Andrew Bary
Warren Buffett's three children probably will become the most influential philanthropists in the world after their father dies, with the siblings addressing some of those challenges and their giving philosophy in a recently aired CNBC interview.
Howard, Susan, and Peter Buffett have each run their own foundations for about 25 years. Each sibling now gives away about $500 million annually, funded by annual donations of Berkshire Hathaway stock from their father, who's 95.
Their combined giving will ramp up dramatically to perhaps $15 billion annually after the death of their father. Warren Buffett has charged his children with giving away his fortune -- which consists almost entirely of Berkshire stock -- over a roughly 10-year period.
Buffett's stake was worth over $150 billion in 2025 when the interview was done. His stake is now worth about $142 billion due to a decline in Berkshire stock, Barron's estimates.
The potential annual giving of $15 billion would be almost double the amount that the Gates Foundation, chaired by Bill Gates, gave away in 2024.
Barron's addressed the philanthropic challenge faced by the Buffett children in a 2024 article. Their approach offers a model for other foundations: keep operating expenses low, empower key staff to make gifts, be decisive, tackle tough problems -- and don't be afraid to make mistakes.
"This is a sector that doesn't need to earn a return. If it isn't being adventurous, that's crazy," Peter Buffett said. "It's easy to write a check to the symphony," Susan Buffett said. Both were speaking in the CNBC interview. She added that there's nothing wrong with supporting the arts, which she does, but she and her siblings want to tackle harder problems. She has emphasized early childhood education.
The Sherwood Foundation, which Susan Buffett runs, has focused on Omaha -- where Berkshire is based and where she lives -- and the state of Nebraska itself. Howard Buffett's attention has been outside the U.S. He is one of the largest donors to Ukraine, which he has called "the greatest humanitarian crisis" in our lifetime. Peter Buffett has concentrated his giving in the Kingston, N.Y., area.
Howard Buffett has traveled often to Ukraine and been honored by the nation. He told CNBC that his father, afraid for his son's safety, isn't thrilled with such visits during wartime. His foundation's mission statement is "to catalyze transformational change and to improve the standard of living and quality of life for the world's most impoverished and marginalized populations."
Warren Buffett's desire to give away his huge fortune over about a decade "puts enormous pressure on us," Peter Buffett told the outlet.
Howard Buffett added that the simple potential math of $15 billion of annual giving ($150 billion divided by ten) understates the challenge since the asset funding the giving -- Berkshire stock -- will likely appreciate.
He added that the siblings' pace of giving could be slowed because of the desire of the Buffett family to maintain sufficient voting power at Berkshire. Warren Buffett's stake in Berkshire, concentrated in super-voting A stock, is about 13% on an economic basis, with 30% of the vote.
Warren Buffett has said he wants there to be sufficient voting power with the Buffett family until the investment community gets sufficiently comfortable with the company's new CEO, Greg Abel.
The sheer amount of Berkshire stock that he holds will complicate any effort to give it all away in 10 years. It could take 20 years -- and that could mean the siblings won't live to complete the job.
Peter, Howard, and Susan were 67, 70, and 72, respectively, in November when Buffett addressed his philanthropic plans in a n annual Thanksgiving message to Berkshire holders.
Howard Buffett said that he isn't eager to make bigger donations after his father's death. "When you write $200 million or $300 million checks, " they need to go to big institutions or governments that can absorb that kind of money -- and they tend to be bureaucratic, he told CNBC. His foundation's average grant in 2024 was $3 million.
Howard Buffett added that when he offered to make a $50 million gift during a meeting with a recipient, the staff member was stunned since most foundations need many layers of approval before disbursing funds -- and rarely make quick decisions.
The Howard G. Buffett Foundation, he said, has an expense ratio of just 1% of its annual gifts; the industry average is above 5%. The foundation has a staff of about a dozen, while the Gates Foundation employs over 2,000. Howard Buffett said his foundation has an annual donation/staff ratio that is over 20 times that of the Gates Foundation.
Warren Buffett is now making most of his $7 billion in annual gifts of Berkshire stock to the Gates Foundation, but that will end upon his death. The former Berkshire CEO has stipulated that his kids will have to make unanimous decisions on gifts after he dies. Buffett wrote in a 2024 letter to Berkshire shareholders that some wealthy friends thought that stipulation could create an unworkable situation, but said that he felt it would make it easier for them to say no to donation seekers.
That rule "won't be a problem" because the siblings get along well and because of the sheer amount of money that needs to be given away, Susan Buffett told CNBC.
She advised wealthy families that want their children involved in a single family foundation to consider creating individual ones instead. Rather than bringing kids together, a single foundation can create tension over how priorities and how money is donated.
Write to Andrew Bary at andrew.bary@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 24, 2026 14:36 ET (19:36 GMT)
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