Warren Buffett has achieved incredible success and wealth, but it's been down to hard graft.
Warren Buffett was crowned the fourth wealthiest person in the world in 2020, with a fortune exceeding $85.6 billion. Often called the “Oracle of Omaha”, Buffett is one of the most successful investors of all time and one of the most widely respected businessmen on the planet. But how did he become such a high-flier?
Buffett was born in 1930, in Omaha, Nebraska, where his father worked as a stockbroker and his mother as a housewife. As a child he already showed he had a grasp of figures, with an ability to add up long columns of numbers in his head. Aged seven he borrowed the book One Thousand Ways to Make $1,000 from his local library, and it inspired him to think like an entrepreneur.
His first foray into sales was selling sweets and newspapers door-to-door, and working in his grandfather's grocery store. He was reluctant to attend university and had wanted to dive straight into a business career, but his father persuaded him and he graduated from the University of Nebraska aged 19, with a Bachelor of Science degree in Business Administration. He went on to earn a Masters in Economics from Columbia.
He started his career as an investment salesman, before working as an analyst at the Graham-Newman Corp. When the company closed, Buffett decided to go solo. He formed the Buffett Partnership Ltd. In 1956, identifying undervalued companies and buying them up. Within a short space of time, he had become a millionaire.
He dissolved the company in 1969 and began buying assets in the media, oil and insurance. His new firm, Berkshire Hathaway, made a significant investment in Coca Cola, with Buffett acting as its director from 1989 until 2006.
In later life he became known for his philanthropy, even giving away all of his wealth. He pledged 85% of his money to the Bill and Melinda Gates Foundation, the largest charitable donation ever made in American history. He also worked with Gates to set up The Giving Pledge in 2010, which encourages high net worth individuals to donate to charitable causes.
Much of Buffett's success comes down to his love of his work, saying he enjoys the 'process far more than the proceeds'. As a phenomenally successful investor, businessman and philanthropists, Warren Buffett has long been an inspiration for many within the business community.
Developed an interest in business as a child
Started his career as an investment salesman
Bought and sold undervalued companies
Became a committed philanthropist
Pledged to give away his entire fortune
