The rich are getting richer.
Earlier this year, Forbes published its annual list of Forbes 400, which ranks the richest Americans by their net worths. The 400 richest Americans saw their combined wealth increase 40% over the last year, to $4.5 trillion. Almost all are richer than last year.
Today, I will uncover the richest person in Omaha, Nebraska
According to Forbes Magazine, two billionaires on the Forbes 400 consider Nebraska home, and none of them is wealthier than Warren Edward Buffett. His net worth exceeds $102 billion, making him the 8th richest person in the country.
Who is Warren Edward Buffett?
Warren Edward Buffett is an American business tycoon, venture capitalist, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway.
Buffett's family moves to Washington.
Warren Edward Buffett was born on August 30, 1930, in Omaha, Nebraska. However, the family moved to Washington when his father, Howard Homan Buffett, a savvy business executive, ran for congress. He served four terms in United States Congress as a representative for Nebraska. His mother, Leila Stahl Buffett, was a homemaker.
During his school years, he worked at his grandfather's grocery store. By 13, Buffett ran his business as a paperboy and sold his own horseracing tip sheet. Later, he partnered with his friends and invested in a used pinball machine, which they placed in the local barbershops.
He graduated from Woodrow Wilson High School in 1947 and wanted to skip college and invest, but his dad didn't agree.
As you can see, he acquired an interest in business and investing at a young age, eventually getting accepted at the University of Pennsylvania before transferring to and graduating from the University of Nebraska at 19.
He used the intelligent investor's approach to investing.
He admired Benjamin Graham, so when he attended Columbia Business School in 1951, he constructed his investment strategies around value investing, a concept that Graham created.
In 1956, Buffett created his first partnership and acquired a textile manufacturing firm called Berkshire Hathaway. In 1978, Charlie Munger partnered with Buffett and invested together.
He is a genius with a simple strategy: Buy dollar bills for 50 cents.
He always had a special talent for spotting underperforming businesses and investing money to improve them. So, instead of focusing on his textile manufacturing division, he acquired GEICO, The Washington Post, and oil (Exxon).
He later invested in Coca-Cola and became director of the company from 1989 until 2006. He also invested in Citigroup, The Gillette Company, and Graham Holdings Company.
His strategy was effective because the price of one share of Berkshire Hathaway stock topped $10,000 for the first time, and in 1998, the price topped $50,000. In 2017, the cost of one stock topped $300,000 for the first time.
More than 99% of his wealth will go to philanthropy.
In 2006, Warren Buffett announced he would give his entire fortune to charity, committing 85 percent to the Bill and Melinda Gates Foundation.
After his announcement, Buffett said, "More than 99% of my wealth will go to philanthropy during my lifetime or at death. Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day."
Bloomberg reported that Warren Buffett could buy 4.32 million troy ounces of gold and 107 million barrels of crude oil.
If you had his money, what causes would you support?