Bill Gates has revealed the real reason why his kids will inherit less than 1% of his $107 billion net worth.
The billionaire shared that despite his vast wealth, his children will only receive a small fraction of it in their inheritance.
Hold off on getting your violins out just yet because, in real terms, this means Gates’ kids will still be extremely wealthy.
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That’s because the Microsoft co-founder is one of the richest people in the world and even just a tiny percentage of his wealth adds up to over a billion dollars.
Gates’ stance on the matter was discussed when he appeared on the Figuring Out With Raj Shamani podcast.
In the clip, Gates said: “Everybody gets to decide on that, in my case my kids got a great upbringing and education but less than 1% of the total wealth because I decided it wouldn’t be a favor to them.
“It’s not a dynasty, I’m not asking them to run Microsoft. I want to give them a chance to have their own earnings and success.”
Gates added that he wanted his kids to be ‘significant’ in their own right since of being ‘overshadowed by the incredible luck and good fortune [their father] had’.
The billionaire went on to say: “You don’t want your kids to ever be confused about your support for them and your love for them.
“So I do think explaining early on your philosophy: that you’re going to treat them all equally and that you’re gonna give them incredible opportunities, but that the highest calling for these resources is to go back to the neediest through the foundation.”
He continued: “I’ve seen cases where kids actually tell their parents to be more philanthropic. I think the younger generation sometimes actually is pushing against this idea of the wealth just being passed down.”
And Gates isn’t alone in donating his billions to good causes.
Laurene Powell Jobs, who is the wife of Apple founder Steve Jobs, revealed that the wealth she inherited from her husband won’t go to their three children.
Speaking to The New York Times, she said: “I inherited my wealth from my husband, who didn’t care about the accumulation of wealth.
“I am doing this in honor of his work, and I’ve dedicated my life to doing the very best I can to distribute it effectively, in ways that lift up individuals and communities in a sustainable way. If I live long enough, it ends with me.”