New York – Warren Buffett, the billionaire CEO of Berkshire Hathaway, is renowned for his investment prowess and preference for a simple lifestyle over extravagance. Despite amassing significant wealth, he has garnered public affection for his down-to-earth approach.
Buffett has consistently steered clear of flashy financial tactics and corporate takeovers. Instead, he’s adopted a method of long-term investing by acquiring and holding onto assets.
Berkshire Hathaway, the company he leads, boasts a diverse portfolio that includes brands like Duracell, insurance provider GEICO, and even diamond interests.
Furthermore, the firm has substantial investments in major US companies, such as Coca-Cola and Chevron.
At 94 years old, he’s preparing to step down from the company he built, with plans to resign at the year’s end. He has recommended his successor, Greg Abel, to take over as CEO of Berkshire.
As of Saturday, Buffett’s net worth stands at $168.2 billion, making him the fifth wealthiest person globally, according to Forbes’ real-time wealth tracker.
Despite his fortune, Buffett has avoided the pitfalls often associated with the ultra-wealthy, steering clear of expensive art collections and lavish properties.
He continues to live in the modest home he purchased in Omaha for $31,500 back in 1958, situated in a quiet neighborhood.
His eating habits are notably unpretentious, with a fondness for McDonald’s Chicken McNuggets, which he enjoys a few times a week, alongside snacks like potato chips, ice cream, and an average consumption of five cans of Coca-Cola daily.
Buffett also enjoys playing bridge and the ukulele in his leisure time.
“You don’t need fancy clothes,” he told CBS in 2013. “You don’t need fancy food.” Yet, he did mention owning a private jet back in 2006.
– Charity –
In 2006, Buffett announced his intention to donate 99% of his estate to charitable causes.
With the support of his friend Bill Gates, he inspired other billionaires to pledge at least half of their wealth to philanthropy.
This initiative solidified Buffett’s status as a beloved figure in American culture, drawing small investors to Berkshire’s annual general meetings held each spring in Omaha.
During these meetings, he often shares insights on economic policies, expressing thoughts on various subjects, from cryptocurrency to trade practices under former President Donald Trump.
Although he has been open about his support for Democratic causes, Buffett has mentioned that he feels his tax burden should be higher given his wealth.
– Early business instincts –
Buffett was born in Omaha on August 30, 1930, as the second child in his family. From a young age, he showed a keen interest in business, spurred on by reading a book on how to earn $1,000.
His upbringing wasn’t easy; he faced challenges, including dealing with an abusive mother and navigating through a phase of shoplifting.
Despite contemplating a change in direction, he was encouraged by his father, a businessman and former congressman, to continue his education.
Buffett attended the University of Nebraska and briefly studied at the University of Pennsylvania, eventually earning a business degree. He later obtained a Master’s in Economics from Columbia University in New York in 1951.
In the 1950s, Buffett worked on Wall Street and established the Buffett Partnership, which merged with Berkshire Hathaway in 1965.
A dedicated reader, Buffett was drawn to undervalued investments and held onto them until they appreciated.
Under his leadership, Berkshire transformed into a major conglomerate involved in diverse sectors including energy, banking, and food, with holdings in companies like Citigroup, Kroger, Apple, and American Express.
– Active in his 90s –
With his trademark gray suit and glasses, Buffett remained an influential figure in American business even in his 90s, running Berkshire alongside long-time vice-president Charlie Munger.
In 2021, as he turned 90, Berkshire officially named Abel as his successor.
Buffett married his first wife, Susan, in 1952, and they had three children. Although they lived separately for years, they remained married until her death in 2004. He later married his companion, Astrid Menks, in 2006.
