Warren Buffett, the legendary investor behind Berkshire Hathaway, has made a significant revelation regarding his fortune.
Despite being worth around $150 billion, Buffett, 94, has announced that he has no intention of passing his wealth on to his three children.
Instead, he remains focused on philanthropic causes, explaining that he “never wished to create a dynasty.”
Buffett’s comments, made public in a letter released on Monday, address his plans for the vast majority of his wealth, emphasizing his commitment to giving away 99% of what he’s accumulated through his successful investment company.
He stated, “I’ve never wished to create a dynasty or pursue any plan that extended beyond the children.”
The billionaire investor further elaborated on his decision to appoint three independent trustees to oversee his charitable endeavors.
“I know the three well and trust them completely,” Buffett wrote. “Future generations are another matter. Who can foresee the priorities, intelligence, and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?”
Buffett’s children—Howard, Susie, and Peter—are now 71, 69, and 66, respectively. While he trusts their ability to manage wealth, Buffett has expressed concerns about how future generations might handle such an immense fortune.
He also anticipates that it may take longer for his wealth to be fully distributed than his children live.
As part of his philanthropic efforts, Buffett donated an additional $1.1 billion in Berkshire Hathaway stock to four charitable foundations.
These include The Susan Thompson Buffett Foundation, named after his late wife, as well as The Sherwood Foundation, The Howard G. Buffett Foundation, and The NoVo Foundation.
Buffett has been making yearly donations to these foundations since 2006, further cementing his commitment to giving rather than creating generational wealth.
“The 2006-2024 period gave me the chance to observe each of my children in action, and they have learned much about large-scale philanthropy and human behavior,” Buffett added. “They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them. As am I.”
Buffett’s announcement comes on the heels of Berkshire Hathaway’s impressive investments, including a surprise stake in Domino’s Pizza and a pool supplies company, both of which saw their stock prices surge.
Berkshire Hathaway’s investments continue to attract attention, with many viewing Buffett’s strategic moves as a seal of approval for the companies he backs.
In his letter, Buffett also acknowledged the new trustees, who are expected to carry on his legacy after his passing. “They are also somewhat younger than my children,” he wrote, noting that they were selected for their ability to carry out his philanthropic vision.
While Buffett’s decision to forego a family inheritance may surprise some, his focus on philanthropy and trust in his children’s values reflects his long-standing commitment to giving back and ensuring that his wealth serves a greater purpose.