Featured Image Credit: Jamie McCarthy/Getty Images for Bill & Melinda Gates Foundation
Topics: Bill Gates, Money, Parenting
Jess Battison
Topics: Bill Gates, Money, Parenting
Bill Gates is one of the richest people in the world - he was the number one for quite some time but that spot is currently held by Elon Musk.
And that kind of wealth means the 69-year-old is rich, rich. Beyond your wildest dreams rich.
But of course, he’s famously very charitable with his money, having established the world’s largest private charitable organisation in 2000 with his then-wife Melinda, now the Gates Foundation.
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Yet that kind of charity doesn’t extend to leaving everything he has to his children, Jennifer, 28, Rory, 25, and Phoebe, 22, as he explained why he will leave them ‘less than one percent’ of his $101 billion (£79 billion) net worth.
It’s similar to other celebrities like Gordon Ramsay and Ashton Kutcher and Mila Kunis, although even they might not have the same astronomical level of wealth as Gates.
And it’s still worth noting that the Gates kids getting such a small percentage doesn’t exactly equate to a small figure.
The Microsoft co-founder was talking to podcaster Raj Shamani when he discussed giving them the inheritance.
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He was then asked what he believes is the ‘right mindset’ for parents to have when it comes to inheritance as he reckons ‘everybody gets to decide on that’.
“In my case, my kids got a great upbringing and education but [will get] less than one percent of the total wealth because I decided it wouldn’t be a favour to them. It’s not a dynasty. I’m not asking them to run Microsoft,” Gates said.
“I wanna give them a chance to have their own earnings and success, be significant and not overshadowed by the incredible luck and good fortune I had.”
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The billionaire said ‘different families see [the situation] differently’ and believes those in the ‘tech sectors are probably the most aggressive about giving most of it [their fortune] away’.
Shamani went on to ask if the Gates brood have ever shown any disappointment over not bagging the majority of their dad’s billions when he passes.
“You don’t want your kids to ever be confused about your support for them and your love for them,” he said. “And so I do think explaining early on your philosophy that you’re gonna 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.”
Gates went on to say that his three grown-up children have ‘seen the success of the foundation’ and hopes that ‘they’re very proud’ of it, just as he is.