Warren Buffett says he doesn’t believe in ‘dynastic wealth’

New York (EFE).- The 94-year-old American veteran businessman Warren Buffett said this Monday, announcing a new donation of his assets to charity, that he does not believe in “dynastic wealth” and advised all parents to contact him with their life. the question of his will with his children and descendants.

In his announcement, Buffett said he would donate about $1.2 billion worth of shares in his Berkshire Hathaway conglomerate to his family’s foundations, and accompanied the news with a letter in which he reflected on his life and legacy while acknowledging his death. .

Warren Buffett is preparing the next generations

Nicknamed the “Oracle of Omaha” (Nebraska) for his investment wisdom, explains that his children Susie, Howie and Peter are responsible for distributing his wealth – in 2006 he committed to giving away more than 99% – but given his age – 71. , 69 and 66 years old – he has other younger “successors” in line.

“I never wanted to create a dynasty or look for any kind of plan beyond children,” says Buffett, who notes that his family believes that “equality of opportunity should start at birth and that extreme lifestyles like Look on me,” should be legitimate, but not admirable.”

Buffett claims to trust his three children, but explains that distributing his assets may take longer than they live, arguing that “future generations are a different matter” and “tomorrow’s decisions will probably be made better by three alive and healthy brains.” directed than a dead hand.”

“Who can foresee the priorities, intelligence and devotion of subsequent generations as they grapple with the distribution of extraordinary wealth in a very different philanthropic landscape?” asks Buffett.

Businessman’s words

And, as usual in his writing, he includes some pearls of wisdom; For example, when it comes to inheritance, he believes “that incredibly wealthy parents should leave their children enough that they can do anything, but not so much that they can afford to do nothing.”

He also adds “a suggestion for all parents, whether they have modest or extraordinary wealth”: “When your children are older, have them read your will before they sign it,” he says, “so they understand its contents.” and could ask questions that may remain unanswered at the time.

And he points out that his Berkshire colleague, Charlie Munger, who died this year, and he has seen families divided by wills that confuse children and increase “jealousy” or “neglect”, as well as cases where it was decided before death and “helped the family be more united.”

Likewise, Buffett admits that his luck began when he was born in 1930 in the United States as a “white man”, a fortune that “favored him” and gave him confidence that he would become rich, but his expectations were exceeded what the country has achieved “over the past decades.”