One can create jobs and still be Santa Claus: Buffett

Legendary investor Warren Buffett has a piece of advice for the Indian industry: One can generate jobs and be philanthropic at the same time. “You can create jobs and be Santa Claus at the same time,” said Buffett at a press conference.

Buffett said there is a lot of interest in philanthropy in India. “We will see how that fits into Indian culture. In India, I feel the percentage of people choosing philanthropy is increasing.” The Berkshire Hathaway CEO, however, said he was not asking anyone to be philanthropic, but just sharing his experience in India.

He recalled in 2006, he had made a commitment to gradually give away all his Berkshire Hathaway stocks to philanthropic foundations. The company earns $12 billion a year. “I could not be happier with that decision. Now, Bill, Melinda Gates and I are asking 100 rich Americans to pledge at least 50 per cent of their wealth to charity. More than 99 per cent of my wealth will go to philanthropy during my lifetime or at death,” he said.

Till date, 20 per cent of the legendary investor's shares have been distributed, including shares given away by his late wife, Susan Buffett.

“I will continue to annually distribute 4 per cent of the shares I retain. At the least, the proceeds from all of my Berkshire shares will be expended for philanthropic purposes by 10 years after my estate is settled. Nothing will go to endowment, I want to spend the money on current needs,” he said. Warren Buffett met a large number of Indian industrialists and asked them to give funds to charity.

At the same conference, Microsoft founder Bill Gates said as nations get richer, as India is, they should start sharing wealth. Replying to a query on whether first generation wealth creators do not donate much, he said, “First generation wealth (creators) are more generous than the dynastic world.”