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Business
Warren Buffett is world's 6th richest person with a net worth of 11 lakh crore. His company, Berkshire Hathaway, has investments worth nearly 24 lakh crore in 41 firms worldwide.
On August 28, 2024, Berkshire Hathaway became the first non-tech company in US to reach market cap of $1 trillion (84 lakh crore). It is the company with the highest cash reserves.
Influenced by father, stockbroker Howard Buffett, Warren developed early interest in stocks. At age of 6, he earned $120 by selling golf balls, popcorn which he used to buy shares.
Buffett, along with his sister Doris, bought 3 shares of American petroleum company, Cities Service, in 1942. Despite share price dropping 3 months later, Buffett held onto shares.
When the share prices initially fell, his sister urged him to sell, but Warren Buffett decided to wait. After 4 months, he made a profit of $5 from these shares.
He became a billionaire at the age of 56. He amassed 99% of his wealth after turning 50. He understood the power of compounding and became a billionaire by making money from money.
At 21, Warren Buffett had a net worth of $20,000, which grew sevenfold to $140,000 by the time he was 26. By 30, he had a net worth of $1 million.