In 1962 Buffett became a millionaire due to the fact that of his partnerships which in January 1962 had an excess of $7178500 of which over $1025000 been associated with to Buffett. He merged these partnerships into one. Buffett invested in and eventually took authority of a textile production firm Berkshire Hathaway.
Buffett operates Berkshire Hathaway, in which owns and operate more than 60 companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
The son of a U.S. congressman, he first purchased stock at age 11 and first submitted taxes at age 13.
He has promised to donate over 99% of his wealth.
Until now he has given more than $45 billion, mostly to the Gates Foundation and his kids' foundations.
In 2017, Buffett told CNBC that for people looking to create their retirement savings, diversified index funds provides "the most sense practically all of the time."
In 2010, he and Bill Gates introduced the Giving Pledge, requesting billionaires to commit to donating at least half of their wealth to charitable causes.
Buffett's fortune has grown 7.2% this year to $117 billion as shares of his Berkshire Hathaway Inc. have moved, putting him in 5th place on the Bloomberg Billionaires Index.
The legendary 91-year-old investor's $117 billion resources places him behind only Elon Musk, Jeff Bezos, Bernard Arnault and Bill Gates in the global wealth rankings.
Buffett has long suggested that investors put their funds in index funds, which hold every stock in an index, making them automatically diversified.