‘I never wanted to create a dynasty’

Billionaire investor Warren Buffett thinks he’s gotten pretty lucky — and not just because of his whopping $150 billion net worth.

The head of Berkshire Hathaway (BRK.A) meditated on his life’s privileges in a letter published Monday. The ‘Oracle of Omaha’ said that given the circumstances of his birth – both geographically and in relation to his social position – he was confident ‘very early’ that he would become wealthy.

“As I write this, I continue my streak of happiness that began in 1930 with my birth in the United States as a white man,” he said. This good fortune resulted in a “philanthropic philosophy” that he passed on to his children and other Berkshire shareholders.

Bufett, who has pledged to donate more than 99% of his wealth, gave away another 2.4 million Class B shares, worth about $1.1 billion, in the sprawling conglomerate, arguing against ‘ dynastic wealth’.

“I never wanted to create a dynasty or pursue a plan that extended beyond the children,” Buffett said, explaining that he has appointed three potential successors to continue redistributing his wealth as his children, who are 71, 69 years old are, , and 66 years old, are not able to do this in their lifetime.

The 94-year-old, who owns nearly 38% of Berkshire Class A shares, has long been preparing for how his assets will be treated after his death, and has ramped up donations of his stock in recent months. In June, he gave away more than 13 million Class B shares worth about $5.3 billion.

After his death, nearly all of his remaining wealth will be funneled into a new charity overseen by his daughter and two sons, the legendary investor previously told The Wall Street Journal. At Berkshire, Buffett will leave capital allocation decisions to Greg Abel, who is next in line to lead the sprawling Omaha-based conglomerate.

“Yet the enormous wealth I have accumulated may take longer to be deployed than my children will be alive,” Buffett wrote. “And tomorrow’s decisions will probably be better made by three living and well-directed brains than by a dead hand.”

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