Warren Buffett to Leave His Legacy to a Foundation Run by His Children | Economy

One of the world’s greatest legacies already has a destiny. The most prestigious investor in the world, Warren Buffett, the main shareholder of Berkshire Hathaway, said The Wall Street Journal the plans he has in case of death. Buffett, 93, will leave most of his fortune to a new charitable foundation run by his children. The investor is the 10th richest person in the world, with an estimated net worth of $129 billion (about €120 billion), according to the billionaire classification. Bloomberg.

Warren Buffett has changed his legacy several times. For many years, he was a major donor to the Bill & Melinda Gates Foundation, and it was always assumed that a significant portion of the funds would go to Microsoft founder Bill Gates’ philanthropy, which focuses on health care, poverty alleviation, and gender equality. Since 2006, Buffett has donated more than $39 billion to the foundation. The investor served on the foundation’s board of directors but left it in 2021, weeks after Bill and Melinda Gates announced their divorce. Melinda herself recently announced that she was leaving the foundation.

Buffett will continue to donate to the Gates Foundation during his lifetime and, in fact, announced the imminent transfer of approximately $4 billion worth of Berkshire Hathaway shares. In 2006, the investor committed to continue making these contributions to the organization and to funds managed by his children, in an amount equivalent to 5% of his shares each year. But the inheritance has another purpose: “The Gates Foundation will not receive money after my death,” Buffett said in an interview with the publication The Wall Street Journal.

The investor has three children: Susie, 71; Howie, 69, and Peter, 66. The first two are on the board of directors of Berkshire Hathaway, and all three already have their own charitable foundations. Susie Buffett heads the Sherwood Foundation, which focuses on children’s education and social justice, and the Susan Thompson Buffett Foundation, named after her mother, which has provided college scholarships in Nebraska for more than 50 years. Howie Buffett heads the Howard Buffett Foundation, which works for marginalized populations around the world on issues such as food security, conflict mitigation and human trafficking. Peter heads the NoVo Foundation, whose programs are aimed at indigenous peoples.

The four funds run by his children are already supported by Warren Buffett’s endowment, but the investor wants to pass on his legacy to a new foundation in which decisions on the use of funds will be made unanimously by his three children, according to a New York media report, which explained that he made the decision after watching his children grow up over the years.

“I feel very, very good about the values ​​of my three children and I trust them 100% to see this through,” Warren Buffett said in an exclusive interview with the aforementioned media outlets. “I like to think I can think outside the box (as people with original initiatives say in business jargon), but I’m not sure I can think outside the box six feet below the surface and do a better job. than three people on the surface whom I trust completely,” he added.

Wall Street Magazine He also spoke with Buffett’s children, who have no concrete plans yet for what they will do with the inheritance. “We haven’t talked about what we’re going to do because it seems a little premature,” Susie Buffett said. “I think it’s probably going to be kind of an extension of what we’re doing,” he added.

“You should write an obituary and figure out how to live by it,” Buffett said at last year’s Berkshire Hathaway shareholder meeting. His obituary will say he is donating his fortune to a foundation run by his children.

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