Warren Buffett just announced his annual charitable donations to the five philanthropies he’s chosen to give the vast bulk of his fortune to.
This year, the “Oracle of Omaha” is distributing 15.9 million class B shares of Berkshire Hathaway valued at about $2.9 billion. That brings his total philanthropic donations to more than $37 billion since 2006.
Buffett has said that he will give away more than 99% of his fortune, with the bulk going to the Bill and Melinda Gates Foundation; a charity founded by his late wife Susan Thompson Buffett; and charities run by each of his three children.
After making the most recent donation, Buffett will still hold 248,734 Class A shares of Berkshire, valued at about $67.5 billion.
Before he began carving out a portion of his holdings each year for charity, he held 474,998 Class A shares of Berkshire, which would be valued at roughly $129 billion today.
Buffett is often accused of making charitable donations in order to accrue beneficial tax status. This year, he revealed the extent of his tax benefit for his philanthropic activities: His combined federal and Nebraska income tax paid — including projections for 2020 — has been reduced by about 43 cents for every $1000 he has given the foundations over the last 15 years.