Warren Buffett, a multibillionaire investor, may leave some of his riches to each child on the earth when he passes away.
The CEO of Berkshire Hathaway made a commitment to donate 85% of his company stock to charity in 2006, with the Bill & Melinda Gates Foundation receiving the lion’s share of it. He promised to donate 98% of his wealth to philanthropy in 2010.
Therefore, out of Buffett’s $90 billion share in Berkshire, $56 billion will go to the Gates Foundation and $17.4 billion to four family charities, leaving $18.7 billion uncommitted. Furthermore, it is said that Buffett wants his money spent within ten years of his passing.
However, a former foundation official told Wall Street Journal that while Gates Foundation personnel spent years determining where to put the money because some award recipients were already at capacity, they also asked themselves: “If he dies, where would we put the money?”
One of their suggestions was to establish a global children’s savings bank, where each child would get tens of thousands of dollars. According to the former employee, “It sits on a shelf, like a battle plan in case you had to use it.”
But despite the fact that Warren Buffett, who will turn 92 in August, has not revealed the specifics of how his wealth will be distributed after his passing, if the Gates Foundation were to receive enough money to give to every child on the planet, it would help level the socioeconomic playing field globally and perhaps give parents the financial security they require to have children in the current economic climate, the publication added.