03/28/2008 02:45 am ET Updated May 25, 2011

Buffett: "Forbes 400 Are Probably The Least Philanthropic"

Nebraska's Warren Buffett is known as the Oracle of Omaha for the savvy stock market investments that have made him one the wealthiest people in the world. Through his holding company Berkshire Hathaway, Buffett, 77, has amassed a fortune investing in companies like Coca-Cola, famously shunning trendy, riskier bets like Internet and technology companies. His success has earned him a near cult-like following, evident each year at Berkshire's hugely popular Omaha shareholders' meeting, which Buffett once called Woodstock for Capitalists. But for all his riches, Buffett is equally well-known for his frugal and folksy ways, and lately for his philanthropy. In 2006 he said he would give away 85 per cent of his roughly $50-billion fortune, with the bulk going to the Bill & Melinda Gates Foundation in annual instalments that Buffett insists be distributed in the year they are received. His sister Doris is also involved in philanthopy and runs the Sunshine Lady Foundation, which often deals with personal entreaties for aid that Buffett receives.

Read more on Macleans