Warren Buffett: The Philanthropic Legacy Of The "Oracle Of Omaha"

Warren Buffett continues to show the world why he's the "Oracle of Omaha." With a staggering net worth of $70 billion, Buffett has not only demonstrated unparalleled investment acumen but also a profound commitment to philanthropy. As one of the founders of The Giving Pledge, he has dedicated himself to giving away more than 99% of his fortune before he dies. Over the past 14 years, he has donated more than $37 billion, with this year alone witnessing a remarkable contribution of $2.9 billion, equivalent to about 15.9 Class B shares of Berkshire Hathaway.

This generous donation will leave Buffett with 248,734 Class A shares, valued at $67.5 billion. Before he began his annual donations, he owned nearly 500,000 Class A shares, which would be worth around $129 billion today. Notably, his major beneficiaries include the Bill and Melinda Gates Foundation, The Buffett Foundation, established by his late wife Susan Buffett, and various charities managed by each of his three children.

In addition to his yearly donations, Buffett has pledged to contribute Class B shares to the Bill and Melinda Gates Foundation annually since 2006. This commitment played a significant role in the founding of The Giving Pledge in 2010. If everything goes as planned, Buffett aims to have given away all his Berkshire Hathaway shares within a decade following his passing. Despite some criticism that he donates solely for tax benefits, Buffett has revealed that his income tax reduction amounts to about 43 cents for every $1,000 donated over the last 15 years. His philanthropy stands as a testament to his belief in giving back to society.