Warren Buffett Explains Why He Didn’t Leave Most of His $100 Billion Money to His Children

Posted:

June 28, 2021 23:14 GMT

Kotb recommended “leave the kids enough so they can do anything, but not enough so they can do anything.”

American investor Warren Buffett reiterated his commitment not to leave his fortune, currently estimated at around $100 billion, to his offspring.

In a note presented to shareholders on the occasion of Annual donation From $4.1 billion to five charities, Buffett, 90, has commented on the accumulation of wealth among the ruling families. Especially, claimed that while this “remains an option” in the US, “it is less common here than in most countries, and its appeal is likely to decline.”

“After a lot of observing ultra-wealthy families, here is my advice: Leave the kids just enough so they can do anything, but not enough so they can do anything,” the investor said, noting that he was “delighted” that three children “are making charitable efforts It takes money and time.”

Buffett’s announcement does not mean that his immediate grandchildren, who are now in their 60s, received nothing from the father. Thus, in the 2014 Washington Post mentioned The three received $2 million each.

In the same memo, Buffett stated that he was leaving his position as trustee at the Bill & Melinda Gates Foundation, a decision he announced a few weeks after divorce One of the richest couples in the world.

In May, the investor I showed Who will replace him in office if necessary. The person selected was Greg Abel, vice president of non-insurance operations for Berkshire Hathaway since January 2018 and CEO of energy provider Berkshire Hathaway Energy, a company that is 90% owned by the aforementioned company. Reuters reported at the time that under Berkshire’s succession plans, Buffett’s son, Howard, was expected to become a non-executive chairman, while investment managers Todd Combs and Ted Wechsler were poised to become directors of investments.