Warren Buffet, one of Wall Street’s greatest investors and the largest shareholder and CEO of Berkshire Hathaway, has a net worth estimated at $ 62 billion.

Buffet, who has lived in the same house purchased for $31,500 in 1958, announced in 2006 that he would be giving $10 million worth of Berkshire Hathaway stock shares to the Bill and Melinda Gates Foundation. His pledge is to give 85% (or $30 billion) of his total fortune.

Buffet, who has always been known to be firm in his decision not to give a significant proportion of his wealth to his children, believes that his children should not be given the luxury of doing nothing in life just because they were born to a wealthy family. He was once quoted as saying that material things do not really comprise what he wants and revealed that all his claim checks will eventually be given away to charity upon his death.

One of Buffet’s unique charitable undertakings is the annual lunch where fans and followers bid to spend hours lunching with him. He admits that he learns a lot from the people he lunches with. All proceeds from the project are turned over to Glide Foundation, a nonprofit organization offering programs for the poor, hungry, and homeless in San Francisco’s Tenderloin district.

Warren Buffet’s firm stand on the issue of material wealth and how it should be spent is in fact his greatest asset. His principle gives hope to thousands of people and sets an example for other wealthy people to emulate.

This entry was posted on Wednesday, July 23rd, 2008 at 4:18 pm and is filed under Children + Parents, Politics News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.