Meet Ajit Jain who worked as salesman, lost job, now right-hand man of world’s 6th richest, his net worth is...

Warren Buffett, the long-time CEO of Berkshire Hathaway and legendary investor, announced at the 2025 annual shareholders meeting that he will step down at the end of this year. Buffett is the sixth richest person in the world with a net worth of $133 billion, according to Forbes.

At the 2025 annual meeting, Buffett deferred a question on artificial intelligence (AI) to Ajit Jain, one of his most trusted executives. Jain acknowledged AI’s transformative potential, especially in how it could change risk assessment, pricing, and claims handling in insurance. However, he cautioned against getting swept up in the hype, noting that Berkshire has never been a first mover in emerging technologies. Instead, Jain emphasized a cautious, measured approach: “We have not yet made a conscious, big-time effort in terms of pouring a lot of money into this opportunity… But should that opportunity pop up, we’ll be in a state where we’ll jump in promptly”.

Who is Ajit Jain?

Ajit Jain, Vice Chairman of Insurance Operations at the $889-billion Berkshire Hathaway, is widely regarded as one of the most influential Indian business leaders in the United States. Born in Odisha, Jain’s journey began with a degree in mechanical engineering from IIT Kharagpur, followed by an MBA from Harvard Business School. After his stints at IBM and McKinsey, Jain joined Berkshire Hathaway in 1986.

Buffett has often praised Jain’s abilities, famously writing to Jain’s parents in India asking if they had “another son like this” because “there isn’t anyone like Ajit”. In shareholder letters, Buffett has called Jain a “winning decision” and said, “If there were ever to be another Ajit and you could swap me for him, don’t hesitate”. Jain’s expertise in assessing and pricing risk has generated tens of billions of dollars in value for Berkshire shareholders, with Buffett crediting him for building an insurance business with $37 billion in float and consistent underwriting profits.

Jain, who is reported to have a net worth of USD 200 million, is an indispensable part of Berkshire’s success. While Greg Abel has been named the next CEO, Buffett has repeatedly highlighted Jain’s unique talents and his critical role in managing Berkshire’s insurance empire.