Billionaire Hedge Fund CEO to Donate Most of His Fortune

Billionaire hedge fund manager Leon Cooperman told CNBC Tuesday he will donate most of his fortune to charity in order to help needy people get out of poverty.

Cooperman, who is the Chairman and CEO of Omega Advisors, did not say exactly how much he will donate, but Forbes estimates his wealth at $1.5 billion.

"Every dollar I make, I'll give it away because what I've planned to leave to my children, that's already been set," Cooperman told CNBC.

Cooperman said he wanted to help poor people get a chance at making a good life for themselves.

He grew up in the South Bronx. His father was a plumber, but Cooperman was able to get an MBA and go to work for Goldman Sachs .

"My story is kind of the American dream," he said. "I want to be able to help those that are disadvantaged to experience the American dream."

Cooperman opposes high taxes, saying the government is seldom efficient in spending money on helping people get out of poverty.

"I'd rather help less fortunate, needy people than pay for them in this way," he said.

"Left to my own devices I would like to have more control over recycling my money rather than the government taking control."