Rich People Who Won’t Leave Money to Their Kids
Bill Gates and 15 More Rich People Who Won’t Leave Money to Their Kids
By Rachel Hoffman March 4, 2021
These members of the elite want their kids to tough it out.
Having rich and famous parents comes with its perks -- which can include a sizable inheritance. But some business people and celebrities aren't looking to pass on their riches to their kids. Instead, they're looking to donate their riches to charity or just want their kids to tough it out.
Mark Zuckerberg
Facebook founder Mark Zuckerberg became a billionaire before the age of 32 and is today worth $104 billion. But he won't be sharing the majority of his money with his daughters, Max (age 4) or August (age 3). In a letter to their newborn daughter in 2015, Zuckerberg and his wife, Priscilla Chan, pledged to give away 99% of their company shares, which topped $45 billion at the time.
According to the letter, the couple's goal in donating the funds is to "advance human potential and promote equality for all children in the next generation."
Sting
British musician Sting, who has a net worth of $400 million, said that he's not leaving any cash to his six children -- Joe, Fuchsia, Mickey, Jake, Eliot and Giacomo. In an interview with the Daily Mail, the musician said he plans to spend the majority of his fortune.
"I told them there won't be much money left because we are spending it," he said, citing previous commitments for his wealth. While Sting said he would help his children out if they were in trouble, he doesn't believe that will be necessary. "They have the work ethic that makes them want to succeed on their own merit," he said.
Elton John
Elton John and his husband David Furnish have a combined net worth of $550 million, but they do not plan to leave much of it to their sons, Elijah and Zachary.
"Of course I want to leave my boys in a very sound financial state. But it's terrible to give kids a silver spoon. It ruins their life," the music icon told the Daily Mirror. "Listen, the boys live the most incredible lives. They're not normal kids and I'm not pretending they are. But you have to have some semblance of normality, some respect for money, some respect for work."
Bill Gates
Bill Gates, who has a net worth of $137 billion, is not planning to turn over his massive fortune to his kids, Jennifer, Rory and Phoebe. The business mogul recently explained that his children will be given every opportunity to get an education, but they will not be left to live off a hefty inheritance.
"Our kids will receive a great education and some money, so they are never going to be poorly off, but they'll go out and have their own career," he said to "This Morning." "It's not a favor to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path."
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