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Billionaire Warren Buffett increased his record charitable giving by more than $1 billion in a colorful letter to shareholders at his Berkshire Hathaway company on Monday, while also updating the planned distribution of his wealth after his death.

Important facts

Buffett announced Monday that he would donate about $1.15 billion in Berkshire stock to his family’s charitable foundations, including those of his three children, Howard, Peter and Susie Buffett.

Buffett, who reiterated his desire for his children to “gradually distribute all of his Berkshire shares, which represent 99.5% of his wealth,” explained that he “never wanted to create a dynasty or pursue a plan that exceeded the children went out”. .”

Buffett has now given away 56.6% of his Berkshire shares since he vowed to give away most of his wealth in 2006, the legendary investor said Monday.

Buffett, 94, also shared a revised plan for when “father time will come to me” and noted that in his will he has named three “successor trustees” for each of his children in case something happens to his older children 66 to 71, whereby the trio that manages his assets after his death must decide unanimously to distribute all the funds.

“Tomorrow’s decisions are likely to be better made by three living, well-controlled brains than by one dead hand,” Buffett said.

Surprising fact

Forbes estimates that Buffett is probably the greatest philanthropist of all time, having donated more than $60 billion to charities in his lifetime. Much of that comes from his more than $43 billion in donations to the Gates Foundation, the organization chaired by Bill Gates, a fellow centibillionaire and Microsoft co-founder.

Forbes rating

According to our latest calculations, Buffett is worth $150 billion, making the Nebraska native the sixth-richest person in the world. Buffett, who is worth more than twice as much as he was in the 2014 Forbes 400, is less than half as rich as the world’s richest man, Elon Musk, who is worth more than $330 billion.

Crucial quote

““In no way did I or anyone else dream of the riches that have become attainable in America over the past few decades,” Buffett wrote in the letter published Monday. “It was overwhelming – beyond the imagination of Ford, Carnegie, Morgan or even Rockefeller. Billions became the new millions.”

Warren Buffett’s will advice

Buffett, arguably the most revered stock picker of all time, offered pointed estate planning advice on Monday that extended beyond the select few who have someone even close to his wealth. “If your children are tireslet them read your will before You sign it,” Buffett wrote, adding, “You don’t want your kids asking, ‘Why?’ regarding testamentary decisions if you can no longer respond.”

Further reading

ForbesWarren Buffett just donated another $5.3 billion to charityFrom Chase Peterson Withorn

ForbesMeet America’s Most Powerful Philanthropists: Warren Buffett’s ChildrenFrom Lindsey Choo

On By Oliver Sinclair

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