Warren Buffett, the 94-year-old chairman and CEO of Berkshire Hathaway, has tasked his three children with an extraordinary mission: to distribute his $143.1 billion fortune to charity within 10 years after his death. His eldest son, Howard Buffett, acknowledged the challenge, calling it “not so easy.”
A massive charitable task
Following Warren Buffett’s passing, his entire fortune will be transferred to a charitable trust, managed by his children—Howard, 69, Susie, 71, and Peter, 66. While the trio has already been involved in philanthropy, the scale of this new responsibility is unprecedented. Howard, a farmer and Buffett’s successor as Berkshire Hathaway’s non-executive chairman described it as both “a pretty amazing opportunity” and a complex challenge.
“It’s not so easy to give away money if you want to do it smart, if you want to be intelligent about it,” Howard said. Despite the difficulties, he expressed confidence that he and his siblings would figure out the best approach quickly.
Commitment to smart philanthropy
Howard emphasized that he and his siblings plan to follow in their father’s footsteps, taking risks and looking for ways to make a meaningful difference. He also supports his father’s philosophy that wealthy individuals should give away their fortunes during their lifetimes, rather than leaving them in perpetual foundations.
The Buffett family’s philanthropy
Since 2006, the Buffett siblings have already donated $15 billion of their father’s wealth through their foundations. However, they have not yet disclosed which charities will benefit from the $143.1 billion.
Susie Buffett chairs the Susan Thompson Buffett Foundation, which has donated $8.4 billion, primarily to reproductive health organizations. Howard’s foundation, the Howard G. Buffett Foundation, focuses on global conflict resolution and food security. Peter Buffett and his wife, Jennifer, have prioritized women’s issues and social-emotional learning in schools through their foundation.
Warren Buffett’s ongoing commitment to the Gates Foundation
Warren Buffett, currently the world’s sixth-richest person, has long been a significant contributor to the Bill & Melinda Gates Foundation. He has donated more than $40 billion to the foundation since 2006 and will continue doing so. In a 2022 interview with The Wall Street Journal, Buffett explained his dedication to philanthropy: “My wealth should be used to help people who haven’t been as lucky as we have.”
He has also committed to continuing his contributions to the charities founded by his family, reinforcing his belief that he and his children have been among the “luckiest 100th of one percent” in the world.
The Warren Buffett family’s next steps will be watched closely as they navigate this enormous philanthropic responsibility, aiming to make a lasting impact on the world.