Warren Buffett's First Wife Said She Believed He Viewed Accumulating Wealth As A 'Scorecard' Of Success, And They Disagreed Because He Wasn't Giving Away Enough Money — 'It's All Mental With Him'
Berkshire Hathaway Inc. CEO Warren Buffett, one of the world’s most successful investors, is also known for his significant philanthropic contributions. However, it was his first wife, Susan Buffett, who strongly encouraged him to increase his charitable giving and revealed they often disagreed on the topic.
Susan Buffett’s influence played a crucial role in shaping her husband's approach to philanthropy, highlighting her desire for him to use his wealth for societal benefit, as revealed in the documentary, "Becoming Warren Buffett," which was released in 2017.
Although Susan Buffett died years before the documentary was filmed, her insights were prominently featured throughout the video, providing a glimpse into their relationship and her views on their wealth and philanthropy.
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Despite Buffett’s focus on growing his fortune, his wife chose to dedicate her time and resources to charitable work, particularly after moving to San Francisco in 1977 to establish her own identity and pursue her philanthropic goals.
The couple’s sons Peter and Howard reflected on their parents’ differing perspectives on wealth and philanthropy. While their mother felt confined in Omaha and sought to make her mark through charity, their father continued to build his fortune, facing criticism for not donating more of his wealth at that time. Sandy Gottesman, a friend and early backer of Berkshire Hathaway, noted this tension, highlighting the criticism Warren Buffett faced for not being more generous with his growing wealth.
According to Susan Buffett, she believed her husband viewed money as a mental "scorecard" and a means to demonstrate his competitive edge and success in investment.
“It wasn’t the money itself, you can see the way he lives," she said. "I mean, he doesn’t buy huge paintings or build big houses or anything like that. It’s all mental with him.”
Buffett remarked, “Susie didn’t want to wait as much as I did, but she never quite appreciated compounding like I did.”
In the documentary, Susan Buffett acknowledged their differing views, saying, “That is a disagreement we have. I bring the foundation now. I think we should be giving more money away, but I understand why we don’t because it’s business.”
In 2006, two years after Susan Buffett’s death, Warren Buffett significantly increased his philanthropic efforts, pledging to donate all of his Berkshire Hathaway stock to charity over time. He cofounded the Giving Pledge with Bill and Melinda Gates in 2010, committing to donate 99% of his fortune to charitable causes. As of 2024, Buffett’s net worth exceeds $120 billion, and he has distributed a significant portion of his wealth while maintaining a modest lifestyle and ensuring financial security for his family.
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