Charlie Munger net worth
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What is Charlie Munger’s net worth?
Charlie Munger is an American business magnate, lawyer, investor and philanthropist with a net worth of US$2.2 billion. Charlie Munger has accumulated his net worth through his investor partnerships and his shares in many successful companies. He is best known as Warren Buffett’s right-hand man. Munger is the vice chairman of Buffett’s diversified investment company Berkshire Hathaway.
He was born on January 1, 1924 in Omaha, Nebraska, under the original name of Charles Thomas Munger. He graduated with honors from Harvard Law School in 1948. In the late 1950s, Munger moved with his family to California, where he found a job at the law firm of Wright & Garrett (later Musick, Peeler & Garrett). He eventually established his own company Munger, Tolles & Olson LLP.
Next, he gave up the law and focused on investment management. He first cooperated with Otis Booth for real estate development. Then, he co-founded the investment company Wheeler, Munger, and Company with Jack Wheeler.
(Johannes Ezer/AFP via Getty Images)
Charlie and Warren Buffett grew up in Omaha and were friends when they were young. They even worked in Warren’s grandfather’s grocery store when they were teenagers.
Charlie and Warren reunited at a dinner party in Omaha in 1959. At this time, Charlie had moved his family from California back to Omaha to take over the law firm of his later father. Following in the footsteps of Warren, he began to make financial investments and soon discovered that he had a knack for this. Charlie has run his own investment fund for about ten years. His fund is very successful, with an average annual return of 19%.
In 1978, Warren brought Charlie to Berkshire Hathaway as the company’s vice chairman, and he has held that position ever since.
Charlie Munger served as Chairman of Wesco Financial Corporation (1984-2011), and served as Chairman of Daily Journal Corporation and Director of Costco Wholesale Corporation.
As a philanthropist, Charlie Munger donated Berkshire Hathaway Class A shares worth hundreds of millions of dollars. He has made generous donations to the University of Michigan, the University of Michigan School of Law, the Pasadena Institute of Technology, Stanford University, and the University of California, Santa Barbara.
One of his most famous gifts was the $200 million he promised to the University of California, Santa Barbara in March 2016. His gift was made under the condition that the university used the funds to build a dormitory that followed Munger’s very specific and unusual design. Munger’s design featured windowless bedrooms, which eventually led to the resignation of the school’s long-term architect in protest. Designer Dennis McFadden commented:
“From my perspective as an architect, a parent, and a human being, the dormitory is unbearable… A large amount of documented evidence shows that an indoor environment with natural light, air and natural landscape can improve the physical and mental health of residents… The design of Munger Hall ignores this evidence and seems to take an irrelevant position… The building is a social and psychological experiment that has an unknown impact on the life and personal development of the undergraduates served by the university.“
