The world’s richest man explains why he wants his children to find their own way
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 favour 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 favour 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.