Bill Gates has confirmed that he won’t be leaving his children with all of his fortune. As much as he raised his kids with the best possible childhood, he shared that they will receive only a tiny percentage of what he is actually worth. During his appearance on the Figuring Out With Raj Shamani podcast, Gates explained his decision as they touched on topics like parenting, money, and legacy.
Not a Dynasty, But a Chance to Thrive
“My kids got a great upbringing and education, but less than 1% of the total wealth because I decided it wouldn’t be a favor to them,” Gates explained, according to US Magazine. “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. You know, be significant and not overshadowed by the incredible luck and good fortune I had.” He added, “Different families see that differently. I think the people who’ve made fortunes from technology are less dynastic … they’ll even take their capital and give a lot of that away.”
Bill Gates on why he values Love, Support, and Equal Treatment
Host Raj Shamani asked whether Gates’ children had ever questioned his decision. “You don’t want your kids to ever be confused about your support and love for them,” he responded. “I do think explaining early on your philosophy, that you’re going to treat them all equally and that you’re going to give them incredible opportunities … but the highest calling for these resources is to go back to the neediest through the foundation.” Gates said his children[Jennifer, Rory, and Phoebe Gates] have seen the impact the foundation has on the world and are “very proud.”
A Legacy of Giving Back
Gates, who founded the Gates Foundation with his ex-wife in 2000, has long been a philanthropist. He explained that he thinks giving back is more important than generational wealth. “The highest calling for these resources,” he repeated, “is to go back to the neediest through the foundation.” His way of thinking challenges the traditional idea of inheritance as he is empowering his children to find their own success.
Do you think Bill Gates made the right choice, or should wealthy parents pass down more to their children?
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