that your descendants can command resources just because they came from the womb, fly in the face of a meritocratic society.”
Buffett’s comments drew a round of cheers from a room of journalists, economists, health experts and members of Buffett’s family. A second round of cheers came as Bill and Melinda Gates gave Buffett a two-volume copy of Adam Smith’s The Wealth of Nations.
Note the date on this article may be incorrect due to importing it from our old system.