“I never wanted to create a dynasty”

Billionaire investor Warren Buffett considers himself very lucky – and not just because of his whopping $150 billion fortune.

The head of Berkshire Hathaway (BRK.A) reflected on the privileges of his life in a letter published Monday. The “Oracle of Omaha” stated that, given the circumstances of his birth – both geographical and his social position – he was confident “very early” that he would become rich.

“As I write this, I am continuing a streak of good fortune that began in 1930, when I was born in the United States as a white male,” he said. This luck led to a “philanthropic philosophy” that he passed on to his children and other Berkshire shareholders.

Buffett, who has vowed to donate more than 99% of his wealth, gave away another 2.4 million Class B shares worth about $1.1 billion to the sprawling conglomerate and railed against “dynastic wealth” in his latest letter.

“I never wanted to create a dynasty or pursue any plan beyond the children,” Buffett said, explaining that he has named three potential successor trustees who will continue to redistribute his wealth if his children, who are 71, 69, , will continue to redistribute his wealth. , and they are 66 years old, they cannot do this in their lifetime.

The 94-year-old, who owns nearly 38% of Berkshire’s Class A shares, has long been preparing for how his assets will be handled after his death and has increased his stock donations in recent months. In June, it gave away more than 13 million Class B shares worth about $5.3 billion.

After his death, nearly all of his remaining fortune will go to a new charitable foundation to be run by his daughter and two sons, the legendary investor previously told The Wall Street Journal. At Berkshire, Buffett will leave capital allocation decisions to Greg Abel, who is next in line to lead the sprawling Omaha-based conglomerate.

“However, the vast wealth I have accumulated may take longer to develop than my children will live,” Buffett wrote. “And the decisions of tomorrow are likely to be better made by three living and well-controlled brains than by a dead hand.”

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