Warren Buffett, the iconic investor and CEO of Berkshire Hathaway, continues his record-breaking philanthropic efforts with a new $1.2 billion donation to family-run foundations. This act further fulfills the 2006 pledge where Buffett committed to giving away the majority of his $150 billion fortune during his lifetime and beyond.
In his recent letter to shareholders, the 94-year-old billionaire shared personal reflections on life’s unpredictability and outlined detailed plans for distributing his wealth posthumously. Buffett announced the conversion of 1,600 Class A shares into 2.4 million Class B shares to be allocated as follows:
- The Susan Thompson Buffett Foundation: 1.5 million shares
- The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation: 300,000 shares each
Buffett also reflected on his late wife, Susie, with whom he originally intended to co-manage their philanthropic legacy. “Father time always wins,” he wrote, acknowledging the unexpected turns of life that led him to adjust his plans.
Changes to His Will
Buffett detailed revisions to his will, emphasizing his wish for his children—Howard, Peter, and Susie Buffett—to gradually distribute all his Berkshire holdings, which constitute 99.5% of his fortune. He introduced three successor trustees for wealth distribution should his children be unable to fulfill the role. Any decisions regarding funds will require unanimous agreement among these trustees.
Buffett reiterated his stance against creating dynastic wealth. “Hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing,” he said.
A Record-Breaking Philanthropist
Buffett’s lifetime donations now exceed $60 billion, with over $43 billion directed to the Bill & Melinda Gates Foundation. Despite his significant contributions, Buffett remains the sixth-richest person in the world, with a net worth of $150 billion.
As Buffett’s legacy unfolds, his strategic and generous approach to philanthropy highlights his deep commitment to societal betterment. He has set an unprecedented standard in responsible wealth management, ensuring that his fortune continues to serve humanity long after his time.
