Wednesday, July 3, 2019
Many celebrities and members of the super-wealthy, especially those that are self-made, have been extremely public about their decisions to leave small inheritances to their children. Well, small relative to their net worth, at least. Berkshire Hathaway CEO Warren Buffett as well as Microsoft co-founder Bill Gates and his wife, Melinda Gates, founded the Giving Pledge, a campaign to get the ultra-wealthy to pledge half their fortunes to charitable causes. eBay founder, Pierre Omidyar signed onto the pledge in 2010, along with his wife. Another notable member of the Giving Pledge is New York City Mayor Michael Bloomberg.
After her divorce from Amazon founder Jeff Bezos is finalized later this month, Mackenzie Bezos states that she will sign on to the campaign to give away half of what she is awarded. Warren Buffet, who has an estimated worth of $87.5 billion, says that he will be leaving his children $2 billion each. The rest, or more than 99% of his wealth, is going to philanthropic causes. His reasoning for his children getting such a small portion of his fortune? He wants them to receive “enough money so that they would feel they could do anything, but not so much that they could do nothing.''
Bill Gates wills be doing the same thing for his children and for the same reason: as to not stunt their ambition and drive. The singer, Sting, as well as celebrity chef Gordon Ramsay have similar plans with their estates so they do not "spoil" their children.
See Kathleen Joyce, These High-Profile Figures will not be Leaving a Lot of Their Fortunes to Their Children, Fox Business, June 29, 2019.