Warren Buffett is one of the richest people in the world with a salary of $100,000 in 2017. Berkshire pays its employees a salary of $53,510. Buffett owns no other compensation, let alone a bonus. He owns 283,000 shares of Berkshire Hathaway of Berkshire Class A stock. This is the bulk of his $88 billion fortune. This gap is not as intense of a gap as another company. Compared to the troubled Wells Fargo bank, CEO Tim Sloan’s compensation is $17.4 million including a base of $2.4 million while the average salary is $60,446. Buffett feels his salary is consistent with his views on accumulating wealth.
Buffett lives in the same Omaha house he bought in 1958. He keeps the house for the memories and because people come back to it. Selling it would be unthinkable. His budget for a McDonald’s breakfast is $3.17. Buffett speaks up about the unfair gap between rich and poor in the United States since redistributing wealth is a major issue in modern times. Prosperity doesn’t trickle down to the average person who works while the richest keep getting richer which creates massive disproportion. Buffett is a member of The Giving Pledge who wants to give away 99% of his wealth in order to attempt to right the financial disparity.
In 2017 Buffett made a $29 billion dollar gain because of changes to U.S. tax law, which resulted in a profit. Berkshire made earnings of $44.94 billion in 2017, up from the previous year’s earnings of $24.07 billion. By the end of 2017, his fortune was standing at $116 billion at the end of the year. His annual salary reflects his core values about how wealth ought to be distributed. For example, he’s invested in Coca-Cola because that company will be around 10 years later.