Bill Gates reveals how much of his $101B net worth his children will inherit: 'It’s not a dynasty'
SEATTLE, WASHINGTON: Billionaire Bill Gates revealed that his three children—daughters Jennifer and Phoebe and son Rory—would just inherit "less than 1 percent" of his net worth after his death during his appearance on a podcast with Raj Shamani, which streamed on March 29.
The Microsoft co-founder currently has a net worth of $101.2 billion, according to Forbes, and just 1 percent of that amount is still near $1 billion, Page Six reported.
Bill Gates says his children will inherit just 1% of his net worth
During the podcast, host Raj Shamani claimed that it’s often the perceived "duty" of several Indian parents to "save everything for their kids" instead of giving their money to the less fortunate through "charity work."
He then asked Gates during the conversation what he believes is the "right mindset" for parents to have when it comes to inheritance.
Gates answered, "I think everybody gets to decide on that. 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."
The Microsoft co-founder added, "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."
Despite believing that those who have made their fortunes in the "tech sectors are probably the most aggressive about giving most of it away," he noted that "different families see [the situation] differently."
Shamani further asked the billionaire if his children had ever expressed disappointment that the majority of his wealth would not end up with them.
Gates explained, "You don’t want your kids to ever be confused about your support for them and your love for them."
"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," Gates continued.
He also stated that his children have "seen the success of the foundation" and hopes "they’re very proud" of it.
Gates' eldest daughter, Jennifer, 28, has a master's degree in public health from Columbia University and a degree in human biology from Stanford University. She is a doctor-in-training and a professional show jumper who has been competing for years, as per People.
She married fellow equestrian Nayel Nassar on October 16, 2021.
Gates' son Rory, 25, graduated from the University of Chicago in June 2022, with a double major and a master's in four years.
He is currently working toward his PhD at the Institute of World Politics and is an analyst for the Afghanistan War Commission, per the outlet.
Gates' youngest child, Phoebe, 22, graduated from high school in 2021 and is very passionate about fashion. In September 2022, she completed an internship at British Vogue.
Notably, Gates started the Bill and Melinda Gates Foundation, the world’s largest private charitable organization, with his ex-wife Melinda Gates in 2000.
However, after their divorce in 2021, it was renamed to the Gates Foundation, and Bill took over as its sole chair, the outlet reported.
Melinda Gates reflects on telling ex-husband Bill she wanted divorce
In her forthcoming book titled 'The Next Day', Melinda Gates reflected on the moment she told her ex-husband Bill Gates that she wanted to live separately, which marked the beginning of their divorce process.
It happened during a trip to New Mexico in February 2020, a vacation she had originally planned to take alone, according to People.
She wrote in her book, "It was one of the scariest conversations I’d have had," before recalling that Bill was "sad and upset" but also "understanding and respectful".
By summer 2020, Melinda felt it was time to take the next step and told Bill she wanted a divorce.
This led to a long, and at times "tender" conversation, but she knew the road ahead would be difficult.
She wrote in her book, "Bill has a reputation for being one of the toughest negotiators in the world," and added that she "started having panic attacks."
On May 3, 2021, the couple publicly announced their divorce after informing close associates at their foundation.
Melinda was at home with her daughter Phoebe when she watched as the news spread online.
“We laughed a little, but I wasn’t really in a celebratory mood,” she wrote as she recalled that Phoebe even showed her some memes about the announcement.
