“The Gates Foundation will not receive any money after my death,” 93-year-old Warren Buffett hints at what will happen to his fortune

Berkshire Hathaway chairman and billionaire philanthropist Warren Buffett is cutting ties with the Bill & Melinda Gates Foundation. The 93-year-old American businessman’s fortune is reportedly estimated at $127 billion, and he has donated more than $39 billion to the nonprofit organization over the past 15 years, according to Fortune.

In a recent interview with the Wall Street Journal, Buffett gave a glimpse of what his will would look like after his death. He specifically mentioned that his support for the Gates Foundation would disappear with him.

“The Gates Foundation will not receive any money after my death,” he confirmed bluntly.

Why Warren Buffett’s support for the Gates Foundation ends with his death

So far, he has indicated that his remaining wealth will instead be left to another charitable foundation managed by his three children, Howard (71), Susie (69) and Peter (66), so when Buffett dies, future donations from his estate will ultimately be decided by them unanimously.

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Buffett reiterated that he had “100 percent confidence” in the way they would handle things and make the decisions that he would no longer be able to make after his death. “I feel very, very comfortable with the values ​​of my three children,” he said.

Known as one of the world’s most famous investors, the chairman of Berkshire Hathaway has been one of the Gates Foundation’s most devoted and generous supporters since 2006, the year he joined as a trustee. He finally resigned in 2021, the same year the Microsoft co-founder divorced Melinda French Gates.

The private foundation is currently headed by CEO Mark Suzman. Buffett’s departure is the second blow for Suzman after Melinda French Gates resigned in May.

At the time, she praised Buffett for his “invaluable role in promoting and shaping the foundation’s work to create a world in which everyone can live healthy, productive lives.” She added: “Warren Buffett has given extraordinarily generous gifts and advice to the Gates Foundation for over 18 years.”

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Ultimately, Buffett hopes his wealth will be used “to help those people who weren’t as fortunate as his family,” he told the WSJ. He acknowledged that he is among the “luckiest hundredth of 1 percent” and acknowledged that there are many ways to help others.

The Gates Foundation is not the only charitable organization that will have to stop Buffett’s donations. The businessman has also been a regular supporter of four other organizations with ties to his family. His philanthropic contributions to all five foundations will continue for now as long as he lives, but those matters will be handled by his children once he is gone.

Charlie Munger, Buffett’s longtime partner at Berkshire Hathaway, died in 2023 at the age of 99.