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on Dynastic wealth

From the NYTs:

“I’m not an enthusiast for dynastic wealth, particularly when 6 billion others have much poorer hands than we do in life,” Mr. Buffett said at the New York Public Library, where he was appearing with Bill and Melinda Gates, the only Americans richer than he is.

Mr. Buffett said on Sunday that he would give away 85 percent of his fortune — about $37.4 billion worth of stock in Berkshire Hathaway, the company he runs — to five charitable foundations, with the greatest share, about $31 billion, going to the Bill and Melinda Gates Foundation, which is dedicated to improving health and education, especially in poor nations.

Passport has more on what the money will be spent on.

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