Warren Buffet is a staunch supporter of many things: the McMuffin, Diet co*ke, and philanthropy. The Berkshire Hathaway CEO donated $4.6 billion of his Berkshire Hathaway stock (consisting of about 13.7 million B shares) to five charities in his annual donation on Wednesday. While the number of shares Buffett gives away decreases by 5% each year, it’s hislargest in value yet thanks to the company’s climbing stock prices.
“Nothing extraordinary has occurred at Berkshire; a very long runway, simple, and generally sound decisions, the American tailwind and compounding effects produced my current wealth,” Buffett explained in a press release.
At this point, the investor continued, he’s given away $50 billion in shares based on the value of when they were received—worth $132 billion at today’s stock price. The majority of Buffett’s $118 billion fortune is tied up in stock; his remaining shares are worth about $112 billion. As Business Insider points out, if Buffett had held on to all the shares he’s given away, his net worth would top $250 billion. That would make him the world’s richest man, above Elon Musk, instead of his current status as the world’s sixth-richest man.
Having given away 54% of his Berkshire Hathaway stock, the “Oracle of Omaha” is well on his way to getting rid of the majority of his wealth. “My will provides that more than 99% of my estate is destined for philanthropic usage,” he wrote in the press release. In 2006, Buffett pledged to give away 85% of his stock in the company to charity, designating the majority of it to the Bill & Melinda Gates Foundation. Four years later, he vowed to redistribute 99% of his wealth to philanthropy during or after his lifetime when signing the Giving Pledge with friend and fellow billionaire Bill Gates, calling upon their billionaire peers to give up a large portion of their wealth to charity.
The Gates Foundation continues to be the prime beneficiary of Buffett’s donations, alongside the Susan Thompson Buffett Foundation, the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation, whose collective goals range from social justice initiatives in Nebraska to empowering women and girls.
Buffett has long been vocal about his desire to give away his billions, telling Fortune’s Carol Loomis back in 2006 that he never planned to leave his entire fortune to his children. “Avery rich person should leave his kids enough to do anything but not enough to do nothing,” he said.
He’s often bemoaned generational wealth as one of the main drivers of growing income inequality in the U.S. “Dynastic wealth, the enemy of a meritocracy, is on the rise,” he said in 2007. “Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy.”
Buffett, 92, reportedly wants his billions spent within 10 years of his death, according to a Wall Street Journal investigation from last year. While most will go to the five charities, namely the Gates Foundation, there are still unpledged shares left up in the air. He hasn’t yet disclosed the nitty-gritty of how that wealth will be split after his death; estate planning experts told the Journal his pledge letter was a bit ambiguous.
Gates Foundation staffers have been banking on receiving both the pledged and remaining unpledged shares, an employee told the Journal. One purported suggestion was to create a world children’s savings bank, they said, in which children would receive thousands of dollars that “sit on a shelf, like a battle plan” for baby beneficiaries.
For now, though, Buffett is still getting his McMuffin a day and chipping away at donating his amassed fortune to charity.
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FAQs
Warren Buffett just gave away nearly $5 billion of his wealth again—he could have been the world's richest man if that's what he actually wanted. Warren Buffett has pledged to give 99% of his fortune away during or after his life. He's making progress.
Has Warren Buffett given away his money? ›
"After my death, the disposition of my assets will be an open book." Buffett has made annual donations to the same four charities since 2006. Last year, he donated an equal number of his company's shares, worth roughly $750 million at the time, to the family foundations.
How much money does Warren Buffett have left? ›
Today, Buffett's total net worth is estimated at $132 billion. That's up substantially from the $84.5 billion net worth Buffett had at the time Housel's book was published in 2020.
What happens to Buffet's money when he dies? ›
His children are the executors of his will and the named trustees of the charitable trust that will receive 99%-plus of Buffett's wealth after his death. The 93-year-old noted: “They were not fully prepared for this awesome responsibility in 2006, but they are now.”
Who did Warren Buffett leave his money to? ›
He teamed up with Bill and Melinda Gates in 2010 to form The Giving Pledge, an initiative that asks the world's wealthiest people to dedicate the majority of their wealth to philanthropy. Buffett himself has pledged that 99% of his wealth will go to philanthropy during his lifetime or upon his death.
Who is the most generous person in the world? ›
Here are magnanimous philanthropists to look for, treading 2023.
- Bill Gates and Melinda Gates. Lifetime Donations: $38.4 billion. ...
- Warren Buffett. Lifetime Donations: $51.5 billion. ...
- Azim Hashim Premji. Lifetime Donations: $21 billion. ...
- Gordon and Betty Moore. ...
- Jim and Marilyn Simons. ...
- Michael Bloomberg. ...
- Edythe Broad. ...
- Serena Williams.
Buffett worked with Christopher Webber on an animated series called "Secret Millionaires Club" with chief Andy Heyward of DiC Entertainment. The series features Buffett and Munger and teaches children healthy financial habits. Buffett was raised as a Presbyterian, but has since described himself as agnostic.
What car does Warren Buffett drive? ›
Despite being the sixth-richest person globally, Warren Buffett continues to drive a 2014 Cadillac XTS he purchased with hail damage. Although he can afford any luxury vehicle, Buffett prefers the practicality of his 10-year-old car.
What happened to Warren Buffett's wife? ›
Warren and Astrid wed in 2006
Unfortunately, Susan ultimately died after having a stroke in 2004, leaving both Warren and Astrid grief-stricken. Following Susan's death, Astrid became more involved in Warren's public life.
How much money does Warren Buffett keep in cash? ›
Warren Buffett Sits On The Sidelines With $189 Billion In Cash: 4 Ways To Put Your Cash To Work If You're Following Suit. In this article: BRK-B.
Warren Buffett is only leaving his three children an inheritance of 2 billion each out of his predicted estate of 65 billion. Why would he not distribute all of his estate to his children? Because he wants to leave large amounts to his many charities.
What does Warren Buffett recommend for his wife? ›
Buffett said he revises his will every three years, and he still advises his wife to allocate 10% of her inheritance to short-term government bonds and 90% to a low-cost S&P 500 index fund.
What will Bill Gates do with his fortune when he dies? ›
In July 2022, Gates said he planned to give “virtually all” of his wealth to the Bill and Melinda Gates Foundation, according to a post shared on X, formerly known as Twitter. His message came as the foundation revealed a new plan to increase yearly spending “from nearly $6 billion to $9 billion annually by 2026.”
Are Bill Gates and Warren Buffett still friends? ›
Bill Gates and Warren Buffett have given each other a few tips over the course of their friendship, which has lasted for more than three decades and counting.
Does Warren Buffett have a private jet? ›
Warren Buffett bought his first private jet in 1986 and upgraded to a much pricier one in 1989. Buffett and his business partner, Charlie Munger, clashed over the extravagant purchases. The investor changed his plane's nickname from “The Indefensible” to “The Indispensable.”
Who will inherit Jimmy Buffett's money? ›
When Jimmy passed, his wife, Jane, became the personal representative, distributing the estate according to his will. Because the trust provides the family with privacy, there are no specifics regarding which belongings will go to his wife, three children, two grandchildren, and two siblings.
Is Warren Buffett still in cash? ›
As Warren Buffett' and's Berkshire Hathaway sits on a record $189 billion in cash reserves, individual investors who share the same cautious sentiment have several options to generate income while waiting for the right opportunity to invest in stocks.
Can I ask Warren Buffett for money? ›
Warren Buffett typically does not give money to individuals, although he frequently donates to charities. However, he has in the past forwarded individual requests for money to his sister, Ms. Doris Buffett, who operates an organization called the Sunshine Lady Foundation.
Who is the world's biggest donor? ›
According to the EdelGive Foundation and Hurun Report 2021, the founder of Tata Group, Jamsetji Tata, has been recognized as the most charitable person of the past century, having donated a staggering Rs 829,734 crore.
