Warren Buffett wants his entire $96 billion fortune spent within 10 years of his...
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Warren Buffett wants his entire $96 billion fortune spent within 10 years of his death. Every kid on the planet might get a cut
What will happen with Warren Buffett’s billions when he dies? Some of it might go to every kid on the planet.
So reports the Wall Street Journalin a recent investigation of the future of Buffett’s fortune, which is worth $96.8 billion at the time of this article's publication. In 2006, the Berkshire Hathaway CEO pledged to give away 85% of his stock in the company to charity, designating the majority of it to the Bill & Melinda Gates Foundation. Four years later, he vowed to redistribute 99% of his wealth to philanthropy during or after his lifetime.
Of Buffett's $90 billion Berkshire stake, $56 billion will go to the Gates Foundation and $17.4 billion to four family charities, leaving an uncommitted $18.7 billion—all numbers the Journal says could climb if Berkshire shares continue to perform the way they have been. He reportedly wants his billions spent within 10 years of his death.
Gates Foundation staffers have been banking on receiving the full amount of both Buffett’s pledged shares and remaining unpledged shares, the Journal reported, having spent years figuring out where to put the money since some Gates Foundation grant recipients were already maxed out.
One proposed solution was to create a world children's savings bank. The exact amount allocated to each child wasn’t disclosed, but a former Gates Foundation employee told the Journal that each child would receive thousands of dollars that “sit on a shelf, like a battle plan” for baby beneficiaries.
But Buffett, who turns 92 this year, hasn’t yet disclosed the nitty-gritty of how his wealth will be split after his death; estate planning experts told the Journal his pledge letter was a bit ambiguous. The investigation found that Susan Thompson Buffett Foundation, a family charity that supports abortion rights, has been hiring staff and planning for a “massive influx of money” as high as $100 billion—meaning it may inherit some of the windfall the Gates Foundation has been anticipating.
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