Multi-billionaire businessman and philanthropist, Warren Buffett, has announced a monumental change to how he wants his considerable wealth to be managed after him.
In an exclusive interview with the Wall Street Journal, Buffett revealed that upon his death, his wealth will no longer flow to the Bill & Melinda Gates Foundation, marking an end to a longstanding philanthropic partnership.
“The Gates Foundation has no money coming after my death,” the 93-year-old chairman of Berkshire Hathaway, stated plainly.
Instead, Buffett plans to establish a new charitable trust overseen by his three children—Susie, Howard, and Peter Buffett—who will play pivotal roles as trustees of the foundation.
“I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” Buffett affirmed to the Journal, expressing confidence in his heirs’ abilities to steward his legacy of giving.
This latest move represents a departure from Buffett’s previous commitment, where more than 99% of his estate was designated for philanthropy, largely to the Gates Foundation and four other family-related charities.
Despite this change, Buffett indicated that he will continue his charitable contributions during his lifetime, underscoring his ongoing dedication to philanthropy.
Berkshire Hathaway confirmed on Friday that Buffett is converting approximately 9,000 Class A shares into over 13 million Class B shares, with a significant portion allocated to the Bill & Melinda Gates Foundation Trust and the remainder divided among the Buffett family charities.
Mark Suzman, CEO of the Gates Foundation, acknowledged Buffett’s historic contributions, stating, “Warren Buffett has been exceedingly generous to the Gates Foundation through more than 18 years of contributions and advice. We are deeply grateful for his most recent gift and contributions totaling approximately $43 billion to our work.”
The establishment of Buffett’s new foundation, expected to be one of the largest in the world upon its launch, signals a substantial shift in the landscape of philanthropy.
With assets estimated at $130 billion, the foundation will rival other major charitable entities, such as the Novo Nordisk Foundation, immediately upon inception.
Reflecting on the future direction of his family’s philanthropic efforts, Buffett articulated a broad mandate: “It should be used to help the people that haven’t been as lucky as we have been.”
His children, Susie and Howard, both currently serve on the Berkshire Hathaway board, further underscoring their involvement in shaping their father’s philanthropic vision.
Warren Buffett’s decision not only reshapes his charitable legacy but also sets the stage for a new era in global philanthropy, guided by his family’s stewardship and commitment to making a profound impact on society.
