FINANCE
What will happen to Warren Buffet’s money after he dies?
Co-founder of The Giving Pledge, Warren Buffet, has committed to giving away 99 percent of his wealth. A look at where it has and could go...
With a net worth of $128.4 billion, Warren Buffet is one of the richest people on Earth. At 93, he continues to serve as the CEO of Berkshire Hathaway. A share of Berkshire stock sells for $406.80, an increase of twelve percent from its position at the start of 2024.
This multinational conglomerate corporation encompasses the insurance company Geico. It is a major shareholder in some of the world’s most vulnerable companies, including Kraft Heinz, The Coca-Cola Company, Apple, and many others in the financial services sector. Buffet is also the BNSF through Berkshire Hathaway. This rail company inflicted much pain on the small town of East Palestine, Ohio, after one of its trains carrying hazardous materials, including highly flammable vinyl chloride, derailed in the city. Years before, the outlet More Perfect Union had released a short documentary on how BNSF had used its power to lobby for less regulation.
Where will Warren Buffet’s money go?
A share of Berkshire stock sells for $406.80, an increase of twelve percent from its position at the start of 2024. One of the questions that surrounds the fortunes of the super-rich is where the money will go when they die.
Buffet and fellow billionaire Bill Gates established The Giving Pledge in 2010. The pledge aims to raise awareness of a campaign encouraging the super-rich to give away more than half their wealth before death. The Founders say they started The Pledge “to help shift the social norms of philanthropy among the world’s wealthiest people and inspire people to give more, establish their giving plans sooner, and give in smarter ways.” Those who sign it commit “to give the majority of their wealth to charitable causes, either during their lifetimes or in their wills.”
“Were we to use more than 1% of my claim checks (Berkshire Hathaway stock certificates) on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others.”
Buffet has taken The Pledge to a different level, promising to donate ninety-nine percent of his net worth. Forbes reported that as of 2024, he has donated $56 billion, meaning he is nearly halfway there. The recipients of these funds have included the Bill and Melinda Gates Foundation and foundations started by his children.
Is Warren Buffet a Democrat?
In 2008, Warren Buffet endorsed Barack Obama’s presidential campaign, and in 2016, he endorsed Hillary Clinton. However, in 2020, he stayed out of politics and did not endorse Joe Biden over Donald Trump.