While some people may raise their eyebrows at people who give out their money to charities instead of their children, others also applaud those who do. They see the act as a selfless way to enable their children to grow and stand on their own feat.
Here are 15 people who refuse to fund the lavish lifestyle of their children, even if such act is definitely within their means.
15. The Business Magnate, Warren Buffett
Warren Buffett has already pledged to give 99% of his fortune away. The only question is when he will give it away, since it could be either during his lifetime or when he dies. There has already been 83% of his wealth pledged with the Bill and Melinda Gates Foundation, where he also serves as the foundation’s trustee. He is also part of the Giving Pledge, together with Bill Gates, a campaign that encourages wealthy people to donate their fortunes to the charity. The wealthy investor, and well-known philanthropist has been known to say that he wants to give his kids “just enough so that they would feel that they could do anything, but not so much that they feel like doing nothing.”
14. The eBay Founder, Pierre Omidyar
Pierre Omidyar became a billionaire at the early age of 31 years old. The eBay founder made sure that it his legacy to donate a large part of his fortune to the less fortunate people, instead of just giving it to his three children. He has already signed as a donor with Gates’ and Buffett’s Giving Pledge in 2010. He also continuously gives eBay shares to the Omidyar Network, his own investment firm that caters to his philanthropic endeavors. The Omidyar spouses are also the most generous private donors to fight the human trafficking industry.
13. The Billionaire New York City Mayor, Michael Bloomberg
Michael Bloomberg has a net worth of $19.5 million and he’s obviously more than financially stable. He has donated millions of dollars to various charities and foundations. Some of which are the Johns Hopkins University, the Carnegie Corporation, and many other non-profit organizations. In signing with the Giving Pledge, he wrote that nearly all of his net worth will be given away in the years ahead, or left to his foundation.
12. The Bassist Rockstar, Gene Simmons
As the bassist for one of the best-selling American bands of all time, Gene Simmons has made his fortune on his own. He was born in Israel, moved to Queens, and ended up with a band that has 28 gold records for the last decades. Simmons has two children, and he wants them to be self-made, as well. He said in an interview that the children are going to be taken care off, but they will not be rich just because of Simmons’ money. He believes that the kids should also be forced to get up, go out and work.
11. The Australian Iron Magnate, Gina Rinehart
As the richest woman in Australia, it sounds unusual for us to hear that Gina Rinehart wants her children out of their inheritance. Court documents showed that Rinehart doesn’t think her children are fit to manage the family business and the family’s wealth. She claims that none of the children have the requisite skill, judgment or work ethic to administer a trust as part of the growing HPPL Group.
10. Microsoft Co-Founder, Bill Gates
America’s richest man is worth billions, but he isn’t keeping them for his kids. The Gates founded the Bill & Melinda Gates Foundation in 1994. Today, it has assets of about $37 billion dollars. Likewise, they also have the Giving Pledge, wherein they encourage other wealthy people to pledge their fortune to the charity.
9. Actor and Movie Star, Jackie Chan
In 2011, Jackie Chan announced that he will give away half of his fortune to charity when he dies. He even said that he wasn’t planning to leave to his son the millions that he has made as a movie star. Chan said that if Jaycee (his son) is capable, he could make his own money. If he is not capable, then he will just be wasting Chan’s money.
8. Home Depot Co-Founder, Bernard Marcus
Growing up in New Jersey to Russian immigrant parents, Bernard Marcus started Home Depot. With a net worth of $1.5 billion, he doesn’t have plans to leave his fortune to his kids, for their own good. He plans to give the majority of his stock shares with Home Depot to The Marcus Foundation, for the benefit of better education and for the handicapped.
7. Businessman, Chuck Feeney
Chuck Feeney co-founded the Duty-Free Shoppers Groups, and transferred all his billions to the Atlantic Philanthropies. He taught his children the value of money, letting them use payphones, letting them work during breaks, and letting them work through college.
6. Chef, Nigella Lawson
Nigella Lawson came from a wealthy family, apart from her being a millionaire as a best-selling author and TV personality. She believes that she doesn’t want to give her two children the same wealthy background advantage. She wanted that her children have no financial security because she believes that not having to earn money ruins people.
5. Media Mogul, Ted Turner
Ted Turner accumulated his fortune through CNN and TBS, and he has literally given billions to various foundations. He has five children from three marriages, but he doesn’t want to give them big inheritances. He once said that when he dies, he just wants enough money to cover funeral expenses.
4. Centaurus Energy, John Arnold
Last October, John Arnold closed his hedge fund and retired after getting $4 billion for the past four years. The Arnolds now want to give away their wealth through their foundation instead of to their three children. Arnold says he doesn’t believe in dynastic wealth.
3. Composer, Sir Andrew Lloyd Webber
The theater composer Andrew Lloyd Webber wants his millions to be used to encourage teaching the arts. He doesn’t believe that a will should be about making his children or grandchildren wealthy. He said his five children will surely be taken care of, but the majority of his fortune will be for artistic programs.
2. Producer, George Lucas
The Star Wars billionaire, George Lucas, has pledged to give away half of his fortune upon death. He wants to improve education. He said that he will also give away the $4 billion that Disney gave him to buy Lucas Films.
1. Oil Magnate, T. Boone Pickens
T. Boone Pickens has worked all his life, from delivering newspapers to managing Gulf Oil. It’s not really surprising that he doesn’t want to just give his money even to his children, just like that. He has pledged that half of his money would be given to charity. He believes that inherited wealth generally does more harm than good.
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