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Warren Buffett revised his will and made his largest annual donation to date to five charities.
Buffett told the Wall Street Journal on Friday that nearly all of his fortune, estimated at about $130 billion, will go to a new charitable foundation after his death. Buffett's children Susie, Howie and Peter Buffett will co-lead the organization and must unanimously decide where the money goes.
“I'm very, very comfortable with the values of my three children and have 100 percent confidence in how they will do things,” Buffett told the Journal.
Warren Buffett-. Photographer: Christopher Goodney/Bloomberg via Getty Images
The new will ensures that more than 99 percent of Buffett's estate will go to charity, according to a Berkshire Hathaway press release. Buffett signed the Giving Pledge in 2006 to donate more than 99 percent of his wealth to charity during his lifetime or after his death.
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Buffett currently donates annually to five organizations: the Bill & Melinda Gates Foundation, the Susan Thompson Buffett Foundation, the Howard G. Buffett Foundation, the Susan A. Buffett Foundation, and the NoVo Foundation.
The Susan Thompson Buffett Foundation is named after Buffett's late first wife and is headed by his daughter; the latter three are headed by each of his children.
The majority of the donation went to the Bill & Melinda Gates Foundation, with 9.93 million shares. Buffett donated 993,035 shares to the Susan Thompson Buffett Foundation and 695,122 shares each to the other three.
Buffett told the Journal that he would only make his annual donations to the five organizations during his lifetime.
“The Gates Foundation will not receive any money after my death,” Buffett, who resigned from the Gates Foundation board in 2021, told the publication.
Related: Melinda French Gates resigns from the Gates Foundation
Buffett began supporting each of these foundations annually in 2006. His donation this year was his largest ever, totaling $13 million, or $5.3 billion in Berkshire Hathaway Class B shares.
Buffett has donated a total of over $55 billion to these organizations over the past 18 years.
Friday's record donation of $5.3 billion reduces Buffett's net worth to nearly $130 billion, making him the 10th richest person in the world, rather than the eighth richest, according to Forbes estimates.
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