- The co-founder of Microsoft, Bill Gates, plans to leave his children less than 1% From his wealth, believing that it is preferable for them to find their own success rather than inheriting great fortunes. This trend is common among the families of influential technologies, notably the founder of Apple, Steve Jobs and Jeff Bezos, who say they have prioritized philanthropy to transmit generational wealth.
Like a handful of other billionaires, Bill Gates is open to the fact that his children will not inherit the vast majority of his wealth. In fact, they will have less than 1%.
However, when you are the man who founded Microsoft, even a fraction of your net value represents more than a billion dollars.
According to the Bloomberg billionaire index, Gates is worth $ 162 billion—1% of this net value is $ 1.62 billion.
Thus, while the three doors that children will not be worth as much as their father, their assets are always likely to place them in the upper 1% – defined by the world real estate consultants Knight Frank as someone who is worth $ 5.8 million or more.
Speaking to ‘Understand with Raj Shamani’ Podcast this week, Gates said that the inheritance decisions of wealthy families were summed up in their personal convictions.
“Everyone can decide this,” said Gates, adding: “In my case, my children obtained great education and education, but less than 1% of total wealth because I decided that it would not be a favor for them.
“It is a dynasty, I do not ask them to execute Microsoft. I want to give them a chance to have their own income and success.”
Gates had already told the Daily mail He would offer his children $ 10 million each, saying that they would not make them favors to give them more. The question of whether his preferences have changed since then to reflect 1% of his wealth is not clear.
Addressing Shamani this week, Gates added that he wanted his children to be “significant” in its own right and not “overshadowed by the incredible chance and good fortune [their father] had.”
He added: “You do not want your children to be confused about your support for them and your love for them. I therefore think of explaining from the start of your philosophy: that you will treat them all too and that you will give them incredible opportunities, but that the highest call for these resources is to return to the most necessary through the bases.”
Gates’ children saw their parents work on causes such as polio, water sanitation and deadly diseases, to name only a few – information that their father hoped to be “proud”.
He added: “I saw cases where children really tell their parents to be more philanthropic. I think that the young generation sometimes pushes against this idea of the wealth that has just been transmitted.”
Billionaire inheritances
Gates is not the only technological Titan to have not planned to transmit his enormous wealth to his children.
Laurene Powell Jobs, wife of Apple’s late founder, Steve Jobs, said the billions she inherited from her husband would not be used for the three children they shared.
Jobs, estimated For having been around $ 7 billion when he died in 2011, “was not interested” in building an inherited wealth, said his wife The New York Times in 2020.
“I inherited my wealth from my husband, who did not care about the accumulation of wealth,” she said. “I do this in honor of his work, and I devoted my life to my best to distribute it effectively, in a way that raises individuals and communities in a sustainable manner.
“If I live long enough, it ends with me.”
The founder of Amazon, Jeff Bezos, has Likewise, said he would make a gift The vast majority of its wealth to charity rather than leaving its four children.
Gates added that this approach becomes the norm among technological titans: “I think that people who have made a fortune of technology are less dynastic.
“So they will take their capital and give a lot. You can have the view to give your capital or simply give your income. I love all philanthropy but the technological sectors, they are probably the most aggressive to give the majority.”
This story was initially presented on Fortune.com
