Bill Gates says his children will inherit ‘less than 1 per cent of total wealth’
Microsoft co-founder Bill Gates has revealed that he plans to leave less than 1 per cent of his fortune to his children, believing they should succeed on their own rather than inheriting the wealth he has created.
Speaking on the podcast ‘Figuring Out With Raj Shamani’, Gates said, “Everybody gets to decide on that,” referring to the choices made by wealthy families about legacy planning. “In my case, my children got a great upbringing and education, but less than one per cent of the total wealth.”
Gates, 69, shares three children – Jennifer Gates Nassar, Rory Gates, and Phoebe Gates – with his ex-wife Melinda French Gates.
According to Bloomberg Billionaires Index, Gates is worth $155 billion, and one per cent is $1.55 billion so their inheritance will still be substantial.
Despite inheriting only a fraction of their father’s wealth, Gates’ children would still rank among the wealthiest people globally.
“It is not a dynasty. I am not asking them to run Microsoft,” Gates said. “I want to give them a chance to have their own earnings and success.”
The billionaire philanthropist added that he does not want his children to be “overshadowed by the incredible luck and good fortune” he had, but rather be “significant” individuals in their own right. Gates also said it was important to communicate early about values, opportunity, and support to children.
Gates said that the “highest calling” for his wealth is to give back to the “neediest” through the Bill & Melinda Gates Foundation.
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