Warren Buffett revised his will and made his largest annual donation to five charities.

Buffett said The Wall Street Journal on Friday, nearly all of his fortune, estimated at around $130 billion, will now go to a new posthumous charity. Buffett's children, Susie, Howie and Peter Buffett, will run the organization together and must unanimously choose where the money goes.

“I feel very, very good about the values ​​of my three children and I have 100% confidence in how they're going to do things,” Buffett told the Journal.

^{Warren Buffett. Photograph: Christopher Goodney/Bloomberg via Getty Images}

The new will ensures that more than 99% of Buffett's fortune will go toward philanthropic efforts, according to a Berkshire Hathaway press release. Buffett signed Giving Pledge in 2006 to give more than 99% of his wealth to charity during his lifetime or death.

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Buffett currently donates annually to five organizations: the Bill & Melinda Gates Foundation, the Susan Thompson Buffett Foundation, the Howard G. Buffett Foundation, the Susan A. Buffett Foundation, and the NoVo Foundation.

The Susan Thompson Buffett Foundation is named after Buffett's late first wife and is chaired by his daughter; the last three are run by each of his children.

The Bill & Melinda Gates Foundation received the largest share of the donation, with 9.93 million shares. Buffett donated 993,035 shares to the Susan Thompson Buffett Foundation and 695,122 shares each to the other three.

Buffett revealed to the Journal that his annual contributions to the five organizations will only occur during his lifetime.

“The Gates Foundation has no money coming after my death,” Buffett, who resigned from the Gates Foundation's board in 2021said the publication.

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Buffett began giving to each of these foundations each year beginning in 2006. His contribution this year was his own higher another, amounting to 13 million, or $5.3 billion, of Berkshire Hathaway's Class B shares.

In the past 18 years of giving to these organizations, Buffett has given more 55 billion dollars.

Friday's record $5.3 billion contribution reduces Buffett's net worth to nearly $130 billion, making him now the world's tenth-richest man instead of eighth. Forbes assessments.