Warren Buffett will make another $70 million from bank dividends this year

Lots of people have cause to celebrate after many US banks passed the Federal Reserve's stress test on Wednesday and promptly announced plans to raise dividends. Chief among them is Warren Buffett.

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>>