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Warren Buffett

Warren Buffett speaking to a group of students from the University of Kansas School of Business (link) by Mark Hirschey is licensed CC BY-SA 2.0 (link)
Born:

1930
Nationality:

American
Occupation:

Former CEO, Berkshire Hathaway, Inc.
Spouse:

Susan Thompson (1952-2004, death), Astrid Mends (2006-present)
Children:

Susan Alice Buffett

Howard Graham Buffett

Peter Buffett
Main Philanthropies:

The Giving Pledge

The Novo Foundation

The Susan Thompson Buffett Foundation

Contact InfluenceWatch with suggested edits or tips for additional profiles.

Warren Buffett is the former longtime chief executive of investment corporation Berkshire Hathaway, a conglomerate that holds $1.2 trillion in assets and owns major stakes in dozens of companies, including insurer Geico, battery maker Duracell, and restaurant chain Dairy Queen. Known as “the Oracle of Omaha,” Buffett is credited as one of the most successful investors of all time and is viewed as an elder statesman in American business. 1 According to Forbes, Buffett was the seventh-richest person in the world in 2025, with an estimated net worth exceeding $140 billion. 2

The son of a 1940s Republican U.S. Representative, Buffett’s political views have generally been considered center-left, and he has mostly supported Democratic candidates for president while sometimes opting not to endorse in presidential elections, such as in 2020 and 2024. Though he claims to eschew “huge” political checks, Buffett has given substantial contributions to left-of-center political candidates and committees, including a $25,000 check to Hillary Clinton’s super PAC. Moreover, he opposes calls for transparency on his corporations’ political giving, and foundations he funds have pledged to give hundreds of thousands of dollars to left-of-center organizations supported by the left-of-center mega-donor conglomerate Democracy Alliance. 3 4

With fellow left-of-center philanthropist Bill Gates, Buffett launched The Giving Pledge, asking billionaires to donate their wealth.1 He commented on joining the Pledge by stating:

“Millions of people who regularly contribute to churches, schools and other organizations thereby relinquish the use of funds that would otherwise benefit their own families. The dollars these people drop into a collection plate or give to United Way mean forgone movies, dinners out, or other personal pleasures. In contrast, my family and I will give up nothing we need or want by fulfilling this 99 percent pledge.” 5

He has been a vocal advocate of tax increases – which eventually led to President Barack Obama naming a tax-hike proposal the “Buffett Rule” after Buffett, who supported Obama’s proposals. 6

Buffett reportedly “reaped billions”7 from a $133 billion Wall Street bailout  that he championed and has since made approximately $14.7 billion from “special deals” he negotiated during the 2008-2009 financial collapse. 8

Career

Warren Buffett was born in 1930 in Omaha, Nebraska, where he has remained for the vast majority of his life. His father, Howard Homan Buffett, was a Republican U.S. Representative in the 1940s and early 1950s. Warren Buffett graduated from the University of Nebraska in 1950 and earned a business degree from Columbia University in 1951. 9

In 1956, Buffett moved back to Omaha where he took control of Berkshire Hathaway, a textile manufacturer that he turned into his primary investment vehicle. He is known as perhaps the most successful investor of all time, with his Berkshire Hathaway investments usually outperforming stock market averages. Routinely referred to as the “Oracle of Omaha,” Buffett’s company, Berkshire Hathaway, owns at least a majority stake in more than 60 companies, including Geico, Duracell, and Dairy Queen. His net worth exceeded $140 billion in 20251 10

Despite becoming among the richest people in the world, Buffett has been lauded by mainstream media for projecting a humble image, maintaining a relatively modest private residence in Omaha for most of his life. According to Encyclopedia Britannica, he has generally “eschewed lavish spending and criticized governmental policies and taxation that favored the rich over the middle or lower classes.” 9

Despite his generally left-of-center political leanings, Buffett has opposed shareholder resolutions within Berkshire Hathaway related to expanding diversity, equity, and inclusion (DEI) efforts and committing to climate goals. 11

The Giving Pledge

In 2006, Buffett announced his intention to gradually give away his fortune to five foundations, including the Bill and Melinda Gates Foundation. Then in 2010, Buffett and Gates announced their creation of the “giving pledge,” an effort to get “the 400 wealthiest Americans, to pledge — literally pledge — at least 50% of their net worth to charity during their lifetimes or at death. 12

Since its launch, the Giving Pledge has garnered over 250 signatories from over 30 countries, including from many of the wealthiest individuals and families in the world. Since its launch, the pledge has “focused on those with a net worth of at least one billion dollars (or who would be billionaires if not for their giving) due to the enormous potential of the resources they can deploy.” The Giving Pledge has also launched a Next-Gen program for the children and grandchildren of pledge signers to engage with the program’s funding efforts. 13 14

“The Buffett Rule” Tax Proposal

In a 2011 New York Times op-ed, Warren Buffett asked the U.S. Congress to “raise [tax] rates immediately” on very wealthy individuals like him. 15 Buffett’s op-ed prompted President Barack Obama to roll out a so-called “Buffet Rule” that would apply a minimum tax rate of 30 percent to all those making over $1 million a year. 6

Critics noted that “despite his support for the ‘Buffett rule,’ […] Warren Buffett has no use for taxes himself and will undertake any lawful expedient to avoid them.” 16 Buffett himself said, “I will not pay a dime more of individual taxes than I owe, and I won’t pay a dime more of corporate taxes than we owe.”17

Right-of-center economist Arthur Laffer cast Buffett’s proposal to raise taxes on the rich as hypocritical because “Buffett shields almost the entirety of his true income from federal income taxation, and he makes clear his belief that he can do more good with his wealth than Uncle Sam.” Moreover, Laffer argued that because Buffett shields the majority of his money, the “effective tax rate on his true income would hardly budge if this ‘Buffett Rule’ were applied.”18

Additionally, Buffett has set conditions so that his billion-dollar donations to the Bill and Melinda Gates Foundation “continue to satisfy legal requirements qualifying my gifts as charitable and not subject to gift or other taxes.” 19

Buffet helped to finance “Burger King’s [then-]proposed move to Canada” in order “to avoid the burden of U.S. taxes.”16

Profits from Government Policy

Critics have noted the inherent hypocrisy in “Buffett demands that his taxes be raised” even though his fund “reaped billions from the 2008 bank bailout and the 2009 stimulus.”7

Buffett “champion[ed]” a federal government bailout of Wall Street banks, even though he would be the “leading beneficiary” of said Wall Street bailout. A February 2011 Vanity Fair article calculated “that Berkshire Hathaway had $26 billion invested in companies that received $133 billion in government stimulus subsidies.”7

Subsequently, it was reported that Buffett made approximately $14.7 billion through “special deals he made with ailing financial titans in connection with the 2008-09 financial crisis.”8

Observers noted that Buffett “regularly lobbies for higher estate taxes” while owning life insurance companies that “rely on the death tax in order to sell their estate-planning businesses.” Moreover, Buffett has “repeatedly bought up family businesses forced to sell because the heirs’ death-tax bill exceeded the business’s liquid assets.”20

Controversial Investments

Buffet once praised the profits cigarettes would generate because of their addictive nature saying, “I’ll tell you why I like the cigarette business. It costs a penny to make. Sell it for a dollar. It’s addictive. And there’s fantastic brand loyalty.”21

In 2015, “a scathing investigation by the Seattle Times and the Center for Public Integrity” alleged that a giant mobile-home company owned by Buffett’s Berkshire Hathaway was “duping poor people into unscrupulous loans.”22 The report alleged that the company owned by Buffet’s firm “relies on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percent, trapping many buyers in loans they can’t afford and in homes that are almost impossible to sell or refinance. 23

Political Contributions

While Warren Buffett has claimed not to identify with either party, he served on President Barack Obama’s transition team. 7 In 2015, Buffett gave “$25,000 to Ready for Hillary,” a Super PAC backing Hillary Clinton” and said he “strongly supports her and expects she’ll win.” Buffett also said that he planned “to help raise money for her campaign.” 24

In 2016, Buffett was the featured guest at a joint fundraiser for former Secretary of State Hillary Clinton’s campaign and the Democratic National Committee (DNC). 25 His contribution to Clinton Super PAC Ready for Hillary drew criticism due to his past vocal criticism of Super PACs. He stated that he did not know Ready for Hillary was a Super PAC, stating “It’s a good one, because I did not know it was a super-PAC. They had a maximum — which was $25,000 — I think of super-PACs as these things with hundreds of thousands or millions in them.” 26

In 2017, Buffett’s Berkshire Hathaway faced calls to disclose the company’s political spending. Buffett “oppose[d] the increase in transparency, arguing that Berkshire Hathaway makes no political contributions. However, he acknowledged that Berkshire Hathaway subsidiaries do make political contributions.”27

Buffett declined to publicly endorse candidates in 2020 or 2024, although his office did confirm that he and his wife voted for former President Joe Biden in 2020. 28

In 2024, Berkshire Hathaway released a statement stating “In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett’s endorsement of investment products as well as his endorsement and support of political candidates” amid speculation that he was considering an endorsement of then-Vice President Kamala Harris. 29

While Buffett does not speak in opposition to Donald Trump frequently, Buffett has been critical of some of President Trump’s policies, calling tariffs “an act of war” in 2025 in response to the president’s protectionist trade agenda. On the campaign trail in 2016, he challenged Trump to compare tax returns publicly. 28 30

Democracy Alliance Associations

In 2015, the NoVo Foundation, a foundation run by Warren Buffett’s son Peter Buffett and his daughter-in-law and backed by “nearly $400 million” in Berkshire Hathaway stock including $150 million that Buffett personally donated in 2014, signed on as a “partner” with donor conglomerate Democracy Alliance, thereby committing to give at least $200,000 per year to the group’s “supported organizations.”31

Prior to joining the Democracy Alliance, the NoVo Foundation had given over $14 million to a number of liberal organizations that were already partners with or supported by the Democracy Alliance, including the Rockefeller Family Fund, the Tides Foundation, Color of Change, National People’s Action, and the New Organizing Institute Education Fund.31

Additionally, the Susan Thompson Buffett Foundation, named for Warren Buffett’s late wife, is also a Clinton Foundation donor and a Democracy Alliance partner. 31

In July of 2020, Buffett gave nearly $15.97 million of Berkshire Hathaway stock to philanthropic groups. The Bill and Melinda Gates Foundation received 80 percent of the gift; the rest went to the Susan Thompson Buffett Foundation, the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation, foundations controlled by Buffett’s children and family. 32

Legacy

During an interview with the Wall Street Journal in June 2024, Buffett announced that following his death, his wealth and assets would be transferred into a charitable trust overseen by his daughter Susan A. Buffett and his two sons Howard G. Buffett and Peter Buffett. In addition, he claimed that annual contributions that were provided to several foundations, including the Gates Foundation, as well as those connected to his family would cease following his death. He stated, “The Gates Foundation has no money coming after my death.” 33

In May 2025, at age 94, Buffett announced his retirement as CEO of Berkshire Hathaway at the company’s annual shareholder meeting. The move marked the end of a 60-year tenure at the helm of the conglomerate, and was seen as a surprise among meeting attendees with Buffett saying that only his two children, Howard and Susie, and long-time lieutenant Greg Abel were informed beforehand. He designated Abel, the company’s vice‑chairman overseeing non‑insurance operations, as his successor, following a succession plan disclosed in 2021, and stated that he will remain on the company’s board and retain his stake in the company. 34

References

  1. “Warren Buffett.” Forbes. August 02, 2017. Accessed August 02, 2017. https://www.forbes.com/profile/warren-buffett/?list=forbes-400
  2. “The World’s Billionaires.” Forbes. 2017. Accessed October 02, 2017. https://www.forbes.com/billionaires/list/#version:static
  3. “Warren Buffett: I Didn’t Know ‘Ready for Hillary’ Was a Super PAC.” CNN, December 4, 2014. Accessed July 8, 2025. https://www.cnn.com/2014/12/04/politics/warren-buffet-hillary-clinton-super-pac
  4. Markay, Lachlan. “Warren Buffett-Funded Group Signs on as Democracy Alliance ‘Partner.’” Washington Free Beacon. Nov. 30, 2015. Accessed July 8, 2025. http://freebeacon.com/politics/warren-buffett-funded-group-signs-on-as-democracy-alliance-partner/
  5. Woodhouse, Leighton. “How Big Philanthropy became Big Grift.” The Spectator, December 18, 2022. https://thespectator.com/topic/bad-samaritans-big-philanthropy/
  6. Brown, Carrie Budoff, “Obama to urge higher taxes on rich.” POLITICO. September 17, 2011. Accessed August 02, 2017. http://www.politico.com/story/2011/09/obama-to-urge-higher-taxes-on-rich-063756
  7. Morse, Martin. “Warren Buffett: A Wealthy Philanthropist with Some Bad Ideas.” Capital Research Center. Foundation Watch. Nov. 2, 2011. Accessed Aug. 3, 2017.  https://capitalresearch.org/article/warren-buffett-a-wealthy-philanthropist-with-some-bad-ideas/
  8. Light, Larry. “How Warren Buffett bagged a $12 billion profit on bank deal.” CBS News. June 30, 2017. Accessed Aug. 1, 2017. http://www.cbsnews.com/news/warren-buffett-bank-of-america-12-billion/
  9. “Warren Edward Buffett.” Encyclopaedia Britannica. Accessed July 8, 2025. https://www.britannica.com/money/Warren-Edward-Buffett
  10. “Buffett, Howard Homan.” History, Art & Archives, U.S. House of Representatives. Accessed July 8, 2025. https://history.house.gov/People/Detail/10115
  11. “Berkshire Shareholders Reject Climate, Diversity, China Proposals.” Reuters, May 4, 2024. Accessed July 8, 2025. https://www.reuters.com/business/berkshire-shareholders-reject-climate-diversity-china-proposals-2024-05-04
  12. Loomis, Carl. “The $600 billion challenge.” Fortune Magazine. Jun 16, 2010. Accessed Aug. 1, 2017. http://fortune.com/2010/06/16/the-600-billion-challenge/?iid=sr-link1
  13. [1] “About the Giving Pledge.” The Giving Pledge. Accessed July 8, 2025. https://www.givingpledge.org/about-the-giving-pledge/
  14. “Who Has Taken the Pledge.” The Giving Pledge. Accessed July 8, 2025. https://www.givingpledge.org/who-has-taken-the-pledge/
  15. Buffett, Warren E. “Stop Coddling the Super-Rich.” The New York Times. August 14, 2011. Accessed August 02, 2017. http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html
  16. Lowry, Rich. “Warren Buffett Betrays America.” Politico. Aug. 27, 2014. Accessed Aug. 3, 2017. http://www.politico.com/magazine/story/2014/08/warren-buffett-betrays-america-110404_full.html#.WYS8e2R95FQ
  17. Morgan, John. “Buffett: I Won’t Pay a Dime More in Taxes Than What I Have to.” Newsmax. Apr. 28, 2014. Accessed Aug. 3, 207. http://www.newsmax.com/t/finance/article/568138.
  18. Laffer, Arthur B. “WARREN BUFFETT’S CALL FOR HIGHER TAXES ON THE RICH.” Laffer Associates Memo. Jan. 3, 2012. Accessed Aug. 1, 2017. http://cp-advisors.com/documents/WarrenBuffettsCallforHigherTaxesontheRich.pdf
  19. “Public Letter.” Warren Buffett to Mr. and Mrs. William H. Gates III. June 26, 2006. June 26, 2006. Accessed August 2, 2017. http://www.berkshirehathaway.com/donate/bmgfltr.pdf
  20. Carney, Timothy P. “Stop coddling Warren Buffett.” The Washington Examiner. Aug. 15, 2011. Accessed Aug. 3, 2017. http://www.washingtonexaminer.com/stop-coddling-warren-buffett/article/784591
  21. Bloomberg, WALLACE J. “WARREN BUFFETT COOLS ON HIS ATTRACTION TO TOBACCO BUSINESS.” Industry Documents Library. February 01, 2002. Accessed August 02, 2017. https://www.industrydocumentslibrary.ucsf.edu/tobacco/docs/ggkm0127
  22. Johnson, John. “Investigation: Warren Buffett Firm Preys on Poor People.” Newsr. Apr. 4, 2015. Accessed Aug. 3, 2017. http://www.newser.com/story/204965/investigation-warren-buffett-firm-preys-on-poor-people.html
  23. Baker, Mike and Wagner, Daniel. “The mobile-home trap: How a Warren Buffett empire preys on the poor.” Seattle Times. Original Apr. 2,  2015. Updated Feb 1, 2016. Accessed Aug. 3, 2017. http://www.seattletimes.com/business/real-estate/the-mobile-home-trap-how-a-warren-buffett-empire-preys-on-the-poor/
  24. Isidore, Chris and Harlow, Poppy. “Buffett: I won’t give millions to candidates.” CNN Money. April 3, 2015. Accessed Aug. 1, 2017. http://money.cnn.com/2015/04/02/news/companies/buffett-hillary-donation/index.html
  25. Gold, Matea, Hamburger, Tom, and Narayanswamy, Anu. “Clinton blasts Wall Street, but still draws millions in contributions.” The Washington Post. Feb. 4, 2016. https://www.washingtonpost.com/politics/clinton-blasts-wall-street-but-still-draws-millions-in-contributions/2016/02/04/05e1be00-c9c2-11e5-ae11-57b6aeab993f_story.html?utm_term=.9110f02bc6af
  26. “Buffett Says He Didn’t Know ‘Ready for Hillary’ Was a Super PAC.” The Hill. Accessed July 8, 2025. https://thehill.com/blogs/blog-briefing-room/237729-buffett-says-he-didnt-know-ready-for-hillary-was-super-pac/
  27. Scher, Brent. “Dem Billionaire Warren Buffett Urged to Disclose Company’s Political Spending.” Washington Free Beacon. May 3, 2017. Accessed Aug. 3, 2017. http://freebeacon.com/politics/dem-billionaire-warren-buffett-urged-disclose-companys-political-spending/
  28. Joffe-Block, Jude. “Warren Buffett did not donate to Biden presidential campaign.” Associated Press. January 28, 2021. Accessed July 8, 2025. https://apnews.com/article/fact-checking-9930768811
  29. Dumas, Breck. “Warren Buffett Says He Does Not Endorse Political Candidates Over Investments.” Fox Business. Accessed July 8, 2025. https://www.foxbusiness.com/politics/warren-buffett-says-he-not-endorse-political-candidates-investments
  30. “Buffett Challenges Trump to Release Tax Returns.” POLITICO, August 1, 2016. Accessed July 8, 2025. https://www.politico.com/story/2016/08/buffett-challenges-trump-to-release-tax-returns-226534
  31. Markay, Lachlan. “Warren Buffett-Funded Group Signs on as Democracy Alliance ‘Partner.’” Washington Free Beacon. Nov. 30, 2015. Accessed Aug. 3, 2017. http://freebeacon.com/politics/warren-buffett-funded-group-signs-on-as-democracy-alliance-partner/
  32. Tanoria, Yuvika. “Warren Buffett donated Berkshire shares worth $2.9 billion to charities.” Finance Rewind. 2020. Accessed July 21, 2020. https://financerewind.com/news/warren-buffett-donated-berkshire-shares-worth-2-9-billion-to-charities/
  33. Langley, Karen. “Warren Buffett Gives Us a Preview of His Will.” The Wall Street Journal, June 28, 2024. https://www.wsj.com/finance/warren-buffett-gives-us-a-preview-of-his-will-419ad46d
  34. Mohamed, Theron. “Warren Buffett delivered a masterclass in succession planning — and a lesson in high drama.” Business Insider. May 4, 2025. Accessed July 8, 2025. https://www.businessinsider.com/warren-buffett-ceo-retirement-surprise-succession-planning-berkshire-meeting-abel-2025-5
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