Warren Buffett Donates 8 Trillion Won to Gates Foundation and Others in Largest-Ever Gift

Donations Also Made to Foundations Run by Each of His Three Children
Lifetime Contributions Exceed 82 Trillion Won

Warren Buffett, 94, Chairman of Berkshire Hathaway, has donated Berkshire Hathaway shares worth $6 billion (approximately 8 trillion won) to charitable foundations including the Gates Foundation.

According to major foreign media outlets on June 27, Buffett donated 12.36 million shares of Berkshire Hathaway to five charitable organizations, including the Gates Foundation. He donated 9.43 million shares to the Gates Foundation, founded by Bill Gates, and 943,384 shares to the Susan Thompson Buffett Foundation, named after his late first wife. In addition, he donated 660,366 shares each to the Howard G. Buffett Foundation, the Sherwood Foundation, and the Novo Foundation, which are operated by his children.

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

The Susan Thompson Buffett Foundation supports activities related to maternal health. The Howard G. Buffett Foundation works to address global hunger and eradicate human trafficking. The Sherwood Foundation supports nonprofit organizations and early childhood education in Nebraska, while the Novo Foundation focuses on helping marginalized women and indigenous communities.

This donation is the largest annual gift since Buffett began donating his wealth in 2006. With this donation, Buffett's total lifetime contributions have exceeded $60 billion (about 82 trillion won). In 2010, Buffett, together with Bill Gates and Melinda Gates, launched the Giving Pledge, a commitment to donate their wealth during their lifetimes or after death. Last year, Buffett amended his will so that 99.5% of his estate would be donated to charitable trusts managed by his children after his death.

According to Forbes, prior to this donation, Buffett's net worth was $152 billion (207 trillion won), ranking him fifth in the world. Even after the donation, Buffett reportedly still holds 13.8% of Berkshire Hathaway shares. However, his ranking among the world's wealthiest is expected to drop one spot to sixth. Berkshire Hathaway, an investment and insurance holding company, has a market capitalization of about $1.05 trillion (approximately 1,443 trillion won).

Earlier this month, Buffett made a surprise announcement of his retirement. He will step down as CEO of Berkshire Hathaway, a position he has held for 60 years, and hand over the role to Vice Chairman Greg Abel effective January 1 next year, stepping back from management and investment duties. However, he will continue to hold the title of Chairman of the Board at Berkshire Hathaway.