- Several high-profile millionaires and billionaires have declared they won’t be leaving the entirety of their massive fortunes to their children.
- Many of these wealthy parents have pledged to give the majority of their wealth away to charitable organisations by signing the Giving Pledge.
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Many high-profile business magnates, billionaires, and celebrities believe money shouldn’t be handed to their children.
Mark Zuckerberg and Priscilla Chan, for instance,have signed the Giving Pledge, which promises to give away the majority of their massive fortunes. However, for some, the amount remaining is still worth millions (if not billions).
Business Insider has compiled a list of 14 high-profile millionaires and billionaires – some of whom are the world’s biggest business magnates – who won’t be signing over their fortunes to their kids in their will. We ranked these wealthy parents in ascending order by their net worth.
Keep reading for a look at 14 high-profile billionaires and millionaires who aren’t leaving their fortunes to their children:
14. Nigella Lawson — $US15 million
Nigella Lawson is a food writer, TV personality, and journalist. Lawson was one of the pioneers behind the 21st-century “food porn” revolution with her books including “Feast,” “Nigella Express,” and “How to Be a Domestic Goddess.” Lawson is worth an approximate $US15 million (£11.5 million), according to The Richest.
Lawson has two adult children from her first marriage and one step-daughter from her second marriage to advertising mogul Charles Saatchi, which ended in 2013.
In an interview with My Weekly in 2008, during her second marriage, Lawson said: “I am determined that my children should have no financial security. It ruins people not having to earn money.
“I argue with my husband Charles, because he believes that you should be able to leave money to your children. I think we’ll have to agree to disagree.”
13. Gordon Ramsay — $US153 million
Owning and operating 40 restaurants around the globe with 16 Michelin stars between them, Gordon Ramsay is one of the biggest names in the British restaurant industry. The well-renowned celebrity chef has a strong TV presence and made 62 million last year thanks to shows such as “MasterChef USA,” “MasterChef Junior” and “Hell’s Kitchen.” His net worth is estimated to be around $US153 million,according to The Sun.
The father of four has no intention of leaving his fortune to his children, who still sit in economy on flights while Ramsay and his wife, Tana, peel off for first class: “It’s definitely not going to them,” Ramsaytold the Telegraph.
“And that’s not in a mean way; it’s to not spoil them. The only thing I’ve agreed with Tana is they get 25% deposit on a flat, but not the whole flat.
“I’ve been super lucky, having that career for the last 15 years in the US. Seriously, it has earned a fortune and I’ve been very lucky, so I respect everything I’ve got,” Ramsay said.
12. Sting — $US300 million
Sting is a musician best known for being the frontman of rock band The Police. The singer has received 16 Grammy Awards, three Brit Awards, a Golden Globe, and an Emmy Award. He has an approximate net worth of $US300 million, according to The Richest.
The father of six publicly declared that his children will not inherit a penny of his vast fortune in an interview with the Mail on Sunday in 2014. He said: “I told them there won’t be much money left because [my wife and I] are spending it! We have a lot of commitments. What comes in we spend, and there isn’t much left.
“I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate,” he said.
11. Elton John — $US480 million
With a career in music spanning four decades, Sir Elton John’s retirement tour is expected to gross more than $US400 million, according to Forbes, adding to his impressive estimated net worth of $US480 million.
With his husband David Furnish he has two young sons – Zachary and Elijah – but the singer has no intentions of spoiling them with his vast fortune.
“It’s terrible to give kids a silver spoon,” he said in an interview with the Daily Mirror.
“The boys live the most incredible lives, they’re not normal kids, and I’m not pretending they are. But you have to have some semblance of normality, some respect for money, some respect for work.”
The couple have borrowed from the Warren Buffett school of inheritance – the second richest man in the world, who also features on this list. Elton John said: “[Buffett] has a really cool model in that he leaves his children enough money so that they have a house, a car and all their basic needs covered and cared for so they never need worry. But it’s not crazy, silly, go-wild money so that they could be buying Picassos or private jets.”
10. Simon Cowell — $US550 million
Simon Cowell is a television and music producer, most famous for “The X Factor,” “Britain’s Got Talent,” and “America’s Got Talent.” His annual salary was estimated at $US95 million in 2015, according to Forbes, and he has a net worth of approximately $US550 million, according to The Richest.
In an interview with Esquire in 2013, Cowell said: “I don’t believe in passing on from one generation to another. Your legacy has to be that hopefully, you gave enough people an opportunity, so that they could do well, and you gave them your time, taught them what you know.”
Although it’s unclear whether Cowell still holds the same beliefs (the interview was conducted before the birth of his son Eric in early 2014), Cowell is expected to forward the vast majority of his fortune on to charities benefitting animals and children after his death.
Speaking to Esquire, the X Factor host said: “I’m going to leave my money to somebody. A charity, probably – kids and dogs.”
9. Andrew Lloyd Webber — $US1.2 billion
Andrew Lloyd Webber is the musical theatre composer behind award-winning, long-running shows such as “The Phantom of the Opera,” “Cats,” and “Joseph and the Technicolor Dreamcoat.” The composer – with seven Tonys, three Grammys, an Academy Award, and a knighthood – has an approximate net worth of $US1.2 billion, according to The Richest.
The father of five told the Daily Mirror in 2008 that he didn’t plan to pass his vast fortune on to his children: “They aren’t bothered. They don’t think that way. It is about having a work ethic – I don’t believe in inherited money at all.
“I am not in favour of children suddenly finding a lot of money coming their way because then they have no incentive to work,” he said.
Instead, he wants to invest his fortunes into musical projects after his death – although he has no finite plans for the time being.
On the topic of inheritance, he said: “It is extremely likely that my wife Madeleine will outlive me so I will leave the problem with her.”
8. George Lucas — $US6.4 billion
Best known for creating the “Star Wars” and “Indiana Jones” sagas, George Lucas is an American TV and film producer. After selling the Star Wars franchise and his production company “Lucasfilm” – both of which Lucas owned 100% of the rights to – to The Walt Disney Company for $US4.05 billion in 2012, Lucas saw hisnet worth rocket to $US6.4 billion.
The father of four has one adopted daughter from his first marriage, two further adopted children, and a fourth daughter with second wife Mellody Hobson, born in August 2013.
However, a spokesperson for Lucas told the Hollywood Reporter that the majority of the funds made from the deal would go towards educational philanthropy projects.
Lucas founded the George Lucas Educational Foundation, also known as Edutopia, which aims to research and improve educational practices used in schools in order to make sure that children are gaining the absolute most from their education.
7. Pierre Omidyar — $US13.5 billion
Pierre Omidyar founded eBay in 1995 and served as chairman of the online auction company until 2015. Omidyar is gradually selling his stakes in the company as he reduces his role within the brand. He is currently worth $US13.5 billion according to Forbes.
Omidyar’s current ventures include a technology venture capital firm, an investigative journalism platform, and a philanthropy network called the Omidyar Network.
Omidyar and his wife Pam, who have three children, signed the Giving Pledge in 2010 – a campaign set up by Warren Buffett and Bill and Melinda Gates in the hope of encouraging the super-rich elite to donate the majority of their fortunes to charitable causes. So far, the campaign has over 150 signatures from billionaires and the super-rich.
In their pledge letter, Pierre and Pam Omidyar said: “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.”
6. MacKenzie Bezos — $US35.7 billion
Following MacKenzie Bezos’ divorce from her husband Jeff,her estimated stake in Amazon is approximately $US35.7 billion. Bezos also signed the Giving Pledge shortly after the divorce was finalised.
However, the children may still inherit millions from their father. Despite the divorce, Jeff Bezos is still the world’s richest man with a fortune of well over $US150 billion.
5. Larry Page — $US51 billion
Google cofounder Page’s children were born in 2009 and 2011.Another signer of the Giving Pledge– unlike his Google cofounder Sergey Brin – he is ranked No. 10 on Forbes’ billionaire list and has a net worth of over $US50 billion.
As a signer of the Giving Pledge, Page and his wife have promised to give away the majority of their massive fortune.
4. Michael Bloomberg — $US54 billion
Michael Bloomberg is the founder and CEO of software, data, and media company Bloomberg L.P. and the 10th richest person in the world with a net worth of $US54 billion according to Forbes.
Bloomberg co-founded the eponymous company, whose facets include financial software, a news platform, a TV network, three magazines, one Manhattan skyscraper, and a soon-to-be £1 billion second HQ in London. Michael Bloomberg retains a 88% stake in the business.
The business magnate and former mayor of New York City has publicly announced that he hopes to give away his entire fortune before he dies – the majority of which will be donated to his self-titled philanthropic initiative Bloomberg Philanthropies.
Bloomberg’s two daughters, Georgina and Emma, both work for philanthropic causes.
3. Mark Zuckerberg — $US69.7 billion
Mark Zuckerberg co-founded social media giant Facebook, earning a personal net worth of $US69.7 billion, according to Forbes.
After welcoming his first daughter, Max, into the world with wife Priscilla Chan in December 2015, Zuckerberg publicized the child’s birth by posting an announcement on Facebook. In the post, Zuckerberg declared that he and his wife would be donating 99% of Max’s inheritance to charity.
The post, addressed to Max, said: “We want you to grow up in a world better than ours today” adding “we will do our part to make this happen, not only because we love you, but also because we have a moral responsibility to all children in the next generation.”
The couple launched the Chan-Zuckerberg Initiative (CZI), which aims toward “advancing human potential and promoting equal opportunity,” according to Inside Philanthropy.
The couple has since given birth to another daughter, August.
2. Warren Buffett — $US85.5 billion
Warren Buffett is the second richest man in the world with a staggering net worth of $US85.5 billion according to Forbes.
Buffett made his name as an investor and serves as the CEO and Chairman of Berkshire Hathaway – a company that owns or holds stakes in dozens of companies including Kraft Heinz, American Express, Duracell, and even Apple. Buffett has been named “one of the most successful investors of all time” by Forbes.
Buffett is a keen philanthropist and plans on pledging 100% of his vast fortune to various charities when he dies, leaving nothing to his children.
Rather than handing each of his three children money directly into their pockets, Buffett has instead promised to give approximately $US2.1 billion of Berkshire Hathaway stock to each of his children’s charities as rewards for the success of the foundations.
The majority of his fortune will go to the Bill and Melinda Gates Foundation, with a percentage also going to the Susan Thompson Buffett Foundation that the tycoon founded with his first wife.
1. Bill Gates — $US102.5 billion
Like many of the world’s richest billionaires, Microsoft founder Bill Gates is a keen philanthropist and plans to pass on the vast majority of his $US102.5 billion fortune to charitable causes. Gates and his wife Melinda own the world’s largest private charitable foundation – The Bill & Melinda Gates Foundation– which works to “help all people lead healthy, productive lives.”
Gates’ three children have inherited their father’s philanthropic gene, and are reportedly happy to not be inheriting their father’s fortune. In a Reddit AMA, the Microsoft magnate said his children will inherit just $US10 million each – equivalating to less than 1% of his fortune.
In the AMA, Gates said: “I definitely think leaving kids massive amounts of money is not a favour to them. Warren Buffett was part of an article in Fortune talking about this in 1986 before I met him and it made me think about it and decide he was right.”
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