'Omaha's Sage' Warren Buffett Donates 1.6 Trillion Won to Family Foundation

‘Omaha Sage’ Warren Buffett, Chairman of Berkshire Hathaway, announced on the 25th (local time) that he will donate company shares worth $1.15 billion (approximately 1.6117 trillion KRW) to four family charitable foundations.

On the same day, Chairman Buffett converted 1,600 Berkshire A shares into 2.4 million B shares and announced that he will donate 1.5 million shares to the Susan Thompson Buffett Foundation, named after his late wife, and 300,000 shares each to the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.

Warren Buffett, Chairman of Berkshire Hathaway. Photo by AP Yonhap News

In a letter to shareholders, Buffett explained, "I do not want to create a dynasty or pursue plans beyond my children’s generation," adding, "I know my three children well and trust them completely."

He also named three successor trustees who will take over the assets after his three children pass away. Although he said they are well-known and younger than his children, he did not disclose their specific identities. Buffett’s three children are currently 71, 69, and 66 years old. He decided this because distributing such vast wealth could take longer than his children’s expected lifespans, but he expressed that he hopes his three children will directly distribute all the assets.

Instead of leaving a massive inheritance to his three children, Buffett has pledged to donate 99% of his wealth. Since 2006, he has been donating annually to four family foundations and the Bill and Melinda Gates Foundation. He owns about 37.6% of Berkshire A shares, and his personal wealth is currently estimated at around $150 billion (approximately 210 trillion KRW).