Billionaire Bill Gates has said his three children Jennifer, Rory and Phoebe will receive less than 1% of his vast fortune after his death.
Bill Gates revealed the inheritance story during a conversation with Indian podcast host Raj Shamani. The topic came up when Shamani said that Indian parents often have a "duty to save everything for their children" instead of doing charity work to help the less fortunate. Shamani then asked Bill Gates about the right view of parents on inheritance.
“I think it’s up to each individual to decide that” the Microsoft co-founder replied. “In my case, my kids are well-educated and well-raised, but they’re going to get less than 1% of the total wealth because I decided that was better for them. This is not a dynasty. I’m not asking them to run Microsoft. I want to give them the opportunity to make their own money and be successful and be important and not be overshadowed by the incredible luck and fortune that I’ve had.” While he believes that those who have made their fortunes in “the tech sector are probably the most aggressive in giving away the majority of their wealth,” he noted that “every family will look at the situation differently.”
Shamani asked if his children ever expressed disappointment that the bulk of their billion-dollar fortune would not go to them.
"You don't want your kids to have any misunderstanding about the support and love you have for them," Bill Gates explained, "so I think it's good to explain early on your philosophy that you're going to treat everyone equally and you're going to give them incredible opportunities. But the most noble thing about those resources is that they go back to help people in need through the foundation."
The Microsoft co-founder is worth $101.2 billion, according to Forbes, and 1% of that figure still exceeds $1 billion. The bulk of his fortune will go to the Gates Foundation, the world's largest private charity.
Bill Gates, 69, founded the Bill and Melinda Gates Foundation with his ex-wife Melinda Gates in 2000. After the couple divorced in 2021, the foundation was renamed the Gates Foundation, with Bill Gates serving as its sole chairman.
He added that his children "have seen the success of the foundation" and that he hopes "they are very proud" of it.