Russian Oligarch Pledges Fortune to Charity

Vladimir Potanin wants to be like Bill Gates and Warren Buffett. As one of Russia's oligarchs, he has realized that he can be a force in this world and leave a lasting legacy. After all, the "robber baron" tactics they used to amass massive wealth in the 90s made Russia's oligarchs a force to be reckoned with. Now Potanin wants to be a different kind of force; a force for good.

According to the Financial Times, Potanin has announced that his entire fortune will be donated to charity after his death. He has been the leader of a gradual movement among the oligarchy away from strong-arm tycoonism and toward charitable engagement. He was the first among his cohorts to create a private foundation and the first to announce the donation of his riches. He moved aggressively onto the philanthropic scene in the West with the commitment of $1 million annually to the Guggenheim Foundation.

The big end-of-life donation might not come for awhile; Potanin is only 48 years old. But in the meantime, he plans to increase his yearly donation to his charitable fund from $10 million to $25 million. He is the president of the investment company Interros Holding.

"My capital should work for the good of society and continue working for these social aims," Mr. Potanin told the Financial Times.

His children might feel slighted that they won't be raking in the massive inheritance they may have expected. But Potanin feels that his decision will benefit them. "My children are growing up, their father is a billionaire and a well-known guy. They, for one, are in my shadow, and secondly what motivation in life do they have to achieve something?

"In this sense, I consider it a very correct step to hand over one's fortune for the service of society and not for inheritance. I am going to follow the example of Gates and Buffett."

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