Warren Buffett has decided to leave his entire fortune of $143.1 billion to his three children to distribute to charities of their choice after his passing.
The 94-year-old chairman and CEO of Berkshire Hathaway will entrust this responsibility to his children—Howard, 69, Susie, 71, and Peter, 66—who have ten years to allocate the funds.
As the sixth richest person in the world, following Elon Musk, Jeff Bezos, Larry Ellison, Mark Zuckerberg, and Bernard Arnault, Buffett’s decision comes with the acknowledgment from Howard that the task is “not so easy.”
Howard, who is set to become Berkshire Hathaway’s non-executive chairman after his father’s death, emphasized the importance of being smart and strategic in their charitable giving.
Howard expressed gratitude for the opportunity, stating, “It’s pretty amazing that he’s given us this opportunity.”
He mentioned that he and his siblings would adhere to their father’s approach of taking risks to create a positive impact. “When the time comes, we’ll sit down together and figure it out quickly,” he said.
He also shared his belief that wealthy individuals should donate their fortunes during their lifetimes rather than leaving them in perpetual foundations.
“Somebody is going to spend that money. I would rather do that with my brother and sister as a partnership,” he remarked.
While the specific organizations to receive donations have not yet been disclosed, the siblings each have their own foundations and have collectively donated over $15 billion of their father’s wealth since 2006.
