Our View: A wealth of altruism

Warren Buffett bought his first stock at age 11. Sixty-four years later he had amassed a personal fortune of $37 billion. What he did next takes the breath away.

The world’s second-richest man gave 85 percent of it to a foundation started by the richest man.

Americans aren’t as envious of wealth as people in other countries, but who wouldn’t like the opportunity to do what Buffett and Bill Gates are doing: quit work and help people. The intrinsic value of such an enormous gesture isn’t quantifiable. Then again, the amount donated isn’t easy to comprehend. By donating $30.7 billion to the Bill and Melinda Gates Foundation, Buffett has doubled its size.

This $60 billion enterprise is now larger than the next eight largest charitable foundations combined. It dwarfs such venerable names as Rockefeller, Carnegie, Getty and Ford. It is larger than Kuwait’s gross domestic product. Larger than Washington state’s 2005-07 biennium operating budget.

According to Forbes.com, such a sum is equivalent to giving $9.19 to every person on the planet. It could finance the American Red Cross for 17 years. It is 11 times larger than the annual budget for the Centers for Disease Control and Prevention.

But one statistic puts into perspective the challenge that lies ahead for the Gates Foundation. It would cover only a one-time payment of $50 for those considered severely poor around the world. That means those living on less than $1 a day.

With the bulk of the money, the Gates Foundation wants to wipe out diseases, help alleviate poverty and expand education opportunities. The business model it uses will help ensure that the money doesn’t go to waste. The hope is that these two business icons will inspire others to do more with their lives than accumulate wealth.

This new partnership isn’t universally cheered. Some “pro-life” groups note that both men have given money to Planned Parenthood.

“The merger of Gates and Buffett may spell doom for the families of the developing world,” the Rev. Thomas Euteneuer, a Roman Catholic priest who is president of Human Life International, told the Associated Press.

Less than 1 percent of Gates Foundation money has gone to Planned Parenthood. Such a small-minded sour note is drowned out by the thousands of organizations, including dozens in the Inland Northwest, who have already benefited from the generosity of the Gates Foundation.

The Buffett-Gates alliance demonstrates humanity at its best.