The next gen of Buffetts to become one of the biggest forces in philanthropy

Warren Buffett, the 94-year-old leader of Berkshire Hathaway, has announced that upon his death, his nearly $144 billion fortune will be donated to a charitable trust managed by his three children—Howard, Susie, and Peter Buffett—rather than to the Gates Foundation as previously intended. This marks a significant shift in his philanthropic plans outlined 18 years ago. The Buffett siblings will have ten years to distribute the funds, positioning them to become one of the most influential forces in philanthropy.

Each of the Buffett children already manages their own foundations with distinct focuses. Susie leads The Sherwood Foundation, supporting early childhood development and Omaha-based projects. Peter runs the NoVo Foundation, advocating for women’s autonomy and sustainable communities, especially within Native American groups. Howard’s foundation concentrates on conflict mitigation and agriculture worldwide, recently donating around $800 million to humanitarian efforts in Ukraine.

Howard Buffett acknowledges the challenge of wisely allocating such a vast sum within a decade but expresses confidence in their collective ability to make a meaningful impact. The siblings plan to collaborate, leveraging their diverse experiences to address global issues without seeking personal recognition. This development highlights the evolving nature of philanthropy among the ultra-wealthy and underscores Warren Buffett’s commitment to active, impactful giving.

Source: AP News