The World's Richest People Donate 99% of Their Assets, Their Children Can't Be Inherited?
Although after being donated, he still has US$100 billion left or equivalent to Rp1.4 quadrillion, he admits that he does not plan to pass on his wealth to his children.
He believed that wealth would be better spent on charitable causes than to fill his children's investment portfolio.
The 90-year-old said that dynastic behavior or passing large fortunes from parents to children is less common in the United States.
However, that doesn't mean Warren Buffett's children, who are now in their 60s, haven't received anything from him.
Each of his children turns out to have a foundation worth US$2 billion or Rp. 28.8 trillion, which is funded by Buffett.
This is part of his efforts to give away 99% of his wealth at the end of his life, so that his total donation has now reached 41 billion US Dollars or equivalent to Rp. 592.2 trillion.
The man, who has started investing since he was 10 years old, also plans to distribute the remaining 238,624 shares of Berkshire Hathaway for charitable purposes.
"Over the decades I've amassed an almost incomprehensible amount of money just doing what I love without sacrificing my family and myself," Buffett wrote.
Reporting from the BBC, Thursday (24/06/2021), Buffett also announced his retirement from his position of trustee at the Bill and Melinda Gates Foundation, the charitable foundation founded by Bill Gates and his ex-wife, Melinda.
In addition, he also said that he had also resigned from all board positions of his companies, including Berkshire Hathaway.
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