Microsoft co-founder Bill Gates has made no secret of his intentions for his riches. In particular, he focused on the unconventional way he plans to leave his sizable inheritance to his three children – Jennifer, Rory, and Phoebe. With a net worth of $102.2 billion, Gates aims to leave only a small fraction of his fortune to his kids while prioritizing philanthropy through The Gates Foundation.
Gates is not just a rich dude who wants to make sure his kids live the good life. He’s got it all to Himself! For one thing, he thinks that the best way to ruin these young people would be to hand them a huge, unearned, cash inheritance. Second, he clearly believes, as does everyone here, in keeping them in the driver’s seat. He desires for them to be personally successful in ways that surpass his legacy.
I don’t think it’s a dynasty, Gates said. Further, he wouldn’t want his children to feel pressure to take over Microsoft. Jennifer, 28, Rory, 25, and Phoebe, 22, will each inherit in excess of $1 billion. Gates has chosen to put well under one percent of his aggregate wealth into their inheritance.
After all, Gates has already made commitments to give away roughly $9 billion annually. He has pledged to donate most of his fortune to humanitarian efforts through The Gates Foundation. What motivates him is a deep seated desire to serve others. His overarching ambition is to alleviate suffering and improve lives, in part by making significant contributions. “I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives,” he explained.
In explaining his approach to inheritance, Gates noted that teaching his kids about money was one of his primary goals. He brought up an interesting point about the need for clarity with our kids. How could your kids ever doubt how deeply you love and care for them. He thinks it’s really important for them to understand one really huge lesson. Though they will have access to amazing opportunities, his riches should mainly be used to ensure that others have the same for generations to come.
Gates’ commitment to philanthropy, to public service, and to the well-being of future generations. This promise aligns with a burgeoning trend among billionaires to eliminate dynastic wealth, and instead, put fortunes to work for the benefit of humanity. His goal is not to be one richest people in the world. He has a bold vision to make this dream a reality in just under two decades.
Gates’s decision is notable not just for what it means for global agriculture. Only Elon Musk is richer than him. Regardless of his monetary wealth, Gates is rich in his principles and priorities around creating a future for his family.
My children were really enriched by the upbringing, but the education, they got. They’ll inherit less than 1 percent of my total wealth because I just don’t think that would be good for them,” he said, making explicit his views on inheritance and personal responsibility.