As of 2020, Warren Buffet was named the third richest person in the world with a net worth of $85 billion just behind Amazon CEO Jeff Bezos and Microsoft founder Bill Gates. Warren Buffet who turned 89 on August 30, 2019, is considered to be the most successful investor in the world. His business acumen can be traced way back when he was a young boy. At age 11, Buffet took his savings from his paper route and bought land at Nebraska. By the time he was 15, he was worth $6,000, which at the time, was a lot of money.
Warren Buffet became the CEO of Berkshire Hathaway in 1970 and since then, he has steered the company into profitability. The company accounts for 99% of all his wealth. The businessman has invested in almost all sectors of the economy including in ice cream and insurance. Some of the notable companies under the conglomerate are Dairy Queen, American Express, Gillette, Wells Fargo, Coca-Cola, Geico, Helzberg Diamonds, Duracell, and BNSF. One single share trades for $3,000 at the NYSE.
On August 2020, Warren Buffet will be turning 90. He was born in Omaha, Nebraska. He has two older sisters. In 1942, his father contested for the Congress seat and won and went ahead to serve for four terms.
He attended Rose Hill Elementary School. The family later moved to Washington D.C where he completed his elementary school. Buffet attended Alice Junior High School and later graduated from Woodrow Wilson High School in 1947.
- He worked Buffet-Falk& Co. from 1951-1954 an investment salesman from 1954-1956
- Security analyst Graham-Newman corporation from 1954-1956
- General partner at Buffet Partnership LTD from 1956-1969
- CEO of Berkshire Hathaway from 1970 to present
- In 1979, Berkshire Hathaway traded a single share at $775 and at the end of the year, a single share was traded at $1,310, which catapulted Buffet’s net worth to $620 million.
- Buffet became a paper billionaire when Berkshire Hathaway started trading class A shares on the 29th of May 1990 which saw the market closing at $7,175 a share. Today, Warren is one of the most successful investors in the world and his wealth keeps growing year-on-year.
Here are a few Ways Warren Buffet Spends his Millions
Owing to his huge success, there’s a lot of interest in his life. Despite all the pressure he faces from being a public figure and managing a conglomerate, Warren Buffet lives a normal life. Here are a few things you didn’t know about the successful businessman.
He gives Billions each Year
Since acquiring Berkshire Hathaway in 1960, Buffet should have made more money than he currently does. The reason why he doesn’t is that he spends a great chunk of his wealth on charity. Each year, the billionaire gives 4% of his Berkshire stock to charity. In 2018, he spent $3.4 billion on charity.
Since 2006, Warren has given out 43% of his wealth to Charity. Today, he would be worth around $149.5 billion.
He eats a lot of junk food
Buffet has always joked that he has the diet of a six-year-old and this could not be any far from the truth. He likes sweet foods like Coke, Cheeseburgers, and Ice-cream and this partly explains his interest in such companies. It’s claimed that Warren drinks five Cokes daily and eats lunch at McDonald’s.
He still lives in the house he bought in 1958
Warren bought his Omaha residence in 1958 and up-to-date, it’s where he lives. He bought the house at $31,500 which was a large sum back then. Today, the house is estimated at $652,000, according to Business Insider.
He wanted to retire at the age of 25
Of course, this didn’t happen. Warren is still the CEO of Berkshire Hathaway. If he had retired at 25, he wouldn’t have acquired the wealth he enjoys and billionaire status. At age 25, he had accumulated $ 127,000 which was not bad at that time. He wanted to retire and go back home to live a quiet life. He had a change of heart and he has built an empire over the years thanks to his dedication and hard work.
He had an unconventional marriage
Warren married his first wife Susan and their marriage lasted for 50 years and Susan left. Susan feared Warren wouldn’t survive on his own and arranged for her friend Astrid Menks to constantly check in on him. Susan died of cancer in 2004 and until then, the couple didn’t divorce. After Susan’s death, Warren married Astrid.
He’s invested in some strange things
Berkshire Hathaway owns large companies like Duracell but it has also invested in some companies that can surprise you. Some of these companies are World Book Encyclopedias, Kirky Vacuums, and Ginsu knives. The company also owns and operates Buffalo News, a newspaper operating in Buffalo, New York.