The legendary financier Warren Buffett is donating Berkshire Hathaway shares worth a total of 1.1 billion dollars, equivalent to 12.1 billion kronor, to four family foundations, reports CNBC.
The donation is part of the 94-year-old American's philanthropic ambition to give away over 99 percent of his wealth instead of, for example, his three children (71, 69, and 66 years old) inheriting the money.
"I have never wanted to build a dynasty or fulfill a plan that extends beyond my children", writes Warren Buffett in a letter on Monday.
The "Oracle of Omaha" is one of the world's most successful investors of all time. Buffett's wealth is valued at approximately 1.66 trillion kronor (1.66 million million) and he is estimated to be the world's sixth richest person, according to Forbes.
Buffett is still both chairman and CEO of the conglomerate Berkshire Hathaway, which he himself helped start in 1965.
