Billionaires are no strangers to earning money, but they’re also not strangers to giving back to the community. We see billionaires all over the world, creating charities and foundations, or donating to said foundations.
Warren Buffett is one of those billionaires. Throughout his career, Buffett’s net worth has just continued to increase, and with that, so has his donations to the community.
Buffett makes it a habit to give a significant portion of shares in his multi-billion dollar company Berkshire Hathaway to charity, every single year. In fact, it’s estimated that he’s given over $31 billion to charity so far in his lifetime, and I don’t need to tell you that figure is phenomenal.
Which charities/foundations does Warren Buffett donate to?
A recent press statement from Berkshire Hathaway announced that this year’s gift has gone been processed. Exactly 17,696,780 Class B shares of Berkshire Hathaway stock have been converted and given to the selected foundations; roughly worth a total of $3.4 billion.
There are five main organizations to which the company donates each year. $3.4 billion worth of stock has been given this year to the following foundations:
- The Bill & Melinda Gates Foundation
- The Susan Thompson Buffett Foundation
- The Sherwood Foundation
- The Howard G. Buffett Foundation
- The NoVo Foundation
These annual donations all stem from a pledge Buffett made in 2006, and the annual statement explains that this year’s donations are continuing with that pledge.
— Bloomberg (@business) 17 July 2018
The statement further explains how Buffett’s has been progressing with the donations since 2006:
“Mr. Buffett has never sold any shares of Berkshire. With the current gift, however, about 43% of his 2006 holdings have been given to the five foundations. Their value at the time of the gifts, including the 2018 gift, totals about $31 billion.”
How long does Warren Buffett plan on donating for?
As far as we can tell, Buffett’s plan to keep giving to charity will last for at least 10 years after he passes away. This is the length of time stated that the gifts will still be given, following the ultimate settlement of his estate.
We won’t know exactly just how charitable Warren Buffett truly was until then; however, as the press statement explains in its final words:
“In all cases, his A shares will be converted into B shares immediately prior to the gift.”