The world’s richest man Bill Gates has admitted he will not be leaving his £70billion fortune to his three children instead giving it away to charity when he dies.
Appearing on ITV’s This Morning the Microsoft creator, who has an estimated net worth of $81.7 billion, says his kids understand his decision.
Speaking to Holly Willoughby and Ben Shephard, the 60-year-old said: “Well, our kids receive a great education and some money but they will go out and have their own careers."
He reasoned that by allowing his children - two daughters and a son - to inherit his fortune “distorts anything” they might try to do. Gates said all three were “proud” of his decision.
The businessman-turned-philanthropist said instead of billion-dollar trust funds, the children would have their own careers.
Laughing, he added they would never go short saying “They are never going to be poorly off'.
Gates said: “It's not a favour to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path.”
The billionaire and his wife Melinda, 52, have three children together, Jennifer, 20, Rory, 17, and Phoebe, 14.
The eldest is in her second year at prestigious Stanford University, California, where her father donated £5million to the construction of a computer science building in his name.
She is also a highly regarded show jumper competing nationally throughout the States.
Rory and Phoebe are understood to live at home with their parents outside Seattle, Washington.
Gates has vowed to pass on a fraction of their vast wealth to their children while the rest will go to the couple’s charity.
The Bill And Melinda Gates Foundation was set up to fund health and education projects around the world.
He said the decision to give away his money to good causes had made his children proud.
Gates added: “This money is dedicated to helping the poorest. They know that, they are proud of that, they go on trips with us to see the work that's being done.”
Culled: mirror
*I noticed that abroad most rich people do not let their kids inherit their monoey and i wonder why!..
58 comments:
Whattt!!!
I guess he's trying to ensure his kids make it on their own. In that case pls sir kindly bequeath some to me o
Yours sdkly dazzlinglizzy
Good for them
Hian,if I hear?if na my papa be gates n I'm spew dis kain tin from I'm mouth ehhh,d rest is better left unsaid
In other words, he believes in them making their own money.
I like his thinking... it's also good his children understand and respect his decision. Case study *Whitney houston and Michael jack on*.
Yes o, I noticed too... nigeria here, they will be going to court and juju upandan for one bungalow, mtcheww
Bill has stated his own reason Stella.
Good for him
Wow. Oyinbo will be Oyinbo always. Very simple. Very different from we blacks. So one Naija bag of money will look his kids in d face and tell them 'u wont inherit my money' lol. Not possible. Even distant families sef will be looking forward to their own share not to talk of d kids.
Bill Gates, thank God you no be naija.
If to say na naija na that cursing poster in IHN that the children go call make she curse him.
The question you asked have been answered by him.
Their kids ain't lacking sef.. suffice is to say they'll never be poor in this life even if they don't inherit everything their father have.
Na wah oh!!!
If Na naija now.....
He must be a very wicked father
Because it will vallow the children to find their course, to be more focused
Say wetin? Hmm no be children person dey labour for?
No surprises there.
Abroad,Most of these wealthy men leave their kids nothing.Thry want them to work hard the way they did. Charities get their fortune.
I get where they are coming from though but I have always tot they are Bn a bit "unfeeling"
Wtf all that money to sumone else pls bill gate my second name is charity come n donate it to me please
what nonsense.... !!.... mtcheeew
I wonder why too,while in nija even there greatgrandchildren have thier names in the Will.
he is lucky Jim iyke is not one of his children, lol... I like the fact that he wants the kids to create a name for themselves.
And Nigerians will be crying over a million naira inheritance. Many lives has been destroyed just because some who taught they deserve it were disappointed while some who got the inheritance still ends up useless. Many grown up who ends up being mummy's boy today are those who believe in what their folks have to leave or left for them. Give your kids education, the best of experience and exposure, love and mentor them to make their own wealth. I remember seeing one of Gates interviews in 2012 where he said none of his kids had a personal phone or computer at the time and he gives them a certain (peanut) weekly allowance to train them in spending wisely. It's one of a great man's attributes to encourage others to be great and independent without him. God help me
MrsBee
I tire o
If parents are leaving a lot behind, I don't think it's a bad idea for the children to enjoy the inheritance. But again that depends on the children in question. An indolent child wouldn't add any value to what's left behind, but would rather waste it on frivolities. So such a child does not deserve the inheritance.
It's a good idea to give one's kids the impression that nothing would be left behind for them so that they would begin to work hard for themselves. Then at the end, leave something for them.
Charity cases go soon rich pass normal people... Loo
Haba, if I were his child I'll go on one month fasting and prayer so God will change his mind. That isn't fair at all o
Because them stingy pass anything Stella. Stingy kokos
If not my kids who am I working for? Government? Charity? !
Oriegwu
Am telling u.very wicked being
Oyibo way
Maybe his children are bastards.why won't you will your fortune to your children.or could be his wealth is ill gotten and he has decided to give them all to charity to appeals his soul when he dies.white people tend to do things like this when they have done something really bad in the past.am a mental health consultant,so I know what am talking about,we see lots of things like this.
If that is what he want good for him
"We'll leave our kids a great education AND SOME MONEY". "Some money" may mean a couple of million dollars which is a fraction compared to what he is worth. He is giving them a great education so they wont have a problem getting a good job (with that last name that wont be a problem) and probably some shares in Microsoft. They may not inherit his billions but they and his grandkids will never lack anything.
Lol you say bungalow,half plot of land and see them pouring acid at each other.
Are you a lazy son or daughter
He doesn't need to give them all.whatever he gives them will still be more than enough..too much inherited wealth distorts normal reason and makes children uneventful and less innovative
God bless you for this comment. The most sensible comments on here.
Very very very unfair to the kids
A man I know sold all his assets before he died. It's better to avoid war in the family.
Imagine this handicap.. Lol
Understand ko, ni. Understand fire
Correct.
'Gates has vowed to pass on a fraction of their vast wealth to their children while the rest will go to the couple’s charity.'
Of course they would get a lot of it, just not all.
Wise man!
Lol. Queen Amy u are very funny
Dear Lord..this is the mentality I should have
Seconded
Speechless
Exactly. He may likely leave something for them later but he wants them to work and create a name for themselves first
Lmao... barbie ooooo
Bill Gates needs to share this mindset with Naija's thieves/legislooters who have stolen our common patrimony in order to illegally enrich their decripit children and even unborn generations while the hardworking citizens stew in poverty and hopelessness. Indeed, Gates is an outstanding man in both wealth and character for which he is truly blessed. Nawa 4 black man development vision.
Bill Gates needs to share this mindset with Naija's thieves/legislooters who have stolen our common patrimony in order to illegally enrich their decripit children and even unborn generations while the hardworking citizens stew in poverty and hopelessness. Indeed, Gates is an outstanding man in both wealth and character for which he is truly blessed. Nawa 4 black man development vision.
Bill Gates needs to share this mindset with Naija's thieves/legislooters who have stolen our common patrimony in order to illegally enrich their decripit children and even unborn generations while the hardworking citizens stew in poverty and hopelessness. Indeed, Gates is an outstanding man in both wealth and character for which he is truly blessed. Nawa 4 black man development vision.
I keep repeating too many illiterates on this blog.....can't you people read? Did he say they won't get anything? This fool is even asking maybe his children are bastards...lol...Kai.....u think most people are like u Nigerians with your poverty mentality that thinks money is the end all be all....they will have enough to be comfortable in heir Daily living so what is the amassing wealth for....it is this same attitude that make us grab money when in power and keep in bank accounts abroad while masses suffer...how mush money can an I video really need to be comfortable? They don't need to inherit all his billions for his kids and grandkids to be comfortable....too many local ignorant myopic mofos on this blog......lol at your missiles that will be coming in from my comments. Bring it on
So u must think like your mumu Linda?
Shut up mumus.....go back and read...did he say they won't get anything? Do u know the amounts of shares they might have in say Microsoft that will be bringing a monthly or yearly income they can't finish? Stop using your myopic naija mentality to judge issues. His children can never go hungry. He does not have to leave all his wealth to them
Anon 3:55 u dey mind d nincompoops,dem b sheep wey dey follow dere shepard na lol
I got ur back bro. My papa no dey fear to talk dat kind shit
Besides that, leaving kids with too much money messes them up. Life is not just about money.....
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