Bill Gates recently shared with Indian podcaster Raj Shamani that when he passes, his three children — Jennifer Gates, 28, Rory Gates, 25, and Phoebe Gates, 22 — will inherit “less than 1 percent” of his vast fortune.
With a net worth of $101.2 billion, according to Forbes, that still means the children will receive a sum of over $1 billion, even at less than 1 percent.
The subject arose when Shamani discussed the common belief among many Indian parents that they should “save everything for their kids” rather than donate their wealth to charity or the less fortunate.
Gates, 69, is well-known for founding the Bill and Melinda Gates Foundation, the largest private charitable foundation in the world, with his former wife, Melinda Gates, in 2000.
(After their divorce in 2021, the foundation was renamed the Gates Foundation, and Bill took over as its sole chair.)
During their conversation, Shamani asked Gates what he believes is the “right mindset” for parents regarding inheritance.
“I think everybody gets to decide on that,” the tech mogul replied.
“In my case, my kids got a great upbringing and education but [will get] less than 1 percent of the total wealth because I decided it wouldn’t be a favor to them. It’s not a dynasty. I’m not asking them to run Microsoft.”
“I wanna give them a chance to have their own earnings and success, be significant and not overshadowed by the incredible luck and good fortune I had.”
While Gates believes that people who have earned their wealth in the tech industry tend to be the most aggressive in giving it away, he emphasized that “different families see [the situation] differently.”
Shamani then asked if Bill’s children had ever expressed disappointment over not receiving the bulk of his wealth.
“You don’t want your kids to ever be confused about your support for them and your love for them,” Bill explained. “And so I do think explaining early on your philosophy that you’re gonna treat them all equally and that you’re gonna give them incredible opportunities but that the highest calling for these resources is to go back to the neediest through the foundation.”
He added that his children have “seen the success of the foundation,” and he hopes “they’re very proud” of it.
{Matzav.com}