Warren Buffett, the 96-year-old chairman emeritus of Berkshire Hathaway Inc., has shifted the administration of his $150 billion fortune from Bill Gates to his three children: Howard, Peter, and Susan. This significant change occurred last July following the revelation of Gates' relationship with Jeffrey Epstein and his subsequent divorce. The decision places the burden of managing one of the world's largest fortunes on the siblings, who have expressed uncertainty about how best to handle such an immense sum.
The three brothers and sister are pursuing distinct philanthropic paths using family funds. Howard Buffett, now president of Berkshire Hathaway since September, has already donated over $1.2 billion to Ukraine, nearly $167 million to the Democratic Republic of Congo, $497 million to Rwanda, and $287 million to Colombia. He is also developing a police training center in Decatur, Illinois. Meanwhile, Peter Buffett is transforming an old furniture factory in the Hudson Valley into a modern community space featuring a fabrication center and a Harry Potter-inspired library. Susan "Susie" Buffett remains in Omaha, directing funds toward early childhood education, after-school programs, and a science museum.
Despite their individual efforts, the siblings have not yet determined a unified strategy for the bulk of the inheritance. They are currently awaiting the next allocation of Berkshire shares, expected around Thanksgiving, which will further increase the assets held by four foundations: one named after Buffett's late wife, Susan Thompson Buffett, and one for each child. Upon Warren Buffett's death, any remaining assets will pass to his children, who must reach a unanimous agreement on how to spend them. Elizabeth Dale, acting executive director of the Dorothy A. Johnson Center for Philanthropy, noted that there are no precedents for donations of this magnitude because there are no precedents for fortunes of this size.
The siblings have expressed reservations about the sheer scale of the wealth. Peter Buffett stated that he did not want to be involved in managing the fortune and believes that "no one should have that much money at their disposal," calling it unnatural. The brothers, aged 73, 71, and 68 respectively, prefer to focus on a select number of causes rather than making massive, unconditional donations like those made by MacKenzie Scott. They aim to avoid overwhelming non-governmental organizations with huge sums and are concerned about the long-term sustainability of their decisions.
Warren Buffett originally pledged in 2006, alongside Bill and Melinda Gates, to donate the majority of his wealth, which was then valued at $44 billion. However, his fortune has grown significantly since then, exceeding $150 billion even after he has donated more than $70 billion. Critics like Aaron Horvath argue that the world cannot rely solely on the generosity of billionaires and suggest that Buffett is essentially passing the ball to the next generation without fully resolving the economic forces that continue to accumulate his wealth. The siblings hope to distribute the fortune during their lifetimes, but they acknowledge the difficulty of the task ahead.
Sources: El País Economía.