In an interview with Indian podcaster Raj Shamani, Microsoft co-founder Bill Gates stated openly that his three children, Phoebe Gates, 22, Rory Gates, 25, and Jennifer Gates, 28, will receive “less than 1 percent” of his fortune upon his passing.
One percent of the Microsoft co-founder’s current net worth of $101.2 billion, or more than $1 billion, is still in the $1 billion range, according to Forbes.
When Shamani spoke about his wealth and children, the host asserted that many Indian parents feel obligated to “save everything for their kids” rather than using their money to help the less fortunate through “charity work.”
In 2000, at the age of 69, Bill and his then-wife, Melinda Gates, founded the renowned Bill and Melinda Gates Foundation, the biggest private charity in the world.
Meanwhile, it was renamed the Gates Foundation upon their divorce in 2021, and Bill became its sole chair. Shamani asked Bill during the interview what he thought was the “proper mindset” for parents to have regarding inheritance, and he responded:
“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 think everybody gets to decide on that.
“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.”
Raj Shamani then questioned his guest on whether Bill’s children had ever voiced sadness that the majority of his billions would not end up in their accounts. The Gates Foundation, the largest private charity organization in the world, will receive the majority of Bill’s income.
“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 said his brood has “seen the success of the foundation,” and he hopes “they’re very proud” of it.
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