The Oracle of Omaha, Warren Buffett, is continuing his tradition of sending out a yearly letter to shareholders – but this year, it came earlier than expected. Reflecting on his incredible life, the 94-year-old looked back on the impact his first wife, Susan Thompson Buffett, had on his philanthropy and announced a contribution of US$1.2 billion to several family donations, namely The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G Buffett Foundation and NoVo Foundation, effectively reducing his net worth to US$146.8 billion, per Forbes.

The Berkshire Hathaway CEO and his late first wife always believed in “[leaving] children enough so they can do anything but not enough that they can do nothing”, per his letter. Following Susan’s death in 2004, each of her and Warren’s three children – Susan, Howard and Peter – inherited US$10 million. Two years later, their father made a lifetime pledge to bestow his fortune on charitable organisations. To that end, he tasked the Buffett siblings with distributing his multibillion-dollar estate among charities of their choice within a decade of his passing.

Further into the future, rather than passing the responsibility to his grandchildren, Buffett has appointed three trustees whom he considers “potential successors”, per the New York Post. “They are also somewhat younger than my children. But these successors are on the wait list. I hope Susie, Howie and Peter themselves disburse all of my assets,” read the letter.