Buffett, 75, the CEO of the Omaha, Neb.-based company Berkshire Hathaway, is worth $44 billion, according to Fortune magazine.
Fortune reports that Buffett will donate 85 percent of his fortune amassed from stock in the Berkshire Hathaway company to five foundations.
The donations, which will come from Buffett's Berkshire Hathaway shares, would amount to about $37 billion, based on current values.
Five-sixths of the money reportedly will go to The Bill & Melinda Gates Foundation, which specializes in finding cures for diseases that plague the Third World.
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