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Warren Buffet
Net Worth An Estimated $39 Billion Dollars

How did Warren Buffet Get So Rich?

Before we get the how Warren Buffet made his money, we have to mention his $31 billion dollar gift to Bill and Melinda Gates.

Buffet, chairman and chief executive of the Berkshire Hathaway insurance and investment company, and Gates are titans of industry who demonstrate more interest in alleviating human misery than in self-enrichment or building family dynasties. They provide a respite from news reports of grasping CEOs who run their companies into the ground as they reward themselves. And, experts in philanthropy, Buffet and Gates offer other superwealthy families an example that encourages dramatic charitable giving.

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Buffet was born to Leila and Howard Buffett and was the second of three children, he being the only boy. Buffet's father, Howard was a stockbroker and also became a member of congress. Warren Buffett showed early signs of being entrepreneurial through being involved in various business dealings as a child, including purchasing bottles of cola cheaply and selling them for a profit. He also made his first investment in the stock market when he was just 11 years old.

Buffett began studying at the Wharton School of Finance at the University of Pennsylvania, but transferred to the University of Nebraska where he graduated. He then went on to the Columbia University to do a Masters in economics. This was where he met the influential value investor Benjamin Graham.

Buffett was very influenced by Benjamin Graham and went to work for him in his company "Graham-Newman". It was here that Buffett developed many of his stock market investing skills that have now become legendary. Graham developed a method where investors could work out the intrinsic value of a company and make intelligent investing decisions by comparing the stock price to the intrinsic value.

After Graham's retirement, Buffett returned to Omaha and began a limited investing fund partnership with a group of friends, family and associates. The "Buffett Partnerships Ltd" fund racked up amazing returns for its investors over a ten year period, with returns 10 times higher than the Dow Jones Industrial average for the same time. Buffett liquidated the fund and took control of the textile company Berkshire Hathaway.

It was a difficult time for the textile industry and Buffett eventually wound up Berkshire Hathaway's textile activities, but kept the name for Buffett's portfolio of companies and investments. The insurance industry was the first major area of success that Berkshire Hathaway had, with the funds used to acquire carefully selected investments each year. Major undervalued companies that Buffett took advantage of included "American Express", "Coca-Cola" "The Washington Post" and "Gillette". Berkshire Hathaway owns large holdings of each of the above major brand companies (more than 5% each).

Selected Berkshire subsidiary companies include:

• Borsheim's Fine Jewelry
• Acme Brick Company
• Buffalo NEWS, Buffalo NY
• Clayton Homes
• Fruit of the Loom
• GEICO Direct Auto Insurance
• General Re
• Helzberg Diamonds
  Nebraska Furniture Mart
• The Pampered Chef
• See's Candies
• United States Liability Insurance Group
   

Warren Buffett lives with his long time partner Astrid Menks in Omaha, USA. He was married to Susan Thompson up until her death from stroke in July 2004, but the couple were separated in 1977. They chose not to divorce and remained good friends and business associates. Buffett's late wife was set to inherit much of his fortune upon his death.

Buffett is a generous philanthropist and gives more than $USD12 million each year to the Buffett Foundation. His largest charitable donation will be upon his death when he plans to give 99% of his massive fortune to the foundation.

Number two on the list is investor Warren Buffett, whose net worth is estimated at $42.9 billion, a whopping $12.4 billion increase in just one year. Through his investment vehicle Berkshire Hathaway, whose stock price has gone up 50 percent over the last year, Buffett owns Geico and General Re insurance companies, as well as sizeable stakes in Coca-Cola, American Express, Gillette, and Wells Fargo, among others.

Over the past thirty-five years, Warren Buffett has emerged as arguably the greatest investor in American history.  If you had invested $10,000 in Berkshire Hathaway when he took control in 1965, your holdings would be worth more than $50 million today.  The second-richest man in the world, Buffett still lives in the same house he bought three decades ago for $31,500, drives an older Lincoln Towncar, and downs countless cans of Coca-Cola every day.

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