Warren Buffett admits his original philanthropic  plans were not ‘feasible’—he’s instead left his three kids $500 million a year to give away

Though he no longer holds the title of world’s richest man, Buffett’s net worth sits around $144 billion, according to Bloomberg’s Billionaires Index. And at 95, he’s acknowledging that some of his earlier ambitions for giving that wealth away haven’t gone as planned.

“Early on, I contemplated various grand philanthropic plans. Though I was stubborn, these did not prove feasible,” Buffett wrote in a letter to shareholders released in November. “During my many years, I’ve also watched ill-conceived wealth transfers by political hacks, dynastic choices and, yes, inept or quirky philanthropists.”

Instead of a single sweeping plan, Buffett said he’s handing over most of his remaining wealth to his three children’s charitable foundations, allowing them to distribute about $500 million each year.

He detailed a new round of gifts, including:

• $750 million worth of stock to his late wife’s organization, The Susan Thompson Buffett Foundation—which provides scholarships to Nebraska college students.
• $250 million worth of stock to each of his children’s organizations:
  • The Sherwood Foundation, led by his daughter Susie, which helps make Nebraska a “better place to live, work, learn, and play.”
  • The Howard G. Buffett Foundation, focused on food security, conflict mitigation, and combating human trafficking.
  • NoVo Foundation, run by his son Peter, which supports historically marginalized communities.

Buffett said his children—aged 72, 71, and 67—are at “their prime in respect to experience and wisdom” and best equipped to guide his fortune while they’re still active and engaged. However, he recognized that his own longevity has accelerated the need to act. “That ‘honeymoon’ period will not last forever,” he wrote, explaining why he plans to speed up lifetime gifts.

Still, Buffett has no intention of giving away his entire Berkshire Hathaway stake just yet. He said he plans to keep a “significant amount” of his Class A shares until his chosen successor, Greg Abel, is fully settled in as the company’s leader. 

“All three children now have the maturity, brains, energy and instincts to disburse a large fortune…” Buffett wrote. “Ruling from the grave does not have a great record, and I have never had an urge to do so.”

What does this mean for The Giving Pledge?

As Buffett signals he’s “going quiet,” it raises questions about the future of The Giving Pledge, the philanthropic commitment he co-founded with Bill Gates and Melinda French Gates in 2010.

At the time of launch, the trio asked members of the ultrarich to donate at least 50% of their wealth to charity, and Buffett specifically pledged to donate more than 99% of his wealth to philanthropy during his lifetime or at death. However, for many billionaires, the speed of wealth accumulation has far exceeded charitable donation.

Of the 256 signatories, few have followed through on giving away half their wealth—according to a 2025 report by the Institute for Policy Studies. The Giving Pledge later said in a statement to Fortune the report “raises important questions, but excludes “significant forms of charitable giving.”

In total, Buffett’s giving has reached over $60 billion—much of it to the Gates Foundation, which focuses on fighting poverty, disease, and inequity. But, in recent years, his relationship with Bill Gates has reportedly become more distant. The New York Times reported in 2024 Buffett had concerns about the foundation becoming bureaucratically bloated. Shortly after Bill and Melinda divorced in 2021, Buffett resigned from the board, which had then shrunk to three.

While the Gates and French Gates have sped up their own philanthropy—so much so that they plan to wind down their foundation by 2045—it remains unclear what the future of billionaire philanthropy will look like without a clear figurehead leading the charge. French Gates also left the foundation and started her own charity, Pivotal Ventures.

Some billionaires, including MacKenzie Scott, have, in fact, made rapid, large-scale giving a priority. However, others, including Elon Musk, who is on track to become the world’s first trillionaire, have been far less vocal—or generous—about their charitable commitments.

A version of this story originally published on Fortune.com on November 11, 2025.

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