92-year-old famous US businessman Warren Buffett’s fortune of more than 96 billion dollars has made a new claim about what will happen after his death.
US stock investor Warren Buffett has been on the list of the world’s richest people for years. According to the list announced by Forbes in April this year, with Elon Musk at the top, Buffett ranks fifth.
Buffet added $1.9 billion to his fortune last year as Berkshire Hathaway, which he owns, made a solid start to 2021 and its shares rose to a record high. But what happens to the billions of dollars when Warren Buffett dies? The famous Wall Street Journal newspaper conducted a research on the answer to this question.
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WHAT WILL HAPPEN TO BILLIONS OF DOLLARS OF WEALTH?
According to the claim that has just emerged with this research, some of this money could go to all the children on the planet. So writes the Wall Street Journal in a recent investigation into the future of Buffett’s $96.8 billion fortune.
In 2006, the Berkshire Hathaway CEO pledged to donate 85 percent of his company’s shares to charity, assigning the majority to the Bill & Melinda Gates Foundation. Four years later, he pledged to redistribute 99 percent of his fortune to philanthropy during or after his lifetime.
Of Buffett’s $90 billion Berkshire stake, $56 billion will go to the Gates Foundation and $17.4 billion to four family charities, leaving $18.7 billion. All figures could climb if Berkshire shares continue to operate as they have, the Journal reported.
EVERY CHILD CAN SHARE IN THE WEALTH
As for how the money to be sent to the Bill & Melinda Gates Foundation will be spent, it is emphasized that a world children’s savings bank is planned to be established, while a former Gates Foundation employee told the Wall Street Journal that if the bank is established, each child will receive thousands of dollars.
Buffet, the CEO and largest shareholder in the Berkshire Hathaway investment firm, who turns 92 this year, has yet to reveal the basis for how his fortune will be divided after his death. But if the Gates Foundation receives enough money to distribute a share to each child, it would provide parents around the world with the financial safety net they need to have children in today’s economy.
On average, raising a child in the US costs parents more than $280,000. This is why the birth rate in the US has been falling for more than a decade. China’s birth rate also fell for the fifth consecutive year in 2021.
As wealth inequality and the wage gap have widened during the pandemic, a growing number of billionaires have begun to think of more creative ways to allocate their wealth. This includes the idea of a fairer distribution of money, starting with children.
