• Warren Buffett declares that he donates almost his entire fortune
• Milestone reached: Half of the shares already donated in 2021
• Buffett’s children receive a relatively small share of the fortune
Buffett spends fortunes on philanthropic causes…
Not long ago, Warren Buffett made a pledge to donate his Berkshire shares to charity in annual packages. At the time, the stock market guru owned 474,998 Berkshire shares. Since then, the Berkshire Hathaway boss has supported various foundations, including the Bill & Melinda Gates Foundation. Over the past few years, Buffett has donated shares in the tens of billions, and in 2021 he reached a milestone: around half of his wealth had already gone to charity at that point.
…instead of his children’s investment portfolios
According to Forbes, Warren Buffett also wants to spend the roughly $106 billion in wealth that Forbes still has at his disposal on philanthropic purposes instead of on his children’s investment portfolios. “After observing super-rich families for a long time, here’s my recommendation: give the children enough to do everything, but not enough that they don’t have to do anything,” CNBC quoted the investment legend as saying in a statement to shareholders. Buffett explained that his own adult children are also “in pursuit of philanthropic endeavors that require both money and time.”
As reported by CNBC, the 90-year-old, who was once the world’s richest man, said he’s observed that dynastic behavior is less common in the US than in other countries and believes its appeal is likely to wane.
Of course, Buffett’s children, all of whom are now in their 60s, have received support from their wealthy father. According to CNBC, citing a 2014 Washington Post report, each of the three children has a $2 billion endowment funded by Buffett.
“The Simplest Thing in the World”
Buffett himself describes his philanthropy as “the easiest thing in the world,” quotes CNBC, because “giving is painless and can lead to a better life for you and your children.” The stock exchange guru explains that he has accumulated an almost unbelievable sum over many decades simply by doing what he loves to do. “Neither I nor my family made any sacrifices. Compound interest, a long term, wonderful employees and our incredible country just worked their wonders. The company has a use for my money; I don’t,” Buffett said.
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