Warren Buffett, the 94-year-old investment icon, is preparing to step down as CEO of Berkshire Hathaway by the end of 2025.
With a net worth of $169 billion, he ranks as the fifth-richest person in the world according to the Bloomberg Billionaires Index.
Known for his modest lifestyle and unmatched investing success, Buffett’s legacy stretches far beyond his wealth.
Buffett’s Humble Beginnings and Early Investments
Buffett began investing at age 11 and filed his first tax return at just 13.
As a teenager, he earned $175 monthly from delivering newspapers — more than many adults at the time.
By the age of 16, he had already amassed the equivalent of $53,000.
His Fortune is Tied to Berkshire Hathaway
Most of Buffett’s wealth comes from his 15% stake in Berkshire Hathaway, valued at close to $150 billion.
Berkshire owns well-known companies like GEICO and See’s Candies and holds major stakes in Apple and Coca-Cola.
The company’s total assets exceed $1 trillion.
A Frugal Billionaire With Simple Pleasures
Despite his massive fortune, Buffett lives in the same Omaha house he bought in 1958 for $31,500.
He drives modest cars and used a flip phone until 2020, despite Berkshire’s major investment in Apple.
Buffett has about 20 Chinese-made suits and still gets $18 haircuts from the same barber.
His Modest Tastes Include Ukuleles and McDonald’s
Buffett loves playing bridge, golf, and the ukulele, owning over 20 of them.
He eats breakfast at McDonald’s and often pays with exact change.
He drinks five Cokes a day and even teaches ukulele lessons at charities.
His Worst Investment and Biggest Lesson
One of Buffett’s biggest early mistakes was investing in a Sinclair gas station at age 21.
The business failed due to fierce competition, costing him $2,000 — a large portion of his then $10,000 net worth.
He later described the loss as a valuable learning experience.
His Salary Remains Surprisingly Low
Buffett has kept his annual Berkshire salary at $100,000 for over 40 years.
In 2023, he reimbursed the company $50,000 for personal expenses.
Yet, the company still spent over $300,000 on his security last year.
Family and Personal Life
Buffett married Susan Thompson in 1952 and had three children: Susie, Howard, and Peter.
They lived separately from the 1970s until Susan’s death in 2004.
He married Astrid Menks in 2006, who had been his companion for decades.
Real Estate and Travel
Buffett once owned a vacation home in Laguna Beach, California, which he sold in 2018 for $7.5 million.
He also owns a private jet — a rare luxury he once called “The Indefensible.”
Still, he prefers living in his original Omaha home.
Friendship With Bill Gates
Buffett and Bill Gates share a strong friendship.
Gates has recalled Buffett using McDonald’s coupons during trips and calling him a thoughtful and kind friend.
Despite their billions, they bond over simplicity and purpose.
Buffett’s Philanthropic Mission
In 2006, Buffett pledged to give away 85% of his Berkshire shares to philanthropy.
He co-founded The Giving Pledge with Bill and Melinda Gates in 2010, encouraging billionaires to donate most of their wealth.
Buffett plans to leave each of his children $2 billion and donate 99% of his fortune.
His View on Wealth and Happiness
Buffett once told shareholders that happiness doesn’t scale with material wealth.
He believes having more homes or cars doesn’t equate to a better life.
In 2025, he emphasized the need for governments to support those dealt a tough hand in life.
A Legacy That Will Outlast Generations
As Buffett steps down from his role at Berkshire Hathaway, his disciplined investing and generosity remain timeless lessons.
His story proves that true wealth is not just about money — but values, vision, and giving back.