US billionaire Microsoft founder Bill Gates doesn’t plan on leaving his $107 billion fortune to his kids when he passes on.
With the sort of money most folks can’t even begin to wrap their heads around, it’s safe to say that Gates could live several lifetimes without having to ever work again.
However, when it comes to his family, Gates and his ex-wife Melinda wanted to instill a strong work ethic in their kids.
So much so, that Gates has admitted he plans to give them only a ‘minuscule portion’ of his wealth.
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Bill Gates said his kids will inherit a ‘minuscule’ amount of his fortune
The 69-year-old businessman was once the world’s richest man.
He’s since slipped from the top spot, having been taken over by Amazon founder Jeff Bezos, who was himself overtaken by Elon Musk.
He’s now number 14 on the Forbes’ Billionaire List and has an estimated net worth of around $107 billion – a sum most of us can’t even dream of.
But despite his vast wealth, Gates is determined to ensure his kids go through life knowing the value of money.
In an interview with the Daily Mail back in 2011, Gates said he would ‘only’ be leaving each of his three children $10 million each.
OK, so that’s still a lot of money but in terms of his overall fortune, it’s a ‘minuscule’ amount, according to Gates.
“I definitely think leaving kids massive amounts of money is not a favor to them…Some people disagree with this but Melinda and I feel good about it,” Gates said during a 2013 Reddit Ask Me Anything session.
So, what does he plan to do with all his money?
So what has he got planned for all that money? Well, he gives a lot of it away to good causes.
Bill Gates has reportedly given a whopping $50 billion to charitable organizations since 1994.
His donations have helped cover a wide range of issues and problems, including funding research into AIDs, malaria, and polio; promoting education across the globe; and setting up sustainable sanitation services in poor countries.
In 2000 he and Melinda set up the Bill & Melinda Gates Foundation, which is dedicated to ‘achieving the end of extreme poverty’.
The foundation, which is the third largest charitable organization in the world, rallies around ‘the critical issues of climate change, poverty, and inequality’.
He also joined forces with Warren Buffet to create The Giving Pledge in 2010.
The Giving Pledge encourages billionaires to sign up to pledge to give at least half of their fortune away.
It’s been signed by several other big names, including including Mark Zuckerberg and Priscilla Chan, Sam Altman, and MacKenzie Scott.
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