10 Billionaires whose Kids Won’t Inherit Their Wealth
Many believe leaving money and assets behind for their children when gone is an excellent legacy to keep.
It means ensuring their kids’ future is taken care of, if possible, even that of their grandkids.
Well, you might feel this is the right thing to do; some parents, regardless of their financial circumstances, tend to take a somewhat different radical direction.
According to them, large sums of money aren’t something to be passed down to your kids, especially when they didn’t work for it, so they would instead allow their kids to earn their own money themselves.
That way, they learn the value of money and hard work. So today, we will be looking at some of the world’s Multi-Millionaires who aren’t leaving their cash or assets to their kids.
10 Billionaires whose Kids Won’t Inherit Their Wealth
- Bill Gates:
Microsoft founder Bill Gate for centuries has remained one of the world’s wealthiest billionaires.
The philanthropist has made it known that his three children will be inheriting just $10 million from his wealth, which is less than 1% of his fortune.
The vast majority of his $133 billion worth will be passed on to charitable causes. It doesn’t come as a surprise since Bill Gate and his wife Melinda own the world’s largest private philanthropic foundation.
It is reported that his kids are happy not to inherit their father’s fortune. According to the multi-billionaire, leaving his kids a massive amount of money will not be in their favor.
- Mark Zuckerberg:
Facebook’s founder Mark Zuckerberg disclosed that he would be donating 99% of his fortune to charity instead of passing it down to his daughter.
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According to Mark, he is doing this to ensure his generation grows up in a better world and because he owes them that moral responsibility.
- Gordon Ramsay:
Host and chef of “Hell’s Kitchen “have revealed that they will be getting non of his fortune from him in other not to spoil his four daughters.
His girls would have to work for their own money, and he will pass on no part of the wealth he amassed on to them.
- Sting:
Coming from a poor background, the frontman of rock band group “The Police” Sting knows the benefit of hard work and self-reliance.
So the father of six disclosed that his children would not inherit a penny from his wealth.
Sting further reveals that his children are already aware of this and rarely ask him for money.
- Elton John:
According to music legend Elton John, it is terrible to give kids a silver spoon. That’s why his two sons won’t be inheriting his wealth.
John and his husband, David Furnish, revealed that they would ensure that their sons have some semblance of normality and respect for money and work, which gives them his fortune won’t do.
He believes that leaving a child with too much money can destroy their lives, so instead, they should be given just enough to cover their primary need.
- Simon Cowell:
“Britain’s Got Talent” host Simon Cowell revealed that he plans to donate most of his fortune to philanthropist causes. He doesn’t believe in passing down worth from one generation to another, so his kids will have to work for theirs.
- Kevin O’Leary:
For his two kids to understand the ethics of working, which they need for success, multi-billionaire businessman Kelvin O’Leary won’t be passing down his fortune to his kids. Kelvin has also taught his children how to live in the middle class while pursuing their goals without special privileges.
- George Lucas:
“Star Wars” creator George Lucas is a big fan of education. So he plans on passing down the majority of his fortune to educational philanthropy projects. It means that he is taking care of other people’s kids’ education, so his kid wouldn’t be getting his wealth.
- Warren Buffett:
American businessman Warren believes in hard work, so he has vowed to donate 99% of his fortune to charity. In other to encourage his children to work. His kids would have to work hard and earn their money as he did.
- Laurene Powell Jobs
According to Laurene Powell, her family’s billionaire status ends with her. Laurene inherited a multi-billion dollar fortune from her late husband, Steve Jobs, who is also the co-founder of Apple.
She, however, has no intention of letting her kids enjoy such a legacy.
