Every parent tries to help their kids out in life, especially when it comes to giving them a financial boost. From allowance money to paying for college tuition and helping their kids buy their first house, mom and dad always try to be there for you. But what happens when mom or dad happens to be filthy stinking rich? You always want to give your child more than you had growing up, but when you happen to be someone like Bill Gates, this is where that promise can become a little tricky.
Entrepreneurs like Gates and ultra-rich celebs might have the luxury to give their kids everything they could ever want, but some have chosen not to, even if it means cutting their children out of their will! This is quite a bold move but a pretty admirable one too. Hollywood has enough out of control rich kids to go around, so I guess we need parents who are more strict with their fortune.
So, if you’ve ever felt guilty for cutting off your kids’ allowance once in a while or refusing to buy that super expensive Christmas present one year, don’t be. The super rich do exactly the same thing (and with millions to spare!). Here are 10 super strict celebs and 5 who splurge like crazy to keep their tots happy...
15 Bill Gates (Strict)
The Microsoft founder is worth almost $90 billion at last count. Just to put that into perspective, he would have to spend $6 million every day for the next 30 years before his wealth ran out completely. Phew. It’s no wonder then that with this scale of fortune that Bill Gates has, he made the sensible choice to leave everything he has to his numerous charities when he dies, rather than his kids.
To be clear, the computer mogul isn’t leaving his kids completely empty-handed, but he doesn’t intend on leaving them a cool mill or two as a nest egg, explaining, “I don't think it would be good for them. They have to find their own way. We’ll take care of education and any health issues. But in terms of their income, they will have to pick a job they like and go to work.”
14 Sting (Strict)
The former Police frontman might be worth about $300 million, but don’t expect any of his six children to inherit it. Sting–real name Gordon Summer–has no plans to share his ‘fields of gold’ with his kids, and that suits him just fine. Speaking to the British press in 2013, the longtime musician revealed that he told his kids plain and simple, “There won’t be much money left because we are spending it.” Ouch.
Sting hasn’t made clear what it is he’ll be spending his millions on, but since he and his wife, Trudie, have been champions of environmental charities and the like for the past few years, our guess is that he won’t be splurging what could be his kids’ inheritance on sports cars and holiday homes in the Bahamas.
13 Katie Holmes (Spoils)
Okay, so you probably could’ve guessed that young Suri Cruise is one of the most spoiled kids in Hollywood without us telling you. The only child of Tom Cruise and Katie Holmes is a walking designer fashion house. Not a paparazzi shot of Suri goes by without the 11-year-old being snapped wearing some kind of Burberry or Gucci kids coat and dress with matching boots.
And when Suri actually acts like a kid, her ‘toys’ aren’t exactly normal. Holmes splurged $100,000 on a ‘treehouse’ for Suri, which came with electricity, running water, and shag carpeting. Seriously? Even if Katie and Tom decide against leaving Suri everything in the future, being born–quite literally–into designer gear won’t have done her any favors in adulthood. Thousand-dollar outfits and shopping sprees with mom don’t exactly say grounded childhood to us.
12 Simon Cowell (Strict)
Estimated at around $43.5 million, Simon Cowell is the fifth richest TV host in the world as well as one of the most influential people in the music industry. Despite all this, he has no intentions of passing on his incredible wealth down to his 4-year-old son, Eric. Speaking to Esquire magazine back in 2013, the talent show judge confessed, “I don’t believe in passing on money from one generation to another. I’m going to leave it to somebody. A charity, probably—kids and dogs.”
Cowell might be known as TV’s ‘Mr. Nasty’ for his cruel takedowns of talent show contestants, but it seems like his heart is in the right place where his vast fortune is concerned. Let’s just hope little Eric will grow up thanking him for that.
11 George Lucas (Strict)
It looks as if George Lucas’ offspring will always have the force with them, but unfortunately, none of his bank balance. This must be a bitter pill to take. Until recently, the iconic filmmaker was already a fairly rich man, but since selling the Star Wars franchise to Disney in recent years for a cool $4.5 billion, the Lucas empire is currently worth around $5.5 billion.
A lot of die-hard Star Wars fans and more have accused the director of selling out and abandoning the franchise for no good reason, but if he plans to donate billions of his sale money to charity, who could argue with that? Lucas has four kids aged between 4 and 36, but not one of them is getting a large slice of their dad’s multibillion-dollar inheritance.
10 Kim & Kanye (Spoils)
Phew. Where to begin with Kimye’s offspring. It’s fair to say that with Kim Kardashian’s splurging habits and Kanye’s ego, the world already had a sense that these kids would always be spoiled from birth. And by the sounds of their overflowing designer wardrobes and tantrums, we guessed right. When Little Miss North isn’t trashing the house with nail polish with the help of her baby brother, Saint, she’s throwing fits in New York while clutching a lollipop (and a $2,000 Fendi bag).
Rumor has it that Little North West is a lot like her mother in the sense that she never likes to wear the same outfit twice if she can help it (and at 4 years old, we’re guessing she had that decision made for her). North also receives toddler versions of Stella McCartney’s fashion line every once in a while. At least this is something she won’t have to fight with her brother over.
9 Andrew Lloyd-Webber (Strict)
The music mogul may have made billions from his multi-award-winning musicals, but best believe that his own flesh and blood won’t be seeing much of it anytime soon. Luckily, that suits his brood just fine. Andrew Lloyd-Webber’s five children reportedly aren’t fazed by the idea of being cut off from their dad’s $1.2-billion fortune. According to the British composer they “aren’t bothered,” telling the press, “They don't think that way. It is about having a work ethic – I don’t believe in inherited money at all.”
The man behind hit shows like Cats, Phantom of the Opera, and Jesus Christ Superstar was once named the “Richest Man in Music History.” And admirably, the stage icon just wants to give back to the industry that put him where he is today by funding the next generation of young artists and composers.
8 The Beckhams (Spoils)
Posh and Becks will forever and always be Britain’s answer to Kimye, and unsurprisingly, one of the many things that these two super-rich couples have in common is their tendency to splurge insane amounts of cash on their kids. The house that singer Victoria and footballer hubby David Beckham share together is affectionately known as ‘Beckingham Palace,’ and it’s not hard to see why.
For one thing, the Beckham boys–Brooklyn, Romeo, and Cruz–have a $20,000 tree tent (we’re not sure what that is, but it definitely sounds cooler than a boring old treehouse). Also, when eldest son Brooklyn was little, they had a fiber-optic ceiling installed in his bedroom decorated with around 8,000 cartoon characters at a cost of $50,000. Yikes! That must’ve been awkward when he outgrew that particular phase.
7 Michael Bloomberg (Strict)
New York City’s former Mayor and the founder of the global financial info company Bloomberg prefers to help kids out on a worldwide scale rather than focusing on his own. Michael Bloomberg has two grown daughters in their 30’s but he hasn’t made any plans to include either of them in his will. Bloomberg has signed the same Giving Pledge contribution that Bill Gates and other billionaires have—investing in better health care and literacy for poorer kids around the world.
In his official declaration letter to the charity, he stated, “If you want to do something for your children and show them how much you love them, the single best thing–by far–is to support organizations that will create a better world for them and their children.” Truth.
6 J-Lo (Spoils)
Perhaps J-Lo’s kids will hear Jenny From The Block play on the radio one day and appreciate the irony (or else fail to understand the song altogether) because their lives couldn’t be more different from mommy’s right now. According to celeb insiders, even her kids had their baby rattles encrusted with diamonds so these rich tots have literally known nothing else.
So, what do Jennifer Lopez’ 10-year-old twins Emme Maribel and Maximillian David Muniz like to do for fun? Go to the park? Play at the beach? Not as much as the average kid. They also like to fit in having professional massages, riding their Shetland ponies (they have one each), or spending all morning picking out which designer outfit that day. It’s tough being a celeb kid.
5 Jackie Chan (Strict)
Jackie Chan may not have made the greatest movies in his time, but at least he plans to do something pretty noble with all of those paychecks. The 64-year-old actor has previously revealed to the press that the only benefactors in his will are going to be a handful of charities that are close to his heart. His 35-year-old son and teenage daughter, on the other hand, will be getting zip, but Chan believes that’s for the best.
The Rush Hour star is worth an estimated $140 million at this point, but not a single morsel of this is headed in his kids’ direction. “He can make his own money,” Chan said of his grown son, Jaycee. Instead, the actor’s millions are being donated to disaster relief charities and towards organizations that target animal abuse. Can’t argue with that.
4 Nigella Lawson (Strict)
The gorgeous TV chef may have made millions from her tasty cake recipes and vegan dishes, but her children aren’t going to be the ones to get a slice of her inheritance. When it comes to her son, Bruno, and daughter, Cosima, Nigella Lawson prefers the idea of her kids making their own way in the world, without living off the crumbs of her £20 million ($28 million) wealth.
Speaking to British celeb magazine My Weekly, the TV foodie revealed that passing down her vast fortune would do her young children no favors and that once they both finish college, they’re more or less out on their own, “I am determined that my children should have no financial security.” Harsh. She added, “It ruins people not having to earn money.” Still, at least they can still drop by for a 5-star cooked meal or two.
3 Beyonce & Jay Z (Spoils)
Queen Bee and her hubby reign supreme as the biggest pop power couple, if not the power couple of the planet, so their kids were always going to be a huge deal (we just didn’t realize how huge). When their first bundle of joy, Blue Ivy, came into the world, it was nothing but the best for their little girl, even when it came to something as simple as bath time. Most kids are happy to bathe in the kitchen sink in most family homes. How would they tell the difference?
Not that this mattered to Beyonce and Jay Z. When Blue Ivy was first born, the couple splurged out a whopping $5,200 to have Blue bathe in a pink Swarovski crystal tub. And when she’s hopped out to get dressed, Blue slips into custom-made mini-me Air Jordan to match her daddy and leather jackets with “Miss Blue Carter” decorated in studs.
2 Ted Turner (Strict)
The billionaire media powerhouse has almost made it his life ambition to ensure that his children were never without a job to do. As far back as 1990, Ted Turner set up the Turner family foundation to see to it that all five of his kids would be involved in some way or another with charity work, instead of looking to him for charitable handouts.
According to the most recent Forbes list in 2018, Turner is now worth an estimated $2.2 billion and most, if not all, of his money is going right back into offering grants to environmental causes and similar charities. His launch of the United Nations Foundation in 1997 also saw Turner pledge $1 billion of his earnings, and he doesn’t intend to stop, saying, “At the time of my death, virtually all my wealth will have gone to charity.”
1 Warren Buffet (Strict)
When it comes to his wealth, billionaire shareholder Warren Buffet has a pretty admirable perspective on things. The CEO of the multinational conglomerate Berkshire Hathaway Inc. is one of many billionaires like Bill Gates who have encouraged other members of the super-rich elite to give away at least half of their fortune to charitable causes through a site called The Giving Pledge. Other big names on the pledge list include Richard Branson, Michael Bloomberg, and Dagmar Dolby (widow of the surround sound pioneer Ray).
As well as making this pledge, Buffet has stuck by his word with his own family too and has made clear that the vast majority of his inheritance won’t be handed down to them. “I’m not an enthusiast for dynastic wealth, particularly when 6 billion others have much poorer hands than we do in life,” according to him.