Warren Buffett will make another $70 million from bank dividends this year
The Berkshire Hathaway CEO, worth about $72.3 billion, can expect dividend payouts on his bank investments to increase by $70 million this year, Bloomberg's Noah Buhayar reported.
The banks that passed the stress test - which is designed to measure banks' capital holdings and gauge how prepared they would be in the event of a market upset - were allowed to increase their dividend payouts. That includes Wells Fargo, in which Berkshire Hathaway is the largest shareholder.
Wells Fargo is raising their dividend by 2.5 cents a share, putting Berkshire's payout at about $48 million this year, while American Express, another of Buffett's major investments, is raising dividends by 3 cents a share, adding another $18 million to the pile, Bloomberg reported.
His other bank holdings include U.S. Bancorp and Goldman Sachs, which together will contribute another $6.5 million in dividends.
Not a bad clean up for the Oracle of Omaha, but it's still nothing compared to last year's haul - more than $120 million in total.
Read the full story at Bloomberg>>