Billionaire Bill Gates disclosed during a podcast interview that his children will inherit less than 1% of his total wealth.
What Happened: Gates, during a podcast, Figuring Out With Raj Shamani, shed light on his personal beliefs regarding wealth distribution in affluent families. He stated, “In my case, my kids got a great upbringing and education but less than 1% of the total wealth because I decided it wouldn’t be a favor to them.”
The co-founder of Microsoft Corp. (NASDAQ:MSFT) expressed his wish for his children to carve their own paths to success, without being “overshadowed by the incredible luck and good fortune [their father] had.”
“I’m not asking them to run Microsoft. I want to give them a chance to have their own earnings and success.”
He emphasized the importance of parental love and support and shared his philosophy of treating his children equally and providing them with incredible opportunities. Gates also highlighted that the highest use of his resources is to support the neediest through his foundation.
Gates addressed misconceptions about his influence, noting that wealth and power often breed assumptions of grand schemes. “Hopefully, for the people who actually know me, it’s very different,” he said, emphasizing his love for foundation work and family.
Speaking about his mistakes, Gates spoke about public mistakes, like Microsoft’s failed phone OS, and ongoing challenges, such as the elusive HIV vaccine or polio eradication.
Why It Matters: Gates’ philosophy on wealth and charity is that tech moguls tend to be less dynastic, choosing to give away most of their fortunes rather than hoard it for heirs. However, he respects differing views. His decision to leave less than one percent of his wealth to his kids was a deliberate choice, ensuring they carve their own paths without being overshadowed by his success.
