X
theAsianparent Philippines Logo
theAsianparent Philippines Logo
EnglishFilipino
Product GuideSign in
  • Building a BakuNation
  • Becoming a Parent
    • Trying to Conceive
    • Pregnancy
    • Delivery
    • Losing a Baby
    • Project Sidekicks
  • Ages & Stages
    • Baby
    • Toddler Years
    • Preschool Age
    • Kids
    • Preteen & Teen
  • Parenting
    • Parent's Guide
    • News
    • Relationship & Sex
  • Health & Wellness
    • Diseases & Injuries
    • Allergies & Conditions
    • Vaccinations
  • Education
    • Preschool
    • K-12
    • Special Education Needs
  • Lifestyle Section
    • Celebrities
    • Contests & Promotions
    • Home
    • Travel and Leisure
    • Fashion
    • Fitness
    • Wellness
    • Money
  • Become a VIP
  • COVID-19
  • Press Room
  • TAP Recommends
  • Shopping
  • Awards
    • Parents' Choice Awards 2023

Why Bill Gates isn’t leaving his $82B fortune to his children

3 min read

In a rare appearance on British talk show This Morning, Bill Gates explained why he’ll be donating his US$82 billion fortune to charity instead of leaving it to his children, Metro reports.

Instead of leaving billion-dollar trust funds to their kids, Gates, 60, and his wife Melinda, 52, are encouraging their children to pursue their own careers instead.

“It’s not a favor to kids to have them have huge sums of wealth”

“Our kids will receive a great education and some money so they are never going to be poorly off but they’ll go out and have their own career,” he explained.

 

“It’s not a favor to kids to have them have huge sums of wealth,” he continued. “It distorts anything they might do, creating their own path.”

Almost all of Gates’ fortune will be donated to the Bill and Melinda Gates Foundation, which is the largest transparently operated private foundation in the world, according to SFGate. The foundation aims to alleviate poverty around the world with education and healthcare.

On the next page: why we should be careful about leaving our children large sums of wealth.

The world’s richest man has a point. By concentrating on equipping his children with good education and just enough, he lessens the risk of them being complacent and lazy. In a Forbes article titled “Why Family Wealth Is A Curse”, Deborah Jacobs (who comes from the family that founded Georgia-Pacific Corporation) writes:

The biggest curse of intergenerational wealth for me and many other people is the illusion that you don’t have to do much with your life. You might want to and you might make the effort, but you don’t have the same pressure to earn enough to live on. And that takes away a lot of the incentive to find meaningful work.

Gates’ kids “proud” of his decision

Gates explained that his children have come with him and his wife to trips around the world to see how their money is helping other people. His children understand his reasoning, and are even proud of how their dad is committed to making a difference.

According to Metro, Gates’ oldest child Jennifer, 20, is studying at Stanford University, taking up biology. Rory, 17, and Phoebe, 14, live with their parents in their home near Seattle, Washington.

Partner Stories
Next-Gen Ford Everest: 6 Reasons Why This Is Your Family's Next Dream Car!
Next-Gen Ford Everest: 6 Reasons Why This Is Your Family's Next Dream Car!
Gut Health and Probiotic Survival Rate
Gut Health and Probiotic Survival Rate
Evelyn Ng, P&G high ranking executive, shares her story as a career woman and a working mom
Evelyn Ng, P&G high ranking executive, shares her story as a career woman and a working mom
Creating an Absolute-ly Merry Christmas
Creating an Absolute-ly Merry Christmas

(Lead image: Wikimedia Commons)

READ: 5 smart parenting tips we learned from former Microsoft CEO, Bill Gates

Be sure to check out theAsianparent Community for more insightful stories, questions, and answers from parents and experts alike. If you have any insights, questions or comments regarding the topic, please share them in our Comment box below. Like us on Facebook and follow us on Google+ to stay up-to-date on the latest from theAsianparent.com Philippines!

Got a parenting concern? Read articles or ask away and get instant answers on our app. Download theAsianparent Community on iOS or Android now!

img
Written by

Cristina Morales

Become a Contributor

  • Home
  • /
  • Lifestyle Section
  • /
  • Why Bill Gates isn’t leaving his $82B fortune to his children
Share:
  • 14 important things you need to know about computing your Meralco Bill

    14 important things you need to know about computing your Meralco Bill

  • What you need to know about Trust Contraceptive Pills, is it for you?

    What you need to know about Trust Contraceptive Pills, is it for you?

  • 8 prepaid health cards that you can avail for your family

    8 prepaid health cards that you can avail for your family

  • 14 important things you need to know about computing your Meralco Bill

    14 important things you need to know about computing your Meralco Bill

  • What you need to know about Trust Contraceptive Pills, is it for you?

    What you need to know about Trust Contraceptive Pills, is it for you?

  • 8 prepaid health cards that you can avail for your family

    8 prepaid health cards that you can avail for your family

Get advice on your pregnancy and growing baby. Sign up for our newsletter
  • Pregnancy
    • Baby
    • Breastfeeding & Formula
    • Baby Names
    • Delivery
  • Parenting
    • Parent's Guide
    • Advice for Parenting Kids
    • Relationship & Sex
  • Lifestyle Section
    • Local celebs
    • Celebrities
    • Money
    • News
  • FAMILY & HOME
    • Couples
    • Weekend & Holiday Guide
    • Health
  • Building a BakuNation
    • More
      • TAP Community
      • Advertise With Us
      • Contact Us
      • Become a Contributor


    • Singapore flag Singapore
    • Thailand flag Thailand
    • Indonesia flag Indonesia
    • Philippines flag Philippines
    • Malaysia flag Malaysia
    • Sri-Lanka flag Sri Lanka
    • India flag India
    • Vietnam flag Vietnam
    • Australia flag Australia
    • Japan flag Japan
    • Nigeria flag Nigeria
    • Kenya flag Kenya
    © Copyright theAsianparent 2023. All rights reserved
    About Us|Team|Privacy Policy|Terms of Use |Sitemap HTML
    • Tools
    • Articles
    • Feed
    • Poll

    We use cookies to ensure you get the best experience. Learn MoreOk, Got it

    We use cookies to ensure you get the best experience. Learn MoreOk, Got it

    theAsianparent heart icon
    Nais naming magpadala ng notification sa'yo tungkol sa latest news at lifestyle update.