Warren Buffett changes his will: Know what will happen to his Rs 10+ lakh crore net worth after he dies
Warren Buffett, the legendary Chairman of Berkshire Hathaway, has once again revised his will. With a staggering net worth of $128.4 billion (Rs 10,71,408 crore), Buffett discussed his new posthumous financial plans with the Wall Street Journal, which includes halting his generous contributions to the Bill & Melinda Gates Foundation.
A Legacy of Leadership and Philanthropy
Buffett, who celebrated his 93rd birthday last August, has established himself as one of the greatest investors of all time. He has been at the helm of Berkshire Hathaway since 1970, leading the multinational conglomerate to immense success. As the largest shareholder, Buffett has consistently pledged to donate 99 percent of his vast fortune to charitable causes.
In a previous statement reported by The Seattle Times, Buffett attributed his wealth to simple but sound capital deployment and the compounding effects of the American economic environment. He emphasized, “My will provides that more than 99 percent of my estate is destined for philanthropic usage.”
Shifting Focus to Family-Managed Philanthropy
Historically, the Bill & Melinda Gates Foundation has been a major recipient of Buffett’s donations, along with four other family-related charities: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. However, Buffett has decided to redirect his philanthropic efforts closer to home.
In his conversation with the Wall Street Journal, Buffett revealed that the Gates Foundation would no longer receive funds after his death. Instead, his substantial wealth will be managed by a newly established charitable trust overseen by his three children: Susan Alice Buffett, Howard Graham Buffett, and Peter Andrew Buffett.
Trust in Family Values
Buffett expressed complete confidence in his children’s ability to manage the charitable trust according to his values. “I feel very, very good about the values of my three children, and I have 100 percent trust in how they will carry things out,” he stated. He believes that his children will use the trust to benefit those less fortunate, highlighting the disparity in global wealth and the responsibility to help others.
“There are 8 billion people in the world, and my kids and I have been among the luckiest 0.01 percent. There are countless ways to help people,” Buffett added, emphasizing the broad scope of potential philanthropic endeavors.
Continuing Support for the Gates Foundation
Despite the changes in his will, Buffett’s support for the Bill & Melinda Gates Foundation remains steadfast while he is alive. Since 2006, he has donated nearly $43 billion (Rs 3,58,820 crore) to the foundation, significantly bolstering its efforts in various global initiatives.
Current Holdings and Future Plans
As of now, Buffett holds approximately 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, amounting to roughly $128 billion (Rs 10,68,091 crore). His revised will ensure that this wealth will continue to serve philanthropic purposes, managed with the values and integrity that have defined his legacy.
Warren Buffett’s latest changes to his will reflect a deep trust in his family’s ability to carry forward his philanthropic vision. By redirecting his immense wealth to a family-managed charitable trust, Buffett aims to make a lasting impact on the world, ensuring that his fortune benefits those who need it most. While the Bill & Melinda Gates Foundation will continue to receive his support during his lifetime, the future of his philanthropy lies in the capable hands of his children.