The three heirs of Warren Buffett - Susie, Howard and Peter - still do not know how they will divide their father's fortune. They are discussing whether to create a joint fund or to each manage their part separately, reports “Bloomberg“.
“We don't know. We don't know yet“, said 73-year-old Susan “Susie“ Buffett. She runs The Sherwood Foundation in Omaha, Nebraska, and says the opportunity to help comes with a responsibility to her parents.
Different priorities
The three heirs already have years of experience in philanthropy, but they direct their funds in different areas. Susie Buffett prefers to support children's education.
Howard Buffett, who is 71, is considering health care programs in rural Nebraska. He is also trying to support peace initiatives in the Democratic Republic of Congo. By the end of last year, it had allocated more than $1.2 billion in aid to Ukraine, nearly $167 million to the Democratic Republic of Congo, $497 million to Rwanda and $287 million to Colombia.
Peter Buffett, a 68-year-old musician and head of the NoVo Foundation, is considering initiatives related to unconditional basic income. He says it is not natural for one person to have billions of dollars.
„I don't think anyone should have billions of dollars. It's just unnatural“, Peter Buffett has said.A task for billions
The scale of the task ahead makes the decision even more complicated. If Warren Buffett's fortune continues to grow at a 10% annual rate, the three would need to give away a combined $17.6 billion each year to distribute the funds over 20 years, Bloomberg estimates.
Susie, Howard and Peter talk every Sunday, with Susie helping to care for their father and keeping her brothers informed of his condition. They are already discussing how they will honor his memory when that time comes.
In September, Warren Buffett, who is 96, stepped down as chairman of Berkshire Hathaway after nearly six decades at the helm of the company. In his place, Howard Buffett took over, and Warren Buffett became chairman emeritus and retained his seat on the board of directors.
The investor's fortune is estimated at $151 billion, with a large part of it tied to Berkshire Hathaway shares. Buffett has led the company since 1965, and the future distribution of his wealth will place his three heirs in one of the largest charitable tasks in the world.