Microsoft co-founder Bill Gates has revealed that he plans to leave less than 1% of his fortune to his children, stressing the importance of them forging their own paths rather than depending on inherited wealth.
Speaking on the Figuring Out With Raj Shamani podcast, Gates explained that his children have already benefited from a privileged upbringing and quality education, and he wants them to build their own success.
With an estimated net worth of $162 billion, according to the Bloomberg Billionaires Index, Gates believes limiting their inheritance will help them develop independence and personal achievements.
“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,” he stated.
Gates went on to explain that his decision was driven by a desire to ensure his children are not overshadowed by the “incredible luck and good fortune” he experienced.
“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 going to give them incredible opportunities, but that the highest calling for these resources is to go back to the neediest through the foundation,” Gates said.
While his children will inherit only a fraction of his wealth, Bill Gates noted that they will still be financially well-off, with even 1% of his fortune equating to over a billion dollars.
Bill Gates has consistently advocated for using his wealth to support philanthropic causes, particularly through the Bill and Melinda Gates Foundation, focusing on global health, poverty alleviation, and education.