Warren Buffett will donate more than $ 3 billion of his wealth to 5 charities

The gift of Warren Buffett brings the total amount of shares he has given to foundations to about $ 34 billion since his promise to give his entire fortune.

The richest people in the world cannot give their money fast enough - but that doesn't stop them from trying.

Warren Buffett announced on Monday that he planned to donate $ 3.6 billion in Berkshire Hathaway shares to five charities - one of his biggest gifts-while Walmart's heir, Jim Walton, donated $ 1.2 billion in retailer shares last week. And Home Depot's co-founder, Bernie Marcus, said this weekend that he was considering donating almost his entire $ 4.5 billion fortune before his death.

Donations take place in a debate about how wealthier Americans should use their money to help reduce income inequalities and other economic imbalances. Last week, a group including George Soros and the co-founder of Facebook, Chris Hughes, have called for a wealth tax, to provide funds for the fight against climate change, and public health initiatives. Others, such as Buffett, expressed a preference for charities such as the Bill & Melinda Gates Foundation to oversee charitable work.

Buffett's gift brings the total amount of shares he has given to foundations to about $ 34 billion since his promise in 2006 to give all his fortune, according to a statement released Monday. Among the recipients are the Gates Foundation, as well as charitable organizations named for his deceased wife and those run by his children.

The recipient of Walton's gift was not revealed in a regulatory deposit on June 27, but family members have regularly made donations to the Walton Family Foundation, whose causes include education and the environment. The foundation has awarded more than $ 595 million worth of grants in 2018, according to its website, had assets of $ 4.9 billion at the end of 2017.

A family spokesperson did not immediately respond to an e-mail request for comment.

Buffett has spent more than five decades, transforming Berkshire Hathaway into a company whose market value exceeds $ 500 billion and covering sectors ranging from insurance to manufacturing. His success once made him the richest man in the world, though he fell back to fourth place as he abandoned his fortune.

The original 2006 plan was subsequently amended to provide for the posthumous donation of the entire Berkshire stock within 10 years of the settlement of its succession.

The investor-billionaire has long supported the charity work of the Gateses and said in 2006 that he aimed at donations of shares to strengthen the "already impressive efficiency" of the Foundation, which tackles social problems. Buffett also reviews the Susan Thompson Buffett Foundation, the Sherwood Foundation, The Howard G. Buffett Foundation and the NoVo Foundation.