Meet man who has donated over Rs 91300000000, plans to donate more after…, not Mukesh Ambani, Shiv Nadar, Azim Premji, Adani

The man had indicated that his children would be tasked with distributing his massive USD 147.4 billion fortune within a decade after his death. However, acknowledging the possibility that they may not outlive this responsibility, he has now designated successors for them.

Billionaire Warren Buffett is continuing his Thanksgiving tradition of philanthropy by announcing a donation of over USD 1.1 billion in Berkshire Hathaway stock to his family’s charitable foundations. These include those managed by his three children, Howard, Peter, and Susie Buffett. Buffett, who confirmed the wish for his children to “gradually distribute” all of his Berkshire shares, which account for 99.5% of his fortune, explained he “never wished to create a dynasty or pursue any plan that extended beyond the children.”

In the past, Buffett had indicated that his children would be tasked with distributing his massive USD 147.4 billion fortune within a decade after his death. However, acknowledging the possibility that they may not outlive this responsibility, he has now designated successors for them. While he did not reveal their identities, he assured that his children know and trust these successors to handle the role effectively, according to the Associated Press.

“Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit,” the 94-year-old Buffett said in a letter to his fellow shareholders Monday. “To date, I’ve been very lucky, but, before long, he will get around to me. There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.”

Warren Buffet on dynastic wealth

Warren Buffett reaffirmed his long-standing disinterest in creating dynastic wealth within his family, a sentiment shared by both his first and current wives. While he acknowledged giving his children, Howard, Peter, and Susie, millions over the years, he has consistently maintained that “hugely wealthy parents should leave their children enough to do anything but not enough to do nothing.”

Buffett attributes his extraordinary wealth to the power of compounding interest and the consistent growth of Berkshire Hathaway, achieved through strategic acquisitions and smart investments, such as purchasing billions of dollars in Apple shares during its rise driven by iPhone sales. Over the years, he refrained from selling any of his Berkshire stock and avoided extravagant lifestyles. He chose to live modestly, staying in the Omaha home he purchased decades ago and commuting just 20 blocks to work in practical luxury sedans.

“As a family, we have always had everything we needed or genuinely liked, but we have never derived satisfaction from others coveting what we possessed,” Buffett remarked.

Today, Buffett continues to lead Berkshire Hathaway as chairman and CEO and has no plans to retire although he has handed over most of the day-to-day managing duties for the conglomerates dozens of companies to others.

Warren Buffet could have been world’s richest person

If Warren Buffett and his first wife had retained all their Berkshire Hathaway shares, their family fortune would now be valued at nearly USD 364 billion, making him the world’s richest person. However, Buffett expressed no regrets about his extensive philanthropic efforts over the years.

The family’s giving began in earnest following Susan Buffett’s passing in 2004, when her USD 3 billion estate was distributed. Their charitable efforts gained momentum in 2006 when Buffett committed to making annual contributions to the foundations managed by his children, as well as to the foundation he and his wife established and the Bill & Melinda Gates Foundation.

Warren Buffett net worth