Billionaire investor Warren Buffett thinks he’s pretty lucky — and not just because of his whopping $150 billion net worth.
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The Berkshire Hathaway chief meditated on the privileges of his life in a letter published Monday. The “Oracle of Omaha” said that given the circumstances of his birth — both geographically and regarding his societal standing — that he was confident “very early on” that he would become rich.
“As I write this, I continue my lucky streak that began in 1930 with my birth in the United States as a white male,” he said. This good fortune resulted in a “philanthropic philosophy” that he has passed onto his children and other Berkshire shareholders.
Bufett, who has vowed to donate over 99% of his wealth, gave away another 2.4 million class B shares, worth approximately $1.1 billion, in the sprawling conglomerate, and argued against “dynastic wealth” in his latest letter.
“I’ve never wished to create a dynasty or pursue any plan that extended beyond the children,” Buffett said, explaining that he has appointed three potential successor trustees to continue to continue to redistribute his wealth if his children, who are 71, 69, and 66 years old, are not able to do so in their lifetimes.
The 94-year-old, who owns nearly 38% of Berkshire Class A shares, has long been preparing for how his assets will be handled following his death, and in recent months has ramped up donations of his shares. In June, he gave away more than 13 million class B shares valued at around $5.3 billion.
After his death, nearly all of his remaining wealth will be funneled into a new charitable trust overseen by his daughter and two sons, the legendary investor previously told The Wall Street Journal. At Berkshire, Buffett will leave capital allocation decisions to Greg Abel, who is next in line to helm the sprawling Omaha-based conglomerate.
“Still, the massive wealth I’ve collected may take longer to deploy than my children live,” Buffett wrote. “And tomorrow’s decisions are likely to be better made by three live and well-directed brains than by a dead hand.”
