Buffett donates $1.6 billion in biggest gift since 2008 crisis

Warren Buffett, the billionaire who has promised to give away 99 percent of his fortune to charity, made his largest donation since the 2008 financial crisis after profits at his Berkshire Hathaway Inc. jumped.

The value of Buffett's annual gift to the foundation established by Bill Gates rose 28 percent to $1.6 billion from $1.25 billion last year. The donation, made in Berkshire Class B stock, was accompanied by gifts totaling $328 million in shares to three charities run by Buffett's children and another named for his late first wife, according to a July 2 filing.

Buffett, 79, is depleting the world's third-largest personal fortune in installments. The step-by-step approach means Buffett will control Omaha, Nebraska-based Berkshire as long as he lives. His chosen charities are counting on Berkshire profits to fund programs aimed at easing world hunger, boosting education in the US and promoting access to abortions.

"It's good that he's staying with his plan," said Daniel Borochoff, president and founder of the American Institute of Philanthropy, a Chicago-based charity watchdog. "Other wealthy donors are stepping back from their giving plans" after the economic crisis.
The gift value was calculated from the July 1 closing price of $78.81. The filing didn't contain a dollar total.

Berkshire rose 35 percent on the New York Stock Exchange in the 12 months ended July 1, the day Buffett made the gifts. A stock-market rally helped increase Berkshire profits 61 percent last year. The $27 billion takeover of railroad Burlington Northern Santa Fe Corp., Buffett's biggest, may boost Berkshire results further as the U.S. economy improves.