The American investor tasks his children with overseeing the distribution of his fortune.

One of the most successful investors of all times, Warren Buffett, has announced plans to give away his vast $147.4 billion fortune after his passing. While sharing this plan with journalists, the 94-year-old American businessman continued his Thanksgiving tradition of generosity by donating over $1.1 billion in Berkshire Hathaway stock to four family foundations on Monday.

Previously, Buffett revealed that his three children - Howard, Peter, and Susie - would oversee the distribution of his remaining wealth within a decade of his death. However, acknowledging the uncertainties of life, he has now appointed successors to take over if any of his children die before it is fully donated. While he didn’t disclose their identities, Buffett assured that his children are familiar with and supportive of the choices.

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“Father Time always wins,” the investor wrote in a letter to Berkshire shareholders. “But he can be fickle - indeed unfair and even cruel - sometimes ending life at birth or soon thereafter, while at other times, waiting a century or so before paying a visit. To date, I’ve been very lucky, but, before long, he will get around to me.”

Buffett, who famously opposes dynastic wealth, reiterated his stance that parents should leave their children “enough so they can do anything but not enough that they can do nothing.” While his children have received millions over the years, he has focused on philanthropy rather than creating intergenerational wealth.

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The secret to Buffett’s extraordinary wealth lies in the power of compound interest and Berkshire Hathaway’s growth through acquisitions and savvy investments, such as his substantial stake in Apple. Despite his success, Buffett resisted indulgent luxuries, continuing to live in the same Omaha home he bought decades ago and driving modest cars to work.

Howard, Peter, and Susie Buffett. Credit: APNews

“If my first wife and I had never given away any of our Berkshire shares, our fortune would now be worth $364 billion,” Buffett noted. Yet, he expressed no regrets about his philanthropy, which began in earnest after his wife Susan’s death in 2004 and expanded with his 2006 pledge to give away most of his wealth.

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To date, Buffett’s donations have primarily benefited the Bill & Melinda Gates Foundation, which received $55 billion in stock. However, he plans to cease contributions to the Gates Foundation after his death, with his children’s foundations taking on the primary responsibility for his philanthropy.

Despite his age, Buffett remains actively involved as Berkshire Hathaway’s chairman and CEO, focusing on investment decisions while delegating day-to-day management to others. Greg Abel, who oversees Berkshire’s noninsurance businesses, is set to succeed Buffett as CEO.

After this latest donation, Buffett still owns 206,363 Class A Berkshire shares, maintaining control of over 30% of the company’s voting power.

The Buffett family is also known to have donated one billion US dollars to Ukraine since Russia's invasion in February 2022.

There are reports to date that Warren Buffett is sick or suffers from any serious illness.

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