Business Tycoons That Won’t Leave Their ‘Millions’ To Their Children

FameJune 28, 2019

Traditionally, wealthy parents would pass down their wealth to their children and keep the family taken care of. But a new generation of business tycoons and magnates have decided that their wealth will not go to their children. These super-rich individuals have decided to give their money to charity to help others and encourage their children to find their own way.

Though their “kids” will still have untold opportunities, advantages, and connections, to help them succeed, these tycoons won’t be leaving them with large inheritances.

Warren Buffett

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This billionaire has decided to leave his money to the Gates Foundation instead of his own children. As an incredibly wealthy investor and philanthropist, Buffett has pledged to give away 99% of his wealth, either during his life or when he dies. He started by promising 83% of it to the Gates Foundation, according to FORTUNE Magazine.

The Oracle of Omaha isn’t worried about his children not getting their fair share. Echoing a common sentiment on this list, Buffett said in his letter to the Gates Foundation: “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.”

Jackie Chan

This veteran action-comedy star, director, and producer announced in 2011 that when he dies his son will not get any of his money. He had decided to give away half his money to charity when he dies. Chan added that he was not planning on leaving his son Jaycee any of the millions of dollars he has made during his film career.

He is quoted as saying “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.”

Pierre Omidyar

Business magnate, eBay founder Pierre Omidyar made his fortune through the online platform. And since his generosity for sharing his billions with charity works and outreach programs, he once stated that he wants to give his money to the less fortunate instead of his children. He and his wife are currently the biggest private donors in the fight against human trafficking.

This is really admirable: “Our view is fairly simple. We have more money than our family will ever need. There’s no need to hold onto it when it can be put to use today, to help solve some of the world’s most intractable problems,” he stated in his letter to Giving Pledge.

Bill Gates

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One of the richest men in the world and one of the first to publicly announce that his money was going to charity instead of his children. He and his wife Melinda aren’t interested in keeping their money for themselves, or for their three children. “I knew I didn’t think it was a good idea to give the money to my kids. That wouldn’t be good either for my kids or society,” the former Microsoft CEO said in an interview in 2010.

Instead, the Bill & Melinda Gates Foundation was founded in 1994, and today has assets of over $37 billion. The Foundation even started “The Giving Pledge,” which encourages other wealthy individuals to join the Gates’ lead and donate half their money to charity.

Elon Musk

TESLA CEO Musk may have five young boys from his first marriage — one set of twins and one set of triplets — but he’s already donated much of his $12.9 billion fortune to renewable energy, science and engineering education, and pediatric health.

He signed the Giving Pledge in 2012, committing to donate the majority of his wealth to charitable causes. He receives only $1 a year for his work with Tesla.

Larry Page

larry page

Alphabet CEO Larry Page has a somewhat unique idea for what he would like to happen to his wealth. He once told Charlie Rose that instead of giving his billions to his two children, he would rather give it to entrepreneurs like Elon Musk, who are coming up with big ideas to change the world.

“We have a lot of employees at Google who’ve become pretty wealthy. You’re working because you want to change the world and make it better; if the company you work for is worthy of your time, why not your money as well? We just don’t think about that. I’d like for us to help out more than we are.“