Berkshire Hathaway chair Warren Buffett is the sixth wealthiest person in the world, with a net worth of $143.7 billion. The 94-year-old billionaire investor appears to prioritise his estate plans while continuing to steer Berkshire's investment decisions. The Oracle of Omaha has decided to donate his entire wealth to charitable trusts when he passes away. Interestingly, he entrusted the massive task to his three children, Howard Graham Buffett, Peter Buffett, and Susan Alice Buffett, who are all above 65.
Buffett's Eldest Son Next In Line To Become Non-Exec Chairman of Berkshire Hathaway
Buffett's children reportedly will have a decade to donate all his wealth to charities. The eldest son, Howard, was amazed that his dad gave them the opportunity and entirely agreed with his father's decision to donate. However, he thought the task would be "not so easy" if it were to be done smartly. After his father's death, Howard will become the hedge fund's non-executive chairman. He is confident that when the time comes, the siblings will leverage their collective experience to carry on their father's approach to taking risks to make a difference. "I can tell you, we'll sit down in a room when the time comes, and we'll get it figured out pretty quickly," he said. Being a farmer, Howard believes that the wealthy should donate their wealth in their lifetimes rather than keep it in perpetual foundations. He understands that someone will spend that money, and he'd instead do that with his siblings as a partnership to fulfil his father's last wish.
All Siblings Have Their Own Foundations
Buffett's children can donate his wealth to the foundations of their choice, but it is unclear which charities they would prefer. Howard, Peter, and Susan operate their respective foundations and have used them to give away over $15 billion of their father's money since the mid-2000s. Susan is the chairman of the Susan Thompson Buffett Foundation. Peter is a board member of the same foundation, which has donated $8.4 billion to organisations focusing on reproductive health. The foundation has a track record of financing access to abortion contraception, offering millions of dollars to Planned Parenthood affiliates and the National Abortion Federation.
Elsewhere, Susan's Sherwood Foundation is among the top financers for early childhood education initiatives. It funds the nonprofit Buffett Early Childhood Fund, which has been offering grants to support research and advocacy for childcare providers. Meanwhile, the Howard G. Buffett Foundation focuses on food security and global conflict mitigation. For the past 15 years, the organisation has also been working with the Catholic Relief Services to support farmers in Central America. Meanwhile, Peter and his wife, Jennifer, offer grants through their foundation to help girls globally and support social-emotional education in schools. For over two decades, they have ramped up support for Native American organisations.
Buffett Continues to Pour Money Into Gates Foundation
Warren Buffett has donated over $40 billion to the Gates Foundation since 2006 and will continue to make annual donations for now. However, the money will stop when he passes away. While Buffett initially planned to include the Gate Foundation in his will, he later changed it to clarify that the pledges are valid until he passes away. "The Gates Foundation has no money coming after my death," Buffett had stated. His decision comes after leaving the Gates Foundation's board in 2021, during the same time when Bill Gates and Melinda French Gates announced their divorce. "There's eight billion people in the world and me and my kids, we've been the luckiest 100th of one percent or something," he added. "There's lots of ways to help people."
