Oh, to be a Gates kid.
Bill Gates recently divulged to Indian podcaster Raj Shamani that his three children — daughter Jennifer Gates, 28, son Rory Gates, 25, and daughter Phoebe gates, 22 — will inherit “less than 1 percent” of his unfathomable wealth when he dies.
According to Forbes, the Microsoft co-founder has a current net worth of $101.2 billion, and 1 percent of that amount is still upwards of $1 billion.
The topic came up when Shamani claimed that it’s often the perceived “duty” of many Indian parents to “save everything for their kids” instead of giving their money to those less fortunate via “charity work.”
Bill, 69, famously established the Bill and Melinda Gates Foundation, the world’s largest private charitable organization, with his then-wife, Melinda Gates, in 2000.
(After their 2021 divorce, it was renamed the Gates Foundation, and Bill took over as its sole chair.)
Shamani asked Bill during the conversation what he believes is the “right mindset” for parents to have when it comes to inheritance.
“I think everybody gets to decide on that,” the computer programing expert replied.
“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. 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.”
Though he believes that those who have made their fortunes in the “tech sectors are probably the most aggressive about giving most of it away,” he made sure to note that “different families see [the situation] differently.”
Shamani then asked his guest whether his children had ever expressed disappointment that the majority of his billions would not end up in their accounts.
“You don’t want your kids to ever be confused about your support for them and your love for them,” Bill explained, “and 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.”
He added that his brood has “seen the success of the foundation,” and he hopes “they’re very proud” of it.
