However, despite acquiring such an impressive mountain of wealth valued in the billions, the financier lives a famously frugal life.
Rather than spending the money he has earned on a fleet of sports cars, big houses or other luxuries, the Oracle of Omaha has opted for many of life's simpler pleasures. This includes a conservative home in Nebraska and a glass of Cherry Coke. However, while Buffett's cost of living is low, his wealth is not going to waste.
On the contrary, aside from being known as one of the world's greatest investors and wealthiest individuals, he is known as one of the world's most generous philanthropists. Through donations, auctions and other means, the financier has assisted numerous organizations in need.Buffett runs his own organization, the Susan Thompson Buffett Foundation, which assists college-bound students in Nebraska. The foundation, formerly known as The Buffett Foundation, was changed in homage to her after she passed away in 2004. Though the Nebraska-based organization bears the investor's surname, the bulk of Buffett's charitable donations will not go to this program. Rather, in 2006, Buffett made headlines when he offered a staggering gift in the form of 85% of his entire Berkshire Hathaway (BRK.A) holdings to the Bill and Melinda Gates Foundation. At the time of the announcement this gift was valued at $37 billion. The Bill and Melinda Gates Foundation, which was established by the Microsoft (MSFT) founder and his wife, works to battle global disease and poverty as well as fund U.S. education projects. However, not all of Buffett's philanthropic gifts are monetary. Buffett has also used his impressive following to help charitable organizations through various auctions. Earlier this month, Buffett sat down to lunch with a small group of executives from Salida Capital, a Toronto-based hedge fund. The group had won a chance to wine and dine with the legendary investor when they bid $1.68 million in an auction last year.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV