Just how rich is Warren Buffett's successor Greg Abel?
at the same time in 2018, prompting speculation that both were in contention to move into the top job. Jain, a 35-year Berkshire veteran, manages its insurance operations, and Abel oversees everything else. Jain owns $185 million worth of Berkshire Hathaway shares, some of which are held by a private foundation. Abel, 58, is 11 years younger than Jain, which Buffett reportedly cited as a contributing factor to the decision. “They’re both wonderful guys.
Although he is among the youngest members of Berkshire’s board of directors, Abel’s stake in the public company still stands out as strikingly small. Buffett’s 248,734 Class A shares make up the bulk of the Oracle of Omaha’s $106 billion fortune. Munger’s shares are worth $1.9 billion, and early investor David Gottesman owns a $2.6 billion stake. All but two others on Berkshire’s 14-member board have stakes worth much more than Abel’s.
But as an added bonus to his lucrative Berkshire Hathaway Energy stake, Abel is paid handsomely in his role as vice chairman. His base salary was $16 million in each of the last three years, according to Berkshire’s proxy statement, and he received $3 million bonuses in 2020 and 2019 and a $2 million bonus in 2018. Buffett and Munger’s base salaries are a mere $100,000 annually.
Abel also serves on the board of Kraft Heinz and owns 40,036 shares individually, worth about $1.7 million. Berkshire Hathaway orchestrated the 2015 megamerger of Kraft and Heinz after buying both food companies with Brazilian private equity firm 3G Capital and is Kraft Heinz’s largest shareholder with a 26.6% stake.
I'm a reporter on Forbes' wealth team covering billionaires and their fortunes. I was previously an assistant editor reporting on money and markets for Forbes, and II'm a reporter on Forbes' wealth team covering billionaires and their fortunes. I was previously an assistant editor reporting on money and markets for Forbes, and I covered stocks as an intern at Bloomberg.
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