Where does Warren Buffett's fortune go after he dies?
Investing legend Warren Buffett has just changed his will, laying out a different plan for his massive fortune after his death.
Warren Buffett currently has assets of $129 billion and is the 10th richest person in the world, according to Bloomberg Billionaires Index.
Warren Buffett announced on June 28 that he has changed his will once again. The 93-year-old chairman of Berkshire Hathaway will no longer donate his fortune to the Bill & Melinda Gates Foundation after his death. Instead, he will put it into a new charitable foundation overseen by his three children.
"The Gates Foundation will not receive any money after I die," Buffett told WSJ.
Berkshire Hathaway Chairman Warren Buffett at the 2019 Berkshire Shareholders Meeting. Photo: Reuters
The billionaire said he has changed his will several times. This latest plan comes because he believes in the values his children hold and how they will distribute his assets. Each of Buffett’s children already has their own charitable foundations.
"I feel very secure about the values that my three children are pursuing. I have 100% confidence in the way they run things," Buffett told WSJ.
However, Buffett is currently still donating to Gates' foundation - a longtime friend. On June 28, the billionaire said he was converting 9,000 Berkshire class A shares to more than 13 million class B shares. About 9.3 million shares will then be transferred to the Bill & Melinda Gates Foundation. The remainder is divided equally among the Buffett family's four funds.
"Warren Buffett has been very generous to the Gates Foundation over the past 18 years, both with money and with enthusiasm. We are grateful for his contributions and gifts whose total value has reached $43 billion." , Mark Suzman - Director of the Bill & Melinda Gates Foundation said on CNN.
Last year, Buffett contributed $870 million to four family charities. This number in 2022 is 750 million USD.
Berkshire Hathaway's latest report shows that Buffett now owns nearly 208,000 Class A shares and nearly 2,600 Class B shares. These shares are worth $128 billion.
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