‘Never Wished To Create A Dynasty’: Warren Buffett Donates $1.1 Billion In Berkshire Stock And Updates Will
by Derek Saul · ForbesTopline
Centibillionaire Warren Buffett upped his record philanthropic giving total by more than $1 billion Monday, while updating the planned distribution of his wealth after he dies, in a colorful letter to shareholders of his firm Berkshire Hathaway.
Key Facts
Buffett announced Monday he will donate about $1.15 billion worth of Berkshire stock to his family’s charitable foundations, including those run by his three children, Howard, Peter and Susie Buffett.
Buffett, who confirmed the wish for his children to “gradually distribut[e]” 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.”
Buffett has now given away 56.6% of his Berkshire shares since vowing in 2006 to give away most of his wealth, the legendary investor said Monday.
The 94-year-old Buffett also shared a revised plan for when “father time…get[s] around to me,” noting he appointed three “successor trustees” for each of his children in his will should anything happen to his children aged 66 to 71, adding the trio overseeing his fortune after his death will have to come to a unanimous decision to disperse any funds.
“Tomorrow’s decisions are likely to be better made by three live and well-directed brains than by a dead hand,” explained Buffett.
Surprising Fact
Buffett is likely the largest philanthropist of all time, according to Forbes’ estimates, donating more than $60 billion toward charitable causes in his lifetime. A majority of that is from his more than $43 billion in donations to the Gates Foundation, the organization chaired by fellow centibillionaire and Microsoft cofounder Bill Gates.
Forbes Valuation
Buffett is worth $150 billion, according to our latest calculations, making the Nebraska native the sixth-richest person in the world. Buffett, who is worth more than twice as much as he was as of 2014’s Forbes 400, is less than half as wealthy as the world’s wealthiest man, Elon Musk, owner of a more than $330 billion fortune.
Crucial Quote
“In no way did I, or anyone else, dream of the fortunes that have become attainable in America during the last few decades,” Buffett wrote in the letter published Monday. “It has been mind-blowing – beyond the imaginations of Ford, Carnegie, Morgan or even Rockefeller. Billions became the new millions.”
Warren Buffett’s Will Advice
Buffett, arguably the most revered stock picker ever, offered pointed advice Monday on estate planning extending beyond the select few who have anyone near his magnitude of riches. “When your children are mature, have them read your will before you sign it,” wrote Buffett, adding, “You don’t want your children asking ‘Why?’ in respect to testamentary decisions when you are no longer able to respond.”