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At the 2016 Concordia Summit, Warren Buffett, CEO of Berkshire Hathaway, discussed the utility of wealth and how philanthropic initiatives like The Giving Pledge are spurring the rich to give more.

“There comes a point where money really has no real utility,” he said at the 2016 Summit. “You can use it to show off, but you can’t do much else with it. I don’t think it’s good for your family. It can do wonders for people around the world.”

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