Warren Buffett continues to show the world why he is “the Oracle of Omaha”. Not only has he amassed an incredible net worth of $ 70 billion. He is one of the founders of The Giving Pledge. He gives more than 99% of his fortune before dying thanks to his commitment to this philanthropic commitment. In fact, over the past 14 years, Buffett has donated more than $ 37 billion. This year, it donated $ 2.9 billion (approximately 15.9 Class B shares) of Berkshire Hathaway shares.
After this donation, Buffett will still hold 248,734 Class A shares, valued at $ 67.5 billion. Before he started donating a portion of his Berkshire Hathaway holdings each year, he held just under 500,000 Class A shares of his company, which is estimated to be around $ 129 billion today. Buffett’s main beneficiaries are the Bill and Melinda Gates Foundation, the Buffett Foundation, founded by his late wife Susan Buffett, and the charities run by each of his three children.
This is the latest annual donation from Buffett, who has committed to donating Class B shares to the Bill and Melinda Gates Foundation each year. He made this commitment in 2006 and it was one of the things that led to the founding of The Giving Pledge in 2010 with Bill and Melinda Gates. If all goes according to plan, he will have sold all of his Berkshire Hathaway shares about 10 years after his death.
Critics (although we don’t understand how he could have it) accused him of donating to a charity in such a generous way to obtain tax breaks. Buffett is not the type to be decried, and this year he revealed the tax benefit he received for his philanthropic donations. His income tax for the federal government and Nebraska combined is equivalent to a reduction of about 43 cents for every $ 1,000 he donated in the past 15 years.