“ It ’s not a dynasty . I ’m not ask them to run Microsoft . ”
In the celebrity world, many famous parents have discussed their plans to leave a limited inheritancefor their kids. And among them is one especially well-known rich person: Bill Gates.
Thebillionaire Microsoft cofounderand hisbillionaire ex-wife, Melinda French Gates, share three children: Jennifer, 28, Rory, 25, and Phoebe, 22. In the past, Bill has said he thinks it’d be unwise to leave all his and Melinda’s money to their children,sayingthat it “distorts anything they might do” and prevents them from “creating their own path” in life.
And now, the 69-year-old has doubled down on his views and revealed how much of his fortune he actually plans on leaving for his children when the time comes.
During a recent appearance on theFiguring Out with Raj Shamanipodcast, Bill was asked what “the right mindset” is toward leaving an inheritance and whether it’s a parent’s “duty” to “save everything for their kids,” to which he said: “Everybody gets to decide on that. In my case, my kids got a great upbringing and education but less than 1 percent of the total wealth.”
OK, so 1 percent might sound stingy at first, but if we do the math, that still works out at around $1 billion based onForbes’sestimation that he’s worth about $108 billion. Going into more detail, Bill said leaving the kids any more than that “wouldn’t be a favor to them.”
“It’s not a dynasty. I’m not asking them to run Microsoft,” he explained. “I want to 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.”
Acknowledging that “different families see [inheritance] differently,” Bill said the most important thing is being transparent about future plans so as not to leave anyone blindsided. “You don’t want your kids to ever be confused about your support for them and your love for them,” he said. “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.”
Sharing more about theGates Foundation, which he and Melinda founded in 2000, Bill said his children “have seen the success” of the charity and that they’d be proud for the money to be put to use there.
So, what do you think of Bill’s take? And if you’re one of his kids, how are you feeling about this? You can listen to thefull podcast episode here.
