BTN News: Warren Buffett, one of the richest people in the world, said to The Wall Street Journal that he will leave his huge fortune to a new charity foundation managed by his children when he dies. The 93-year-old investor, who owns almost $130 billion in Berkshire Hathaway shares, said that his three children must decide together how to use the money for good causes.
“I feel very, very good about the values of my three children and trust them 100% to handle things well,” Buffett told WSJ, showing confidence in their ability to manage his legacy.
Buffett’s Generous Contributions to Charitable Causes Over the Years
Buffett has already given away more than half of his Berkshire shares. Many billions from his wealth have gone to the Bill and Melinda Gates Foundation. However, he stated that after his death, he will stop giving to this foundation. From 2006 to 2023, Buffett gave $39.3 billion to the Gates Foundation.
He has not given any instructions to his children—Susie (71), Howie (69), and Peter Buffett (66)—on what to do with his legacy. He hopes it will help people who are not as lucky as they are. “There are 8 billion people in the world, and my children and I belong to the luckiest 1%. There are many ways to help people,” Buffett said.
Future Performance and Growth of Berkshire Hathaway
In May, Buffett, the famous chairman and CEO of Berkshire Hathaway, warned about future performance of his company, saying there is “no chance of striking returns.” Despite this, Berkshire’s stock has gone up, surpassing tech giants like Apple, Microsoft, and Tesla. It has become one of the few non-tech companies in the US valued near $1 trillion.
Investors looking for financial safety have turned to Berkshire as a safe place, benefiting from higher interest rates. These conditions have allowed the company to get better returns on its big cash reserves and prepare for possible purchases, as other business owners face pressure to sell because of rising costs.
Legacy of Trust and Original Thinking in Philanthropy
Buffett showed his trust in his children, saying that while he has thought with originality throughout his life, his children will continue to do great work “from the surface” after he is gone. The Gates Foundation CEO, Mark Suzman, thanked Buffett for his continuous support, recognizing his generous donations and helpful advice over the years.
In recent years, Buffett has also made large donations to family-led organizations, giving about $870 million in 2021 and about $750 million in 2022.
