When billionaire investment tycoon Warren Buffett dies, some of his fortune may be distributed among every child on the planet.
In 2006, the Berkshire Hathaway CEO had vowed to give away 85 per cent of his stock in the company to charity, allotting the majority of it to the Bill & Melinda Gates Foundation. In 2010, he pledged to redistribute 99 per cent of his fortune to philanthropy.
So, of Buffett's $90 billion Berkshire stake, $56 billion will go to the Gates Foundation, $17.4 billion to four family charity organisations, which left an uncommitted $18.7 billion. Moreover, Buffett reportedly wants his billions spent within 10 years of his death.
But while Gates Foundation staffers have spent years figuring out where to put the money since some Gates Foundation grant recipients were already maxed out, a former foundation employee told Wall Street Journal they asked themselves: “If he dies, where will we put the money?"
One of the ideas they came up with was to create a world children’s savings bank, where every kid would receive thousands of dollars. “It sits on a shelf, like a battle plan in case you had to put it to action,” the former employee told the publication.
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But while Warren Buffett, who turns 92 in August, has not disclosed the details of how his wealth will be distributed after his death, if the Gates Foundation does receive enough money to distribute it among every child on the planet, it would help even out the socioeconomic playing field in the world and possibly provide parents with the financial security they need to have children in today's economy, the publication added.
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