Warren Buffett’s Son Learns About His Father’s Wealth in His 20s – Here’s the Story Behind It

Peter Buffett (left) and Warren Buffett (right) in January 2017.
Credit: Jamie McCarthy/Getty

Key Insights

• Warren Buffett’s son, Peter Buffett, discovered his father’s billionaire status in his 20s.
• Peter learned about his father’s wealth after seeing Warren featured on Forbes‘ list of the richest Americans.
• Warren Buffett has three children.

Warren Buffett maintained a level of humility while raising his children, keeping his billionaire status largely under wraps. Peter Buffett shared in a past interview with Forbes that he remained unaware of his father’s wealth until after he became a teenager.

"I saw my dad on Forbes‘ list of the richest Americans, and that would be about the time that we found out how much money we had as a family. I’m not kidding," the now 67-year-old Peter recalled.

He explained that during a conversation with his mother, they found humor in how their social treatment changed following the revelation. "We said, ‘Well, isn’t it funny? You know, we know who we are, but everybody’s treating us differently now.’ Our friends were as surprised as I was," he added.

Warren Buffett, now 95, reflected on this transition, noting, "The kids were formed by that time, and they knew who their friends were, and their friends were their friends because they liked ’em, and not because they were the rich kid on the block or anything of the sort."

Warren Buffett in 2017.
Credit: Daniel Zuchnik/WireImage

Warren is a father to three children from his late first marriage to Susan Buffett. Their daughter, Susan Alice Buffett, was born in July 1953, followed by son Howard in December 1954, and Peter in May 1958.

Despite separating in the late 1970s, Warren and Susan remained married until her death in July 2004. Before she passed, Susan introduced him to his current wife, Astrid Menks, whom he married in 2006.

Warren Buffett (left) and Peter Buffett (right) in 2008.
Credit: Mark Sullivan/WireImage

As the chairman and former CEO of Berkshire Hathaway, Warren Buffett has announced plans to allocate his substantial fortune—estimated at $143.2 billion—to a charitable trust after his death. His children will oversee the trust, with a decade to distribute the funds to various charities.

Howard Buffett remarked on the responsibility this opportunity entails: “It’s not so easy to give away money if you want to do it smart, if you want to be intelligent about it. It’s pretty amazing that he’s giving us this opportunity.”

Warren had initially intended for his fortune to benefit the Bill and Melinda Gates Foundation before resigning as a board trustee in 2021. He continues to make annual donations to the foundation and family charities, including the Susan Thompson Buffett Foundation, named after his late wife.

Currently, Warren Buffett ranks as the ninth-richest person globally, following figures such as Elon Musk and Jeff Bezos, according to Forbes’ real-time billionaires list.