The 6th richest man in the world, Warren Buffett has given his three children his $143.1billion fortune to share to charities of their choice once he is dead, with his eldest son saying the task is ‘not so easy.’
The 94-year-old chairman and CEO of Berkshire Hathaway has decided to donate his entire fortune to a charitable trust after his d3ath, which his three children, Howard, 69, Susie, 71, and Peter, 66 – will be in charge of.
Buffett is currently the sixth richest person in the world, behind Elon Musk, Jeff Bezos, Larry Ellison, Mark Zuckerberg and Bernard Arnault.
According to the Associated Press, his kids will have just 10 years to allocate all of the money to charities of their choice.
‘It’s not so easy to give away money if you want to do it smart, if you want to be intelligent about it,’ said Howard, a farmer who is to take over as Berkshire Hathaway’s nonexecutive chairman upon his father’s death.
‘It’s pretty amazing that he’s given us this opportunity,’ he added.
Howard added that he and his siblings would continue to follow their father’s method of taking risks while trying to find ways to make a difference.
‘I can tell you, we’ll sit down in a room when the time comes, and we’ll get it figured out pretty quickly,’ he said.
‘What this is going to do is we’re going to bring all of our collective experience together.’
Howard also said he believes that wealthy people should give their money away within their lifetimes, rather than holding them in perpetual foundations.
‘Somebody is going to spend that money. Somebody is going to give that money away.
‘So I would rather do that with my brother and sister and do it together as a partnership, than see it done any other way.’
It hasn’t been revealed what organizations the siblings might donate the fortune to, but they each have their own foundations from which they have donated more than $ 15 billion of their father’s money since 2006.
