Warren Buffett gives challenging $143.1 billion task to his 3 children, eldest son Howard says 'it's not so easy to…'
Warren Buffett, the 94-year-old Berkshire Hathaway chairman and CEO, has assigned his three children an incredible $143.1 billion task,
Warren Buffett, the 94-year-old Berkshire Hathaway chairman and CEO, has assigned his three children an incredible $143.1 billion task, which his eldest son describes as “not so easy.”
The Berkshire Hathaway chairman has opted to leave his entire fortune to a charitable trust after his demise, which will be overseen by his three children - Howard, 69, Susie, 71, and Peter, 66.
According to the Associated Press, they will have only ten years to donate the entire amount to their preferred charities.
“It's not so easy to give away money if you want to do it smart, if you want to be intelligent about it,” said Howard Buffet, a farmer who will succeed his father as Berkshire Hathaway's non-executive chairman after his passing.
He, however, called it a “pretty amazing” opportunity that his father has given them.
Howard stressed that he and his siblings would keep following their father's footsteps and take chances while looking for opportunities to make a difference.
He further clarified that he supports his father's choice to allocate hundreds of billions of dollars, adding that he will sit down with his siblings and they will “get it figured out pretty quickly.”
Elaborating on his idea of donating money to others, Howard said that rich people should give away their money within their lifetimes, rather than putting it in eternal foundations.
Warren Buffet kids donate their money to…
The siblings have donated about $15 billion of their father's wealth to their own foundations since 2006. However, the charities to which they may donate the amount are yet undisclosed.
Susan Thompson Buffett Foundation, of which Susie is the chairperson of the board and Peter is a board member, has provided $8.4billion mainly to reproductive health care organizations.
On the other hand, the Howard G. Buffett Foundation promotes global conflict resolution and food security, while Peter Buffett and his wife Jennifer have prioritized helping females globally and promoting social-emotional learning in schools.
Warren Buffet will continue to donate for Gates Foundation
Warren Buffett, who is presently the world's sixth richest person, will continue to donate to the Gates Foundation on a yearly basis, as he has done since 2006, for a total of more than $40 billion.
In a Wall Street Journal interview in 2022, he informed that his wealth “should be used to help the people that haven't been as lucky as we have been.” He will also keep contributing to the charities that his family has founded.
“There's eight billion people in the world and me and my kids, we've been the luckiest 100th of one percent or something,” he asserted.
