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During a recent interview, Bill Gates revealed that his children will inherit less than 1% of his fortune. According to Forbes, the Microsoft co-founder has an estimated net worth of $101.1 billion, making him the 12th richest person as of the publication of this article.
Bill Gates appeared on the March 29 episode of the Figuring Out With Raj Shamani podcast, where the host asked the billionaire his thoughts on passing down his inheritance to his children. For those unfamiliar, Bill Gates and his ex-wife, Melinda, have three children: Jennifer, aged 28, Rory, aged 25, and Phoebe, aged 22.
Gates stated that he plans to leave “less than 1%” to his kids, which would amount to over $1 billion per child based on his current net worth. He explained that he provided his children with "a great upbringing and education," adding that Microsoft was not a dynasty for them to inherit.
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“My kids got a great upbringing and education, but less than 1% 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 want to give them a chance to have their own earnings and success. You know, be significant and not overshadowed by the incredible luck and good fortune I had,” Gates said.
“Different families see that differently. I think the people who’ve made fortunes from technology are less dynastic … they’ll even take their capital and give a lot of that away.”
Bill Gates plans to donate his wealth to the Gates Foundation
During his conversation on the Figuring Out With Raj Shamani podcast, Bill Gates said most of his fortune will be directed toward the Gates Foundation, formerly known as the Bill and Melinda Gates Foundation. Established in 2000, it is the largest private charitable organization in the world. In response to Shamani's inquiry about his children's thoughts on his plan, Gates replied:
“You don’t want your kids to ever be confused about your support and love for them. I do think explaining early on your philosophy, that you’re going to treat them all equally and that you’re going to give them incredible opportunities … but the highest calling for these resources is to go back to the neediest through the foundation. They’ve seen the success of the foundation, they’re very proud.”
Bill Gates and his ex-wife, Melinda, welcomed their first child, Jennifer, in April 1996. Jennifer pursued her master's degree in public health at Columbia University. She married her husband, Nayel Nassar, in 2021, and they have two children together.
Gates and Melinda's son, Rory Gates, was born in May 1999. According to People magazine, Rory graduated from the University of Chicago. Not much is known about Rory, as he prefers to stay out of the public eye.
The youngest Gates child, Phoebe, was born in September 2002. She has an interest in fashion and completed her internship with British Vogue in 2022. Additionally, she hosts a podcast with her college roommate titled The Burnouts.
As for Melinda and Bill Gates, they announced their divorce in 2021 after more than two decades of marriage.
"After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage. Over the last 27 years, we have raised three incredible children and built a foundation that works all over the world to enable all people to lead healthy, productive lives,” they said in a joint statement at the time.
“We continue to share a belief in that mission and will continue our work together at the foundation, but we no longer believe we can grow together as a couple in this next phase of our lives. We ask for space and privacy for our family as we begin to navigate this new life.”
Bill Gates, aged 69, isn't the only billionaire who has pledged to donate most of his wealth to charity. According to CNBC, Mark Zuckerberg, Warren Buffett, and Andrew Lloyd Webber are also among the billionaires who have vowed to donate their wealth to charitable causes instead of passing it on to their children.
