Warren Buffett is one of the richest people in the world who has a net worth of $60 billion. Warren Buffett is arguably the most famous Businessman.Warren Edward Buffett (born August 30, 1930) is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. Buffett is the chairman, CEO and largest shareholder of Berkshire Hathaway and consistently ranked among the world’s wealthiest people. He was ranked as the world’s wealthiest person in 2008 and as the third wealthiest person in 2011. In 2012, American magazine Time named Buffett one of the most influential people in the world.
Buffett is called the “Wizard of Omaha”, “Oracle of Omaha”, or the “Sage of Omaha”and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation. On April 11, 2012, he was diagnosed with prostate cancer, for which he completed treatment in September 2012.In 1962, Buffett became a millionaire because of his partnerships, which in January 1962 had an excess of $7,178,500, of which over $1,025,000 belonged to Buffett. Buffett merged all partnerships into one partnership. Buffett invested in and eventually took control of a textile manufacturing firm, Berkshire Hathaway. In 1962, Warren Buffett began buying shares in Berkshire from Seabury Stanton, the owner, whom he later fired. Buffett’s partnerships began purchasing shares at $7.60 per share. In 1965, when Buffett’s partnerships began purchasing Berkshire aggressively, they paid $14.86 per share while the company had working capital of $19 per share. This did not include the value of fixed assets (factory and equipment). Buffett took control of Berkshire Hathaway at the board meeting and named a new president, Ken Chace, to run the company.
In 1966, Buffett closed the partnership to new money. He would go on to claim that the textile business had been his worst trade. He then moved the business into the insurance sector, and in 1985 the last of the mills that had been the core business of Berkshire Hathaway was sold. Buffett wrote in his letter: “… unless it appears that circumstances have changed (under some conditions added capital would improve results) or unless new partners can bring some asset to the partnership other than simply capital, I intend to admit no additional partners to BPL.”In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore department store. In 1967, Berkshire paid out its first and only dividend of 10 cents. In 1969, following his most successful year, Buffett liquidated the partnership and transferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway. In 1970, as chairman of Berkshire Hathaway, Buffett began writing his now-famous annual letters to shareholders. However, he lived solely on his salary of $50,000 per year, and his outside investment income. In 1979, Berkshire began the year trading at $775 per share, and ended at $1,310. Buffett’s net worth reached $620 million, placing him on the Forbes 400 for the first time.
|Born||Warren Edward Buffett
August 30, 1930 (age 83)
Omaha, Nebraska, U.S.
|Education||Master of Science in Economics|
|Alma mater||University of Nebraska–Lincoln
Columbia Business School
|Occupation||Chairman & CEO of
|Net worth||US$ 58.5 billion (2013)|
|Spouse(s)||Susan Thompson Buffett (m. 1952–2004)
Astrid Menks (m. 2006)
|Children||Susan Alice Buffett
Howard Graham Buffett
Peter Andrew Buffett
Warren Buffett is one of the richest people in the world who has a net worth of $60 billion. Warren Buffett is arguably the most famous and successful investor in history. If you had invested $10,000 with Warren Buffett in 1966, today you would have $300 million! That same $10,000 invested in the S&P would be $140,000. Warren Buffett has pledged to give away 99% of his net worth to charity. 83% of the money will go to The Bill and Melinda Gates foundation. That equates to roughly $41 billion which makes it the largest charitable gift in human history. Buffett’s philanthropy has inspired other billionaires to pledge at least 50% of their net worth to charity in their lifetimes as well, a truly remarkable accomplishment.