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Warren Buffett donates $5.3 billion: Billionaire American businessman 'Warren Edward Buffett' is known for his charitable donations. Considered to be the most successful money manager in history, Buffett is the CEO of Omaha, Nebraska-based company Berkshire Hathaway. Buffett, who has unique knowledge of how and in which medium to invest money, has a net worth of $135 billion. Buffett, who is ranked eighth in the list of the world's richest people, is also known for his personal frugality despite his enormous wealth. In 2008, he was named the richest person in the world by Forbes with a net worth of about $62 billion. Recently, he has announced to donate $5.3 billion.
Warren Buffett continues to give to charity
On Friday morning, Warren Buffett announced a $5.3 billion stock donation. The 93-year-old Buffett's will states that 99 percent of his remaining wealth will be spent on charitable work after his death. Buffett has previously donated billions to various charities. Buffett has so far donated $5.3 billion to five different trusts.
To which five trusts was the donation made?
Buffett's biggest donation is to Bill Gates' charity. The 'Bill & Melinda Gates Foundation Trust' will receive shares worth $4 billion. $400 million will be given to the Suzanne Thompson Buffett Foundation, a charity named after his mother, managed by Buffett's daughter Suzanne Ellis, while the remaining $280 million will be given to the Sherwood Foundation, headed by Suzanne Ellis, an organization run by Buffett's son Howard Graham, the Howard G. Buffett Foundation and the 'Novo Foundation', an organization run by Buffett's other son Peter Buffett. While announcing the donation, Buffett proudly said, I am debt free, I don't owe anyone anything.
Buffett's children will preserve the wealth
Veteran investor Buffett said that after his death all his assets will be placed in a new charitable trust. The trust will be overseen by his daughter Suzanne and sons Howard and Peter. Buffett said that after his death, his three children will decide how much to donate to which foundation. My money should be used to help those who are not as fortunate as us. There are eight billion people in the world, many of whom need financial assistance. I believe that my children will use my assets properly.