‘I Know I’m Going to Be Wealthy’: Warren Buffett’s Son Recalls What His Father Said In His 20s
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Long before he became a billionaire, Warren Buffett had a strong sense of how today’s decisions would shape his future.
Buffett’s three children recently spoke in detail with CNBC about the future of their father’s wealth. The Oracle of Omaha’s youngest son, Peter Buffett, said his father began giving the family guidance on how to use his money years ago because he always plans far ahead and thinks everything through.
“He thinks things through so thoroughly, from the time he was in his 20s, writing a friend saying, ‘I know I’m going to be wealthy,’ Peter Buffett said. “He’s known for forecasting what’s coming in terms of the work he does every day.”
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Buffett’s children said their father did not give them explicit instructions on how to use his money. He offered only a broad sense of what he wants because he believes what matters today may not matter decades from now.
“He has said, ‘you know, this is what I think matters now, I don’t know if that’ll be true in 20 years after I’m dead or 10 years after I’m dead or whatever,'” Susan Buffett, Warren Buffett’s daughter, told CNBC. “He’s always not wanted to constrain us with, you know, here’s what you have to spend it on, because he would say that may not matter and then something else will matter more.”
Buffett in 2024 announced that his wealth would be directed to a new charitable foundation overseen by his children.
“The children have now more than justified our hopes and, upon my death, will have full responsibility for gradually distributing all of my Berkshire holdings,” he said in a statement. “These now account for 99½% of my wealth.”
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He Was ‘Preparing Us For It’
Buffett’s children told CNBC that their father entrusting them with such a vast fortune felt like a major “compliment.” Middle son Howard Buffett added that the trust was not surprising, as they have long been involved in giving money away and participating in philanthropic work.
“He knows 100% that we are going to try to execute exactly what he asked us to do,” he said. “He gave us this opportunity for several decades now to figure out how you give money away, how you do it effectively, how you do it efficiently, and how to make those decisions. So in that regard, you know, I would say it’s not a surprise because he kind of began preparing us for it.”
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