Warren Buffett Says Dynastic Wealth 'Is Not Desirable' — and He Just Donated $870 Million to Charities Ahead of Thanksgiving The majority of the gift will go to the Susan Thompson Buffett Foundation, which is named after his late wife.
- Warren Buffett continues his tradition of giving away his massive wealth.
- Buffett and his children believe that dynastic wealth "is not desirable," but "capitalism has worked wonders."
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The donations will be made in the form of shares, with the majority going to the Susan Thompson Buffett Foundation, named after his late wife. The foundation will receive 1.5 million shares.
Additionally, another 900,000 Class B shares will be divided evenly among three charities run by Buffett's children: the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation, per CNBC.
This is not the first time Buffett has made such substantial contributions. Last year, he donated about $750 million to the same foundations and has made similar donations yearly since 2006.
In a letter to shareholders on Tuesday, Buffett wrote that he and his children "have a common belief that dynastic wealth, though both legal and common in much of the world including the United States, is not desirable."
"We also agree that capitalism — whatever its weaknesses, including the vast disparities in wealth and political influence that it delivers somewhat capriciously to its citizens — has worked wonders and continues to work wonders," he continued.
Buffett's philanthropy extends beyond these donations. Berkshire Hathaway recently reported a surge in third-quarter operating earnings and a record-high cash pile of $157 billion, per CNN. As the 93-year-old remains in control of the sprawling company, he named Greg Abel, the head of Berkshire Hathaway's non-insurance business, as his successor in 2021.