Warren Buffett will step down as Berkshire Hathaway CEO at the end of 2025, paving the way for longtime successor, vice chairman Greg Abel, to take the reins.

Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation.

Billionaire Warren Buffett famously lives quite humbly for one of the richest men in the world. His incoming replacement, Greg Abel, is also not the flashiest spender—though, living in Des Moines, Iowa, might help with that.