Warren Buffett has announced his retirement as CEO of Berkshire Hathaway at age 94. The world’s fifth-richest person with an estimated net worth of about $169 billion served as CEO of his company for 54 years.
Buffet made the announcement at the company’s annual meeting in Omaha and revealed Greg Abel would take over by year-end.
Buffett’s wealth has grown by $16.4 billion in 2025 despite market downturns.
Buffett is stepping down after 54 years, leaving behind a $267 billion portfolio and a legacy built on discipline.
Buffett, who began his legendary investing career early, the son of a U.S. congressman, he bought his first stock at age 11 and filed his first tax return at 13, has spent more than six decades at the helm of Berkshire. Since taking control in 1965, he has delivered a compounded annual gain of 19.8% in per-share market value, vastly outperforming the broader market.
Under his leadership, Berkshire has grown into a $700 billion conglomerate, owning businesses like Geico, Clayton Homes, and Dairy Queen, and maintaining substantial stakes in companies including Coca-Cola and American Express.
Buffett owns about 37.4% of Berkshire’s Class A shares, which make up roughly 99.5% of his net worth.