Bill Gates Says It Wouldn't Be a 'Favor' to Leave His Kids His Billion-Dollar Empire: 'It's Not A Dynasty'
Microsoft founder Bill Gates has decided to leave each of his three children — Jennifer, 28; Rory, 25; and Phoebe, 22 — a sizable inheritance — but it will be nowhere near as much as many people might imagine.
With a net worth of $101.2 billion, Gates has confirmed he will leave them the equivalent of less than 1% of his fortune: $500 million each. It marked a departure from previous comments from Gates in which he maintained he would leave only a sliver of his fortune.
He explained his position regarding inheritance on the Raj Shamani podcast, per E! Online, stating he has decided to leave a little so as not to create a "dynasty."
"My kids got a great upbringing and education, but less than one percent of the total wealth because I decided it wouldn't be a favor to them," he said. "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."
The tech mogul once suggested, in 2011, that his kids would inherit about $10 million apiece when his wealth was about $56 billion. "A minuscule portion of my wealth," he said, adding, "It will mean they will have to be their own way."
Gates is still inclined towards philanthropy and is the sixth wealthiest person in the world today. He and his ex-wife, Melinda French Gates, were already known for their intention to give away most of their money — predominantly through their Gates Foundation. This is in line with their collective perspective on spending their money to help others rather than passing wealth down from generation to generation.
Instilling Values in the Gates Foundation
Gates expanded on the subject of what he and Melinda had taught their children about giving. He added, "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 give them incredible opportunities, but that the highest calling for these resources is to go back to the neediest through the foundation."
His leaving his children with only a tiny part of his fortune is consistent with his long-held philosophy of philanthropy. In recent years, Gates has stressed the impact of the Gates Foundation on addressing world problems and has stated that the majority of his fortune will be spent on charitable work rather than passed on to his heirs.
