Microsoft co-founder Bill Gates has expressed his intention to leave his children less than 1% of his substantial wealth. Gates believes it is more beneficial for his children to attain success independently rather than inheriting a vast fortune. This approach reflects a growing trend among prominent figures in the technology sector, including Apple founder Steve Jobs and Amazon founder Jeff Bezos, who prioritize philanthropy over bequeathing generational wealth.
Gates has openly shared that his children will not receive the majority of his wealth, instead benefiting from less than 1% of it. As per the Bloomberg Billionaire’s Index, Gates’s net worth stands at $162 billion, meaning 1% translates to $1.62 billion. Despite this fraction, his children will still possess significant wealth, positioning them within the top 1% of wealth holders globally, as defined by real estate consultancy Knight Frank.
During a recent appearance on the ‘Figuring Out With Raj Shamani’ podcast, Gates elaborated on the inheritance decisions made by wealthy families, emphasizing that these choices are influenced by personal values. He mentioned that while his children would receive a quality upbringing and education, their share of his fortune would remain below 1% because he believed that greater inheritance would not benefit them favorably. Gates conveyed that he prefers his children to forge their own path and achieve personal success rather than being burdened with the responsibility of managing the Microsoft legacy.
Previously, Gates had informed the Daily Mail he intended to grant $10 million to each of his children, suggesting that providing more would not be advantageous for them. Whether this figure has been revised to align with 1% of his current wealth remains uncertain. Gates further expressed that he hopes for his children to be distinguished on their own merits, rather than being overshadowed by the immense luck and success experienced by their father. He emphasized the importance of communicating early on that substantial resources should be directed towards philanthropic efforts benefiting the most needy through the foundation.
Gates’s children have been witnesses to their parents’ engagement in various humanitarian efforts, including combating polio, enhancing water sanitation, and developing vaccines against deadly diseases. He aspires for his children to find pride in these initiatives. Gates also noted instances where younger family members have encouraged their parents to embrace philanthropic endeavors, indicating a shift away from favoring the accumulation of wealth for future generations.
Laurene Powell Jobs, the widow of the late Steve Jobs, also plans not to pass her inherited wealth to their children. Powell Jobs communicated to The New York Times in 2020 that her husband was not focused on amassing wealth and that she strives to honor his legacy by effectively redistribing the fortune to support individuals and communities sustainably.
Similarly, Amazon founder Jeff Bezos has committed to donating the majority of his wealth to charitable causes, rather than transferring it to his four children. Gates commented on the prevailing disposition among tech magnates to relinquish their wealth: tech leaders are inclined to redistribute their capital generously, upholding a philanthropic spirit prevalent in the technology sector.
This report was initially published on Fortune.com.
