According to the Smart Finance APP, Warren Buffett, the chief executive officer of 'stock god' Berkshire Hathaway (BRK.A.US), stated on Friday that he would donate most of his wealth to charities after he passes away. Buffett added that over 99% of his estate is 'destined for philanthropic purposes' according to his will. In addition, Buffett will convert 8,674 Class A Berkshire Hathaway shares into 13 million Class B shares of the company, which he will donate to five foundations by way of gift of the shares.

These five foundations are the Bill and Melinda Gates Foundation Trust, the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G Buffett Foundation, and the Novo Foundation.

However, Buffett reportedly said in an interview that his donation to the Bill and Melinda Gates Foundation will end after he passes away.

Buffett currently holds approximately 208,000 Class A shares and 2,600 Class B shares of Berkshire Hathaway.

Buffett stated in a statement, 'Berkshire Hathaway has not experienced anything special; a long runway, a simple but overall reasonable capital allocation, and the favorable wind and compounded effect in the United States have created my current wealth.'

Buffett's donations to charitable trusts after his death will be managed by his daughter and two sons.