Featured Image Credit: Getty Images/Jean Catuffe
Topics: Bill Gates, Technology
Gerrard Kaonga
Bill Gates has opened up about how he raised his children and how he had to be wary of his immense wealth and still is.
Billionaire Bill Gates has explained that his children won’t inherent his massive empire or money when he dies.
In fact, speaking on a podcast, Gates explained that his children will only inherit a small fraction of his estimated $107 billion net worth.
Speaking on the Figuring Out With Raj Shamani podcast, he said his children would be getting less than one percent of his wealth.
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Now, if your math is any good at all, you’ll realize that less than one percent of more than 100 billion still puts them in pretty good places money-wise.
On the podcast, Gates was asked what his view was on whether parents, rich or not, should save their money simply to give to their children or should they find another purpose for it.
He said: “Everybody gets to decide on that, in my case my kids got a great upbringing and education but less than one percent of the total wealth because I decided it wouldn’t be a favor to them.
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“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 that he wanted his children to create something for themselves rather than being ‘overshadowed by the incredible luck and good fortune [their father] had’.
Gates continued: “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 [Gates] foundation.”
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The billionaire noted that his foundation had been successful and he was ultimately hopeful that his children were proud of the good it had done.
Gates also said that he has seen instances where the children of wealthy individuals call for their parents to be more charitable.
He added: “I’ve seen cases where kids actually tell their parents to be more philanthropic. I think the younger generation sometimes actually is pushing against this idea of the wealth just being passed down.”
Speaking to Forbes last year, Gates said that most of his fortune would be going to charity - including the Gates Foundation.