Billionaire Warren Buffett Turns 93

Billionaire Warren Buffett turned 93 years old on Aug. 30.

Buffett is the seventh wealthiest man in the world, with a net worth of $119.9 billion, according to the Bloomberg Billionaire Index.

He is the largest shareholder of the investment group Berkshire Hathaway Inc. that has delivered a 19.8% compounded annual gain in market value since 1965, according to Bloomberg. The company owns Geico, Clayton Homes and Dairy Queen, and has stakes in Coca-Cola and American Express.

Berkshire shares of the company are at record highs and touched the highest level on Aug. 8. The shares have risen over 16% in the current year. Apple Inc. is his largest holding.

The Berkshire Hathaway chairman and chief executive officer has pledged over 99% of his wealth to philanthropy.

"Were we to use more than 1% of my claim checks (Berkshire Hathaway stock certificates) on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others," Buffet had said in a letter pledging his wealth.

He said that his fortunes are "because of combination of living in America, some lucky genes, and compound interest".