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Why Warren Buffett Is Poorer Than Mark Zuckerberg (inc.com)
Facebook's soaring stock price isn't the only reason 34-year-old Mark Zuckerberg is now richer than 87-year-old Warren Buffett. An anonymous reader quotes Inc:
There's another, more important reason that Zuckerberg is now worth more: Buffett has been doing a great job of giving his money away, something that he, Zuckerberg, Gates, and most of the world's most well-known billionaires have pledged to do.
Buffett has given Berkshire Hathaway stock now worth more than $50 billion to the Bill & Melinda Gates Foundation alone. When it comes to giving, Zuckerberg and his wife Priscilla Chan have a lot of catching up to do. They appear to have devoted well under $10 billion so far to philanthropy... On the other hand, Zuckerberg, is more than 50 years younger than Buffett, so they likely have a lot more time in which to do their giving.
Three years ago the couple pledged to give away 99% of their net worth within their lifetimes.
Buffett has given Berkshire Hathaway stock now worth more than $50 billion to the Bill & Melinda Gates Foundation alone. When it comes to giving, Zuckerberg and his wife Priscilla Chan have a lot of catching up to do. They appear to have devoted well under $10 billion so far to philanthropy... On the other hand, Zuckerberg, is more than 50 years younger than Buffett, so they likely have a lot more time in which to do their giving.
Three years ago the couple pledged to give away 99% of their net worth within their lifetimes.
He's just less incredibly incredibly incredibly fucking rich.
These charitable foundations that are set up by these billionaires are to avoid taxation upon the billionaires' death. Rather than transfer the wealth directly to their children when they die, which would trigger death tax, they instead give the money to the foundation, and then make sure the foundation will be under their children's control. No death tax, they get to write the 'gift' off on their ongoing taxes, and it's all legal smegal. The children then skim off the foundation for all their lives.
Yeah, they actually do some real charity work, as part of the cover. But it sure as hell is less money going out for real charity works than they'd lose to taxation if they didn't set up the foundation.