The Berkshire Hathaway founder said the family’s philanthropy plan began long before his fortune, as he shifts donations away from the Gates Foundation after giving roughly $48 billion over 19 years.
Warren Buffett said he and his late wife, Susie, decided early in their marriage that they would give away whatever wealth they accumulated, long before the Berkshire Hathaway founder became worth current estimates of $147 billion. In remarks to CNBC, Buffett said they never aspired to extreme luxury and had discussed philanthropy even when they had little money. He said their approach reflected his belief that he could compound wealth faster than society at large, while Susie would deploy it more effectively than most donors. Buffett said Susie preferred hands-on giving, while he favored a broader "wholesale approach." After her death in 2004 following a stroke, he said he continued with that plan. He later formed the Giving Pledge in 2010 with Microsoft co-founder Bill Gates and philanthropist and businesswoman Melinda French Gates to encourage high-net-worth individuals to commit their wealth to social good earlier. Berkshire Hathaway confirmed earlier this week that Buffett is donating 12 million Class B Berkshire shares worth just under $6 billion to charitable organizations, with none of the latest gift going to the Gates Foundation. Buffett had directed about $48 billion to the Gates Foundation over 19 years. The rest of his Berkshire stake, described as $140 billion worth of shares, will be distributed by 2034 through organizations associated with or run by his children, Howard, Peter and Susan, he announced Tuesday. Buffett also addressed questions around Bill Gates’s ties to Jeffrey Epstein, calling the matter "distasteful" after watching Gates’s Congressional testimony earlier this year. He added that he has made mistakes himself and had at times hired people who later turned out not to be what he expected. Discussing his children’s role as stewards of the family’s philanthropy, Buffett said he leaves execution to them and does not review their Form 990s, the IRS (U.S. tax authority) filing used by nonprofits.