Warren Buffett speaks out about why he won't be leaving his money to his children

America's most famous investor Warren Buffett has spoken out about why he will not leave his enormous fortune to his children. 

The so-called 'Oracle of Omaha', who is worth around $150 billion, said that he 'never wished to create a dynasty.'

The 94-year-old made the comments as he named three independent trustees to oversee his philanthropy following his three children, CNBC reported.  

The investor is known for long-pledging not to give his children an inheritance, but to give away 99 percent of the money he has made through his company Berkshire Hathaway. 

In a letter released Monday, the billionaire wrote: 'I've never wished to create a dynasty or pursue any plan that extended beyond the children.

'I know the three well and trust them completely. Future generations are another matter. Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?'

Buffett has three children, who are now 71, 69 and 66 years old. He has anticipated that his wealth may take longer to disburse than his children live. 

Alongside the appointment of trustees, Buffett also donated an additional $1.1 billion in Berkshire Hathaway stock to his family's four charitable foundations. 

The identity of the trustees is not known, but he said each is well known to his children. 

'They are also somewhat younger than my children,' Buffett wrote. 

'But these successors are on the wait list. I hope Susie, Howie and Peter themselves disburse all of my assets.'

Buffett has been making yearly donation to the four family foundations since 2006. 

These are The Susan Thompson Buffett Foundation - which is named after his late wife - The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation. 

He added that he has built a strong trust in his children's managerial ability and philanthropic ambition through years of observation, CNBC reported. 

'The 2006-2024 period gave me the chance to observe each of my children in action and they have learned much about large-scale philanthropy and human behavior,' he said. 

'They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them. As am I.'

Buffett has run the Omaha, Nebraska-based Berkshire Hathaway since 1965.

The company, which owns Geico insurance and well-known brands such as See's Candies and Dairy Queen, became the first non-tech company to reach a $1 trillion valuation earlier this year. 

It comes after the company made surprise investments in Domino's Pizza and a pool supplies company this fall - causing share prices in both companies to spike.

Domino's popped by as much as 8 percent. 

Berkshire Hathaway had 1.28 million shares in the pizza chain for a stake worth about $549 million at the end of September. 

The conglomerate also bought 404,000 shares of Pool Corp., a distributor of swimming pool supplies, which were worth about $152 million as of that date. 

The filing also confirmed Berkshire had sold off more shares in Apple and Bank of America.

Shares often rise after Berkshire discloses new investments, as investors believe that Buffett is providing a seal of approval.