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Bill Gates to Leave Children Less Than 1% of $101 Billion Fortune
Tech magnate Bill Gates has disclosed that his three children will inherit less than 1% of his substantial $101.2 billion fortune. Despite the seemingly small percentage of his staggering wealth, this portion still represents a considerable sum. The Microsoft co-founder, a prominent figure in the realm of technology and philanthropy, has long advocated for giving away the majority of his wealth.
Gates Emphasizes Self-Made Success for Heirs
The billionaire philanthropist, currently ranked among the world’s wealthiest individuals, reiterated his intention that his children will forge their own paths to prosperity. Speaking on the Raj Shamani podcast, Gates, age 69, revealed that Jennifer, 28, Phoebe, 22, and Rory, 25, will receive “less than 1 percent” of his assets upon his passing. This decision aligns with his long-held philosophy of responsible wealth distribution and empowering his children to achieve independent success.
Rejecting Family Dynasty, Promoting Individual Achievement
Gates further articulated his belief that his fortune should not establish a family “dynasty.” He expressed his desire for his offspring to cultivate their own financial independence through personal endeavors.
“My children received an exceptional upbringing and education, yet they will inherit under 1% of my total wealth because I believe it would be a disservice to them,” Gates stated. “This is not about establishing a dynasty. I am not expecting them to take over Microsoft.”
He continued, “I want to provide them with the prospect of earning their own accomplishments and recognition, distinct from the extraordinary luck and privilege I have experienced.”
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Transparency with Children, Foundation’s Priority
Gates emphasized maintaining open communication with his children regarding their inheritance. He has consistently conveyed that the Gates Foundation, dedicated to addressing global needs, is the primary beneficiary of his vast resources.
“It is crucial that your children understand your support and affection for them,” Gates explained during the podcast interview.
“Therefore, I believe in proactively communicating your principles, ensuring they understand they will be treated equitably and afforded remarkable opportunities. However, the noblest purpose for these resources is to address the needs of the most vulnerable through the foundation,” Gates affirmed.
Melinda Gates on Raising Children Grounded in Reality
Melinda Gates, his former wife of 27 years, age 60, shared insights with Elle magazine last month, highlighting their joint efforts to raise their children with a sense of normalcy and understanding of the broader world.
She remarked, “We engaged in genuine conversations about how our family’s circumstances differed, while emphasizing that this should not lead to an inflated sense of self-importance.”
Significant Contributions to Gates Foundation
Since its inception in 2000, Bill Gates and Melinda French Gates have collectively contributed $59.5 billion to the Gates Foundation, underscoring their commitment to global philanthropy.