Warren Buffett, often called the Oracle of Omaha, made a historic decision in 2006 to pledge almost all of his vast fortune to charity. Since then, he has donated more than $55 billion worth of his Berkshire Hathaway shares to various charitable foundations, bringing his net worth to an estimated $128.9 billion. However, it is revealed that if Buffett had decided to keep all his shares for himself, he would have a fortune of around $293 billion, making him the richest person on Earth.
With his theoretical $293 billion fortune, Buffett would be on par with the record for having the largest fortune ever recorded, set by Elon Musk at $300 billion in 2021. Instead of giving away his wealth, Buffett has been working to fulfil his pledge of donating more than 99% of his fortune through annual donations to five handpicked foundations. He has mainly focused on giving to the Bill & Melinda Gates Foundation, founded by his friends. Buffett has also co-founded The Giving Pledge to encourage other billionaires to donate at least half their wealth to charitable causes.
Buffett’s children and a foundation named after his late wife have also received shares worth billions of dollars, with a significant portion going to the Susan Thompson Buffett Foundation, focusing on healthcare and education. Despite nearing the age of 93, Buffett plans to continue giving away stock to the five foundations each year until his death. However, he has decided that most of his remaining wealth will pass to a charitable trust overseen by his children instead of the Gates Foundation, as previously believed.
Buffett’s philanthropic efforts have had a significant impact on various charitable causes, including poverty and healthcare initiatives in developing countries, education, and economic mobility in America. Despite his massive donations, Buffett remains famously frugal, living in the same modest home in Omaha, Nebraska for over 60 years and maintaining a simple lifestyle. With his decision to give away more than 99% of his fortune, Buffett is leaving a lasting legacy of generosity and social responsibility.
