Billioner waren Buffet and his humblenes and simple lifestyle.

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 Buffett, who turns 91 on Aug. 30, 2021, is a billionaire at a time when outrage over the excesses of extreme wealth is growing in tandem with billionaires' fortunes.

But based on what I learned about him while becoming a scholar of finance and a portfolio manager, I see Buffett as a model for his ultrarich peers.

He has given half of his vast fortune to charity and plans to unload the most of the rest during his lifetime or upon his death. Buffett also largely lives a modest lifestyle by billionaire standards; he still resides in the spacious house he bought six decades ago.

The 'Buffett Rule'
Buffett freely admits that he has benefited from a system that lets billionaires pay very low tax bills, partly because it taxes income instead of wealth. He has famously lamented paying a lower tax rate than his secretary.

For years he advocated for the so-called "Buffett Rule," a minimum 30% tax on those making more than $1 million a year to remedy the problem. Congress rejected it in 2012.

Buffett also acknowledges that the rich pay less tax when they deduct what they give to charities from their taxable income, while questioning whether that is a problem.

"I believe the money will be of more use to society if disbursed philanthropically than if it is used to slightly reduce an ever-increasing U.S. debt," he said in response to ProPublica's reporting on the light taxation of billionaires.

To be sure, the value of a tax system that encourages billionaires to give money away rather than to the Internal Revenue Service is open to debate. But I admire his generosity and business acumen.

"After much observation of super-wealthy families, here's my recommendation," Buffett said in an update on his charitable giving: "Leave the children enough so that they can do anything but not enough that they can do nothing."