In announcing his new focus on the foundation he established with his wife, Microsoft chairman Bill Gates explained, “I believe with great wealth comes great responsibility – the responsibility to give back to society and make sure those resources are given back in the best possible way to those in need.”

With great wealth comes great responsibility – and also great power. Even if it’s benevolent power, wealth gives its holder the ability to take world-altering actions.

This week, Omaha businessman Warren Buffett announced he would give most of his roughly $44 billion fortune to the Bill and Melinda Gates Foundation, which already has assets of more than $29 billion. The world’s two richest men are pooling their resources to pursue a mission of improving global health and education.

At age 50, Gates has announced his intention to transition out of his day-to-day role at Microsoft to spend more time on the foundation. At age 75, Buffett has decided there is no one more qualified than his friend Gates to direct his billions toward the betterment of mankind.

The Gates and Buffett fortunes are larger than most people can even imagine. According to a recent CNN report, Gates’ net worth is $50 billion, so even though he has dedicated $29 billion to his foundation, he certainly can provide quite nicely for himself and his family. Buffett’s children have foundations of their own, but he apparently felt the bulk of his fortune would be best handled by Gates.

Obviously, $50 billion or $44 billion is more money than anyone needs in a lifetime. Rather than simply pass it along to their families, these two men have decided to direct it at larger goals. This is philanthropy on a huge scale, but it also gives the Gates Foundation the kind of power that only nations usually wield. This money will have a profound effect on the efforts it supports – and an equally profound effect on those it bypasses. The decisions on how this money is directed are huge.

The Gates Foundation is involved in many laudable projects to boost American education and improve health around the world. Since it was founded in 1994, the foundation has dedicated more than $10 billion to these programs.

It’s an awesome amount of money that could be used in positive or negative ways. To their credit, Gates and Buffett both have decided to direct their fortunes to try to create a positive legacy that reaches around the world. It’s an act of generosity and stewardship that we hope will be nurtured carefully in years to come and set a new standard of responsibility for others of great wealth to follow.