Berkshire Hathaway chairman and billionaire philanthropist Warren Buffett is cutting his ties with the Bill & Melinda Gates Foundation. The 93-year-old American businessman’s fortune is reportedly estimated at $127 billion, and he’s donated more than $39 billion to the nonprofit over the past 15 years, according to Fortune.
Recently sitting down with the Wall Street Journal for an interview, Buffett gave a preview of what his will would look like once he was gone. He explicitly mentioned that his support of the Gates Foundation would leave the scene with him.
“The Gates Foundation has no money coming after my death,” he outrightly confirmed.
Why Warren Buffett’s support for the Gates Foundation will end with his death
As of now, he’s indicated that his remaining wealth will instead be bequeathed by a different charitable trust, overseen by his three children: Howard (71), Susie (69), and Peter (66). Therefore, once Buffett passes away, future donations to be made with his wealth will ultimately be decided by them unanimously.
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Buffett affirmed that he had “100% trust” in how they will handle matters and make the decisions he won’t be able to once he’s gone. “I feel very, very good about the values of my three children,” he said.
The Berkshire Hathaway chairman, known as one of the most celebrated investors in the world, has been one of the Gates Foundation’s most devoted and generous supporters since 2006, also the year when he came in as a trustee. He ultimately stepped down in 2021, the same year as the Microsoft cofounder’s divorce with Melinda French Gates.
Presently, CEO Mark Suzman runs the private foundation. Buffett parting ways with it is the second blow to Suzman after Melinda French Gates resigned in May.
At the time, she’d extolled Buffett for playing an “invaluable role in championing and shaping the foundation’s work to create a world where every person can live a healthy, productive life.” She also added, “Warren Buffett has been exceedingly generous to the Gates Foundation through more than 18 years of contributions and advice.”
At the end of the day, Buffett hopes his fortune will be “used to help the people that haven’t been as lucky as [his family has] been,” he told the WSJ. Acknowledging his privileged stance, falling in the “luckiest 100th of 1%,” he admitted that there are a lot of ways to help others.
The Gates Foundation isn’t the only nonprofit that will see the end of Buffett’s donations. The businessman has also regularly supported four other establishments connected to his family. For now, his philanthropic contributions to all five foundations will continue as long as he’s alive. However, these matters will be dealt with by his children once he’s no longer around.
Charlie Munger, Buffett’s longtime partner at Berkshire Hathaway, passed away at 99 in 2023.
