Buffett, 96, stepped down as chairman of Berkshire Hathaway, passing the top job to his son Howard. 'Father Time always wins,' he told shareholders. 'He has, however, been generous with me.
A historic $124 trillion wealth transfer is underway, and many heirs are using their influence to pressure older generations to spend down fortunes faster.
The so-called 'Sage of Omaha' had already stepped down as chief executive, passing that job to Greg Abel, a long-standing director, at the end of last year.