Warren Buffett has modified his will to make his largest annual donation yet to five charities.
Buffett said Wall Street Journal on Friday that nearly all of his fortune, valued at about $130 billion, will now go to a recent charitable trust after his death. Buffett’s children, Susie, Howie and Peter Buffett, will jointly run the organization and must unanimously select where the money goes.
“I feel very, very good about the value of my three children and I have 100 percent confidence in how they will pursue their goals,” Buffett told the Journal.
Warren Buffett. Photographer: Christopher Goodney/Bloomberg via Getty Images
Under the recent will, greater than 99% of Buffett’s fortune will go to philanthropy, according to Berkshire Hathaway press release. Buffett signed In 2006, he declared that he would donate over 99% of his fortune to charity during his lifetime or after his death.
Buffett currently makes annual donations to five organizations: the Bill & Melinda Gates Foundation, the Susan Thompson Buffett Foundation, the Howard G. Buffett Foundation, the Susan A. Buffett Foundation and the NoVo Foundation.
The Susan Thompson Buffett Foundation is named after Buffett’s first wife. It is chaired by his daughter. The other three foundations are run by his children.
The Bill & Melinda Gates Foundation received the bulk of the donation, 9.93 million shares. Buffett gave 993,035 shares to the Susan Thompson Buffett Foundation and 695,122 shares to the other three.
Buffett revealed in an interview with the Journal that his annual donations to the five organizations will only occur for his lifetime.
“The Gates Foundation will have no money when I die,” said Buffett, who resigned from the Gates Foundation board in 2021he said in an interview.
Buffett began donating to each of those foundations every yr starting in 2006. His contribution this yr was his highest one other, value 13 million, or $5.3 billion, of Berkshire Hathaway Class B shares.
Over the past 18 years, Buffett has donated greater than $55 billion.
The record $5.3 billion paid on Friday reduces Buffett’s net value to nearly $130 billion, making him the tenth richest person in the world, down from eighth, according to Forbes estimates.