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Reuters
American billionaire Warren Buffett
Billionaire Warren Buffett is halfway to his goal of donating his vast fortune, but although he still has $ 100 billion to give, he has no plans to pass it on to his children.
CNBC reported that Buffett is reiterating his firm belief that his “incomprehensible” net worth is better spent on charitable causes rather than on his sons’ investment portfolios.
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“After overseeing ultra-rich families so much, here is my advice, leave the kids just enough that they can do anything, but not enough that they can’t do anything,” Buffett said in a note. to shareholders earlier this year.
“His adult sons pursue charitable efforts that involve money and time,” he added.
He describes his charitable work as “the easiest job in the world” because “giving is painless and can lead to a better life for you and your children.”
The 90-year-old says he has noticed that inherited family behavior, or the passing on of vast wealth from one generation to the next, is less common in the United States than in other countries, and that he thinks its appeal is likely to wear off.
This does not mean that Buffett’s children, now in their sixties, did not receive anything from their father. The Washington Post reported in 2014 that each son has a $ 2 billion foundation that Buffett funds.
Buffett announced in his memo that he had donated $ 4.1 billion in Berkshire Hathaway shares to five charities as part of his efforts to give up 99% of his fortune by the end of his life. , bringing its total donation to $ 41 billion.
The investor, who was once the richest man in the world and now has a fortune of more than $ 100 billion, plans to distribute his remaining 238,000 shares to charity.
Buffett first announced his intention to part with the vast majority of his fortune in 2006, when he was 75 and owned 475,000 shares of Berkshire Hathaway.
Source: “CNBC”
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