Bill Gates, the American tech mogul and co-founder of Microsoft, recently made headlines for his decision to leave only a small portion of his vast fortune to his three children – Jennifer, Rory, and Phoebe, whom he shares with his estranged wife, Melinda Gates.
In a recent interview on the podcast “Figuring Out with Raj Shamani,” Gates discussed his views on inheritance and philanthropy. He explained that he believed it would not benefit his children to inherit a significant amount of wealth, stating, “My kids got a great upbringing and education, but you know, less than 1% of the total wealth. I decided it wouldn’t be a favour to them… It’s not a dynasty, and I’m not asking them to run Microsoft. I want to give them a chance to have their own earnings and success, not overshadowed by the incredible luck and good fortune I had.”
Gates emphasized that families in the technology sector are less focused on passing down wealth to future generations, with many tech billionaires opting to give away a large portion of their wealth through philanthropy. He highlighted that the tech sector is known for being more aggressive in giving away wealth compared to other industries.
The tech mogul also spoke about his philanthropic work through the Bill & Melinda Gates Foundation, stating that the highest purpose for his wealth is to support those in need through the foundation. Gates expressed pride in the foundation’s success and mentioned that his children have seen the impact of their philanthropic efforts, with some kids even encouraging their parents to be more charitable.
According to Forbes, Gates’ fortune is estimated at around $101.2 billion, meaning his children will inherit approximately $1.1 billion – one percent of his wealth, at least for now.
Gates’ decision to leave a small portion of his fortune to his children reflects his belief in giving back to society and making a meaningful impact through philanthropy. His story serves as a reminder of the importance of using wealth for the greater good and leaving a lasting legacy through charitable work.
