05/21/2012 04:34 pm ET Updated May 21, 2012

Warren Buffett Talks Philanthropy With 'Giving Pledge' Billionaires

A group of billionaires met to talk about money -- not earning it, but how to best give it away.

Thirty-five billionaires who have handed over a majority of their wealth to The Giving Pledge, a charitable initiative started by Bill Gates and Warren Buffett, met in Santa Barbara, Calif., for the second time to talk all things philanthropy, The Economist reports.

A total of 81 people gave joined the pledge, with the youngest being 27-year-old Facebook founder Mark Zuckerberg.

"Mark Zuckerberg will be a hero to many young entrepreneurs 20 years from now," Buffett told the news source. "Bill Gates will be a hero to others, and they will look to those [people] like I read books when I was in my teens about Rockefeller or Carnegie or whomever."

While Buffett's giving nature echo ideas from Andrew Carnegie’s "The Gospel of Wealth,” which encouraged the very rich to give back as a means of protecting capitalism in Buffett says his philanthropy is more simple.

"I just think it'd be madness not to do it.”