Warren Buffett Says Luck Made Him Rich — And That’s Why He’s Giving It All Away

Who Is Warren Buffett?

Warren Buffett is one of the richest people in the world. He is the chairman of a big company called Berkshire Hathaway. According to Bloomberg, his net worth was about $147 billion as of Wednesday afternoon.

He recently talked to CNBC’s Becky Quick on a show called “Squawk Box.” In that interview, he said something surprising: a big reason he is so successful is just luck.

What Does Buffett Mean By “Luck”?

Buffett says he is one of the luckiest people out of 8 billion humans on Earth.

He believes luck helped him from the very start:

• He was born in America — something he calls winning the “ovarian lottery.”
• He has been healthy his whole life.
• He got to age 95 in good shape.
• His dad owned a stock brokerage (a place that buys and sells company shares). This let Buffett learn about investing very early. He says if his dad had been a plumber, he would not have had that advantage.

Important Point: Buffett says all of these good things were accidents of birth or chance — not something he earned by being smarter or better than others.

Why Luck Made Him Want To Give Money Away

Seeing how lucky he was made Buffett feel that rich people should help others.

He says some people are very unlucky from birth. He thinks it is wrong to use “I earned everything myself” as an excuse to ignore them.

That is why he believes charity (giving money to help people) is a moral duty for wealthy people — even if they don’t think they were lucky.

Buffett’s Plan To Give Away His Wealth

Here is what Buffett has done and plans to do:

1. In 2010, he promised to give away 99% of his wealth during his lifetime.
2. For the past 20 years, he donated Berkshire shares to the Gates Foundation. Those gifts were worth nearly $48 billion when given, and would be about $159 billion today.
3. On Tuesday, he announced he will give away all his Berkshire shares by December 31, 2034.
4. In 2025, he gave $7 billion total to charity.
5. After that, he must give at least $17 billion per year to four family foundations.
6. He confirmed future gifts will not go to the Gates Foundation. Instead, they go to foundations run by his three children.

Important Point: Buffett is speeding up his giving and changing who gets the money — from the Gates Foundation to his kids’ foundations.

Who Will Decide How The Money Is Used?

Buffett has three children, aged 68 to 72. They run the family foundations.

The rules are:

• All three children must agree together on how to use the money.
• Their foundations work on things like:
  • Early childhood education
  • Food security (making sure people have enough to eat)
  • Health and economic help for women and children

Buffett says the money “is theirs, and it’s their responsibility to get it done well.”

Why Some People Criticize Billionaire Charity

Not everyone likes how billionaires give money.

Critics say:

• Rich people use charity to get tax breaks (pay less tax).
• They do it to look good.

But Buffett believes big charitable acts can:

• Inspire other rich people to give more
• Help people who got the “short straws” in life

He told Quick: if you appeal to people’s better side, they sometimes respond. The goal is to make life better for the unlucky.

Summary

Warren Buffett says his huge success came from luck — being born in the U.S., being healthy, and learning investing early by chance. Because of that, he thinks the wealthy should give back. He pledged to donate 99% of his fortune, is giving away all Berkshire shares by 2034, and is shifting donations to his children’s foundations focused on education, food, and health. He hopes this inspires more help for the unlucky.

FAQ

1. What is the “ovarian lottery”?
It is Buffett’s phrase for the random chance of being born in a good place (like America) with good health — things you do not control.

2. How much of his money is Buffett giving away?
He pledged 99% of his wealth in 2010 and plans to give away all his Berkshire shares by the end of 2034.

3. Who gets Buffett’s charitable money now?
His three children’s family foundations, not the Gates Foundation anymore.

4. Why do critics dislike billionaire philanthropy?
They say it can be for tax cuts or reputation, not real help.

5. What causes do his family foundations support?
Early education, food security, and health/economic programs for women and children.