At 93 years old, the investor has a whopping net worth of 119.3 billion dollars. Warren Buffett has made it clear that he plans to distribute his wealth through a charitable trust, unlike other wealthy CEOs.
“More than 99% of my wealth will go to philanthropy during my lifetime or my death,” Buffett writes in his pledge letter. According to NDTV, Warren’s fortune will go to a charitable trust; his three children will be the trustees.
Since 1965, Warren Buffett has been the CEO of the multinational conglomerate company Berkshire Hathaway based in Nebraska. The company owns businesses in insurance, rail transportation, manufacturing, and other activities. In 2021, the company announced earning a total revenue of $354.5 billion.
The Giving Pledge
Warren Buffett has long been dedicated to donating his money to charitable causes. In 2010, Warren- alongside many other billionaires, such as Elon Musk and Mark Zuckerberg- created the The Giving Pledge. The campaign was made for billionaire philanthropists committed to donating most of their wealth to philanthropies.
The campaign also aims to spark discussion amongst the wealthy. Signatories are expected to attend learning sessions and share what they learned from their philanthropies. The Giving Pledge strives to spread the practice of the wealthy giving the majority of their money to charity
Though he has certainly been successful in his career and made billions for himself, Buffett acknowledges that this is not the case for everyone. “My wealth has come from a combination of living in America, some lucky genes, and compound interest…” his letter states. “…My being male and white also removed huge obstacles that a majority of Americans then faced.”
Buffett further explains that though the amount of money he is donating may be great, his most precious asset is his time. When it comes to time, he praises others, specifically his kids, for their time dedicated to giving to others.
Warren Buffet on Income Inequality
While Warren enjoys his lavish lifestyle, he knows that an overwhelming amount of his money is useless to him. In a video from the Kunhardt Film Foundation, Buffett expresses that he could have everything he wants while still giving money to those who can utilize it for more dire needs.
It is no secret that income inequality is an ever-growing issue in the United States. The wealth of some of the world’s richest people is enough to change thousands of people’s lives, yet some still struggle for basic necessities. Warren Buffet’s commitment to using his wealth for change sets the groundwork for those who will proceed with him and his achievements.