You must be aware of the 92-year-old American philanthropist, investor, business magnate, CEO, and Chairman of Berkshire Hathaway, Warren Buffet. Then, you can imagine how rich his right hand and the closest person, Charlie Munger, must be.
Charles Thomas Munger is a 99-year-old American businessman, philanthropist, investor, and the Vice Chairman of Berkshire Hathway. He served in the Army Air Forces Unit of the United States Army from 1943 to 1946 as the Second Lieutenant in the Second World War.
Warren Buffet’s grandfather used to own a grocery store named ‘Buffet & Son,’ and Charlie used to work there as a teenager earning only $2 for ten hours of work. He also knows the importance of honesty and ethics in business and investment to avoid further problems.
Charlie considers cryptocurrency, especially Bitcoin, as noxious poison and criticizes Robinhood. He considers it to be a payment method for criminals. On the one hand, Charlie appreciates its ban in China. On the other hand, he criticizes its widespread in America.
Inspired by Carl Jacobi, the German Mathematician, he believes in addressing problems backward. Charlie is the director of Costco Wholesale Corporation and the chairman of the Daily Journal Corporation. He also served Wesco Financial Corporation as the chairman till 2011.
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Charlie Munger’s Net Worth
Charlie Munger’s Net Worth is $2.4 billion as of 12 May 2023. According to Forbes, Charlie’s net worth has been through ups and downs since 2014. His net worth was $1.1 billion in 2014, $1.3 billion in 2015, $1.2 billion in 2016, $1.5 billion in 2017, $1.7 billion in 2018, $1.6 billion in 2019 and 2020, $2 billion in 2021, and $2.5 billion in 2022.
Charlie ranks 1368 in Forbes’ Billionaires as of 2023. His net worth is far lower than Warren Buffet’s. The first reason is his position at Berkshire Hathaway. He is the Vice Chairman, while Warren is the chairman and CEO.
Charlie owns a guarded community called Sea Meadow, spread across 22 acres in Montecito. Today, it costs $10 to $20 million, and he must pay $2,700 every month in the name of the homeowners association. He purchased another house for $11 million in 2021.
Charlie has donated a lot in the name of philanthropy. It is the second reason for having a net worth lower than Warren. Charlie began investing in stocks after overcoming the trauma of his wife’s and child’s death. He did not have a business background like Warren had. Moreover, he started acquiring shares sixteen years after Warren did.
As mentioned in the introduction, Charlie is the chairman of two companies and the director of one. He has written two books: Poor Charlie’s Almanack and On Success contributing to his income. According to Warren, Charlie was never greedy for financial gains. Both prefer freedom over material possessions.
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Philanthropy
Charlie gifted the University Of Michigan twice. He donated $3 million in 2007 and $20 million in 2011. Thus, the renovated part of the Lawyer’s Club got renamed after his name in his honor. Nancy Munger used to study at the Marlborough School in Los Angeles. Charlie gifted the school with $1.8 million in 1997.
Charlie gifted ten shares of Berkshire Hathaway stocks to the University of Michigan in 2011 that, make a total of $4.81 million. Meanwhile, he and his wife had also donated 500 shares of the same company to Stanford University in 2004, which made a total of $43.5 million.
However, Charlie cannot donate most of his income as he has not signed the ‘Giving Pledge,’ like Warren Buffet and Bill Gates, because he has already transferred a lot to his children. He offered the largest gift in history through a $110 million to the ‘State of Art’ residence.
Charlie donated 100 shares of the company’s class A stock worth $9.2 million in 2006 to the prep school where his five children and one grandson studied. The Kavli Institute for Theoretical Physics got the highest donation of its history, $65 million from Charlie.
Charlie gifted $200 million to Santa Barbara in 2016 and got an unconventional architectural design made on the land according to his wish. Warren and Charlie prefer spending more on a company that looks worthless but gains more value in upcoming years. It is how they trusted Berkshire Hathaway.
According to Warren and Charlie, it gets better to spend on amazing enterprises at legitimate prices than spending amazing prices for legitimate firms. Charlie followed Warren’s footsteps and got 19% annual returns from the funds he made.
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