Warren Edward Buffett, one of the world’s most famous billionaires, has been a favorite topic of many business and lifestyle news since it was found out that he gained $37 million per day in the year 2013. According to Wealth-X, it confirmed that the increased wealth of Buffett is about $1.5 million every hour for 2013. For this reason, his net worth increased to $58.5 billion from $46.4 billion within the twelve months of the year 2013.
Buffett’s Investment and Philanthropy
Warren Edward Buffett is considered to have one of the most fruitful investments for the 20th century based on the success of his wealth accumulation for 2013. Currently, he is the CEO, chairman and owner of the largest chunk of shares of the Berkshire Hathaway.
Here’s a very interesting fact about Buffet. He made a pledge that when he passes on, to give as donation 99% of his total fortune to philanthropic endeavors and this is made possible through the Gate Foundation.
Buffett’s Early Career
Buffett’s career began at the age of 20 where he had savings of $9,800. He started to work as a stockbroker and then got married in 1952. His next job was as a stockbroker under Benjamin Graham’s partnership where he earned $12,000 every year. In the year 1956, his partner, Benjamin Graham decided to retire which marked the end of their business together. At this time, Buffett already have a savings of $174,000 which is about $1.47 million today based on adjustment in inflation to US dollars in 2012. With this savings, he founded an investment partnership, Buffett Partnership Ltd., which was located in Omaha.
Buffett’s Business Career
After the founding of Buffett Partnership Ltd., Buffett had a total of three partnerships that operated throughout 1957. At this point, he was able to buy his house worth $31,500 where he still resides at present. By the end of 1960, his company had about seven partnerships per year. He had 11 people who trusted and invested their $10,000 in the business and, in the long run, their invested money was combined with Buffet’s self-investment worth $100. Because of intelligent and smart rolling of money and profitable investments, Buffett became a millionaire mainly with the help of his investors’ contribution.
Buffett became a certified millionaire in 1962. The total profit of his business partnerships was $7,178,500 where he earned $1,025,000 for himself. He decided then to merge his small business partnerships so that they would become one company. At some time in 1962, he was in charge of a textile manufacturing firm, Berkshire Hathaway, and he began buying the shares of Seabury Stanton at a price of $7.60 per share. In 1965, Buffett’s partnerships became aggressive in buying Berkshire’s shares at a price of $14.86 per share although their current working capital was at $19 per share. Buffett was the reason behind sitting Ken Chace as the new president of the company. It was also at this year when Buffett drove the business toward the insurance industry. He became the chairman of Berkshire Hathaway in 1970. His annual salary was $50,000 which he used for living. He grabbed a position in Forbes 400 for the first time in 1979 when his net worth was totaled to $620 million while the price per share of Berkshire was trading at $775. Between 1979 and 1988, Berkshire steadily acquired stocks which made the financial standing of the company very strong. As a result, financial growth of Buffett continued to increase. It was in 1988 when Buffett bought 7% stocks from Coca-Cola company which was worth $1.02 billion. Buying Coca-Cola stocks was a significant and favorable step that would benefit Berkshire in the long run.
Selling Class A shares was one of the profitable activities of Berkshire. Once they started it on May 29, 1990, the market closed with a price of $7175 per share. Officially, this marked Warren Edward Buffett as a billionaire. It was in year 2002 when Buffett already had forward contracts amounting to $11 billion. In 2008, Buffett was declared the richest man in the planet where he overtook Bill Gates. Forbes claimed that his net worth is estimated to be $62 billion while Yahoo believed his worth was around $58 billion. However, Bill Gates reclaimed the top spot again the next year. It is widely known that regardless of the major setbacks due to 2007 Global Financial Recession, Warren Edward Buffett had one of the most fruitful investments in world’s history. The Oracle of Omaha was estimated to be making $37 million per day which was one of the most remarkable news all over the global economy. In effect, Buffett made it to the top of business personalities on the list of investors who made the biggest financial gains for 2013.
$37 Million A Day
The richest man on the planet, Bill Gates, is placed second based on the dollars he gained for the year 2013. According to studies, his wealth had risen from $11.5 billion to $72.6 billion. However, the $37 million per day profit of Buffett has emphasized his achievements which resulted to earning $11.5 billion more that add up to his wealth for the year 2012. Aside from investing on mainstream business, Buffett wisely chose to invest in industries related to renewable energy such as Buffett’s Mid American Energy Company that had decided to purchase solar energy projects worth $2 billion in California. His other business ventures include investing in industries involving tobacco, coal, gold and a lot more. Many books were personally written by him to inspire and influence millions of people. Truly, he is a great inspiration. He was a man with only $9,800 and, because of his hard work and wise savings, he became
- Ad Free Browsing
- Over 10,000 Videos!
- All in 1 Access
- Join For Free!