Back in 2006, Buffet announced that he would begin giving away the bulk of his personal fortune to various charities. Most of his wealth was invested in his own Berkshire stock, and he planned to donate 85% of to charity, with the largest chunk going to the Bill and Melinda Gates Foundation, the charity set up by Bill and Melinda Gates to do much the same with Bill Gates' fortune. The Gates Foundation is dedicated to improving health and education, particularly for the disadvantaged, and for those in poorer countries. It is the largest grant-giving foundation in the U.S. This month, billionaires Bill Gates and Warren Buffet jointly urged their billionaire colleagues to pledge 50% of their fortunes to charity.

The fund-raising effort of Gates and Buffet is called "The Giving Pledge." They ask billionaires and the super wealthy to sign a pledge and make a public statement announcing that either during their lifetimes or at their deaths they will donate a large chunk of their fortunes to to the charities of their choice. Between them, Buffet and Gates occupy the second and third slots of the world's wealthiest people. Gates and Buffet have been actively organizing pledges from their peers, including one-on-one pitches and a private invitation-only dinner in New York, and another in London earlier this year. They've created a Website to promote and explain their idea at givingpledge.org. As Fortune points out, this grass-roots organization, and personal appeal, could change the nature of giving, and make a great deal of difference to disadvantaged and deserving all over the world.