Warren Buffett speaks out against creating family wealth dynasties, gives away another $1.1 billion

Warren Buffett, who has amassed a $150 cardinal idiosyncratic fortune, made a beardown lawsuit against creating "dynastic" wealthiness arsenic helium named 3 autarkic trustees to oversee his philanthropy pursuing his children and donated different $1.1 cardinal in Berkshire Hathaway stock to 4 household foundations.

Instead of leaving his 3 children an tremendous inheritance, the 94-year-old legendary capitalist has agelong pledged to springiness distant 99% of the luck helium built astatine Berkshire, the Omaha, Nebraska-based conglomerate helium started moving since 1965. 

Buffett believes household wealthiness dynasties could person antagonistic consequences specified arsenic eroding idiosyncratic maturation and complicating relationships. Meanwhile, they besides make societal uncertainties arsenic it's unforeseeable however aboriginal generations take to administer specified wealth.

"I've ne'er wished to make a dynasty oregon prosecute immoderate program that extended beyond the children," Buffett wrote successful a lengthy missive Monday. "I cognize the 3 good and spot them completely. Future generations are different matter. Who tin foresee the priorities, quality and fidelity of successive generations to woody with the organisation of bonzer wealthiness amid what whitethorn beryllium a acold antithetic philanthropic landscape?"

Successor trustees named

The "Oracle of Omaha," who owns astir 37.6% of Berkshire Class A shares, said the assets he's collected whitethorn instrumentality longer to deploy than his children live. He has appointed 3 trustees of his charitable spot to perchance win his children successful disbursing his wealth. Buffett's children are present 71, 69 and 66.

"Three imaginable successor trustees person been designated. Each is good known to my children and makes consciousness to each of us. They are besides somewhat younger than my children," Buffett wrote. "But these successors are connected the hold list. I anticipation Susie, Howie and Peter themselves disburse each of my assets."

The individuality of the trustees was not revealed.

Buffett has been making yearly donations to 4 household foundations since 2006. He said he's built beardown spot successful his children's managerial quality and philanthropic ambition done years of observation.

"The 2006-2024 play gave maine the accidental to observe each of my children successful enactment and they person learned overmuch astir large-scale philanthropy and quality behavior," helium said. "They bask being comfy financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would beryllium precise arrogant of them. As americium I."

Buffett's Berkshire, which pierced a $1 trillion marketplace headdress this year, owns a immense array of well-established businesses, ranging from its crown jewel Geico security to BNSF Railway to user brands similar Dairy Queen and See's Candies.