What will happen to Warren Buffett's enormous wealth after his passing? Some of it might be given to each child in the world.
In a recent investigation into the future of Buffett's fortune, which is estimated to be worth USD96.8 billion as of the time of this article's publication, the Wall Street Journal confirms this. The CEO of Berkshire Hathaway promised to donate 85% of his company stock to charity in 2006, with the Bill & Melinda Gates Foundation receiving the lion's share of it. . Four years later, he made a commitment to donate 99 percent of his money to philanthropy during or after his lifetime.
The Journal reports that of Buffett's USD90 billion holding in Berkshire, USD56 billion will go to the Gates Foundation and USD17.4 billion to four family organisations, leaving USD18.7 billion uncommitted. If Berkshire shares continue to perform as they have, these figures might increase. According to reports, he wants his money spent within ten years following his passing.
As per reports, Gates Foundation personnel had been counting on getting the full amount of both Buffett's pledged shares and remaining unpledged shares after figuring out where to put the money for years because certain grant recipients at the Gates Foundation were already maxed out.
One suggestion was to establish a global children's savings bank. Although the precise amount given to each kid was not made public, a former Gates Foundation official told the Wall Street Journal that each child would receive thousands of dollars, which would "sit on a shelf, like a battle plan" for baby beneficiaries.
The specifics of how his fortune will be distributed after his death haven't been revealed by Buffett, who turns 92 this year; estate planning experts told the Journal that his pledge letter was a little vague.
IMF MD sees 'narrowing path' to reducing US recession
