Warren Buffett is halfway into his plan to give most of his vast fortune to charity. Even after it was distributed and he still had US$100 billion left, he had no plans to give it away to his children.
Quotes CNBC, Thursday (24/6/2021) the legendary world investor reaffirmed his long-held belief that wealth would be better spent on philanthropic purposes than into his children’s investment portfolios.
“After observing a lot of super-rich families, here’s my recommendation, let the kids be enough so they can do anything, but not enough so they can’t do anything,” he said.
The 90-year-old said he had observed that dynastic behavior or passing large fortunes from parents to their children was less common in the US than in other countries.
That’s not to say that Warren Buffett’s children, now in their 60s, haven’t received anything from him. Each child has a $2 billion foundation funded by Buffett.
Buffett’s records announce that he has donated $4.1 billion worth of Berkshire Hathaway shares to five charitable foundations as part of his efforts to give away 99% of his wealth at the end of his life, bringing his total donation to $41 billion.
Berkshire Hathaway CEO who was once the richest person in the world has a fortune worth more than US $ 100 billion according to Forbes. He plans to distribute his remaining 238,624 shares for philanthropic purposes.
Warren Buffett first announced his plans to give away most of his fortune in 2006, when he was 75 years old and owned 474,998 shares of Berkshire Hathaway.
Also watch the video ‘Warren Buffett, The World’s Richest Man Who Loves to Donate’:
(the / ara)