Warren Buffett, the sixth richest man in the world, has entrusted his $143.1 billion fortune to his three children for charitable donations after his death.
Warren Buffett’s eldest son, Howard, acknowledged that the task of distributing the money is “not so easy.”
At 94, Buffett, who is the chairman and CEO of Berkshire Hathaway, plans to donate his entire wealth to a charitable trust that Howard, 69, Susie, 71, and Peter, 66, will manage.
According to the Associated Press, the siblings will have ten years to allocate the funds to charities of their choice.
“It’s not so easy to give away money if you want to do it smart, if you want to be intelligent about it.
“It’s pretty amazing that he’s given us this opportunity,” said Howard, who will become Berkshire Hathaway’s nonexecutive chairman after his father’s death.
He emphasized that he and his siblings intend to follow their father’s approach of taking risks to make a positive impact.
“I can tell you, we’ll sit down in a room when the time comes, and we’ll get it figured out pretty quickly.
“What this is going to do is we’re going to bring all of our collective experience together,” he said.
Howard also expressed the belief that wealthy people should donate their money during their lifetimes instead of leaving it in permanent foundations.
The 69-year-old said, “Somebody is going to spend that money. Somebody is going to give that money away.
“So I would rather do that with my brother and sister and do it together as a partnership, than see it done any other way.”
While the specific charities have not yet been disclosed, each sibling has their own foundation and has donated over $15 billion of their father’s money since 2006.
KanyiDaily recalls that Africa’s richest man, Aliko Dangote said he will like to do more for humanity by donating a chunk of his wealth to charity like American philanthropist, Bill Gates.
