Tech mogul Bill Gates recently announced that his three kids — Jennifer Gates, 28; Rory Gates, 25; and Phoebe Gates, 22 — will inherit less than 1% of his estimated $101.4 billion.
Speaking on Raj Shamani’s podcast, Gates said that this is because he believes giving them huge amounts of money would not be doing them a favor.
“They will make less than 1 percent of the whole fortune because I made the choice that it wasn’t a benefit to them. It’s not a dynasty,” Gates said to him.
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He again stated that he isn’t going to have his children take over at Microsoft and doesn’t want to see them building their own families’ businesses.
This statement has stirred up debates across the world, particularly among countries like Nigeria, where such altruistic tendencies in relation to wealth and heritage are not only rare among ruling elites and government leaders but extremely unlikely.
We are now starting to wonder if we can be that magnanimous towards our Nigerian leaders.
Notwithstanding, this is also a strong reminder that other than inheritance, all rich parents have to instill in their children the need to work to own something — to build, to create, to contribute — and not inherit. That’s how true legacies are built.
