Why Bill Gates' children will inherit 'less than 1%' of his wealth?
Business & Economy | World | Gates shares three children with his ex-wife Melinda Gates: Daughter Jennifer (28), son Rory (25), and youngest daughter Phoebe (22).
Bill Gates - the co-founder of Microsoft and one of the richest people on earth - has said that his children will inherit only one percent of his total wealth. Gates shares three children with his ex-wife Melinda Gates: Daughter Jennifer (28), son Rory (25), and youngest daughter Phoebe (22). Just 1 per cent of his entire wealth amounts around $1.55 billion as he owns $155 billion.
But the question is why his children will get such small amount of share from his fortune?
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'A great upbringing and education'
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While speaking at a podcast with Raj Shamanhi, Gates said his children have got "a great upbringing and education" but he would give them less than 1% of the total wealth because he “wants to give them a chance to have their own earnings and success.”
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The billionare said that wealthy families make their inheritance decision based oin their personal values and in his case, his kids got "a great upbringing and education but less than one per cent of the total wealth because I decided it wouldn’t be a favour to them".
“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," Gates added.
Gates said he wanted his children to be “significant” in their own right and not “overshadowed by the incredible luck and good fortune (their father) had.”
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“You don’t want your kids to ever be confused about your support for them and your love for them. So I do think explaining early on your philosophy: that you’re going to 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,” he added.
(With inputs from agencies)
