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July 1, 2010 9:17 AM

Buffett gift to Gates Foundation worth 30% more this year

Posted by Kristi Heim

Investor Warren Buffett's annual donation to the Bill & Melinda Gates Foundation rose significantly with the value of Berkshire Hathaway stock this year, meaning the foundation will see a windfall of about $1.62 billion, according to the Wall Street Journal.

That's a 30 percent increase over last year's donation, which was the smallest amount since Buffett began distributing the gift in 2006.

Four years ago, Buffett pledged most of his fortune to the Gates Foundation, to be distributed in annual installments of Berkshire Hathaway Class B shares.

Berkshire Hathaway, a holding company, owns more than 70 businesses, including insurance companies General Re, National Indemnity and Geico, as well as stakes in Coca-Cola, Wells Fargo, Procter & Gamble, Burlington Northern and American Express.

The WSJ estimated the total value of Buffett's donation, including future gifts of shares he has pledged, to be about $39 billion as of Wednesday.

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