An increasing number of multi-millionaires are deciding that they will not leave their money to their children.
Aside from leaving the money to worthy causes, the main reason is that they are worried that having such great sums of money will do more harm than good. They believe it will take away their children’s drive to aim for their own achievements.
American billionaire Warren Buffet once said: “Leave them enough so that they can do anything, but don’t leave them enough so that they can do nothing.”
Sting is the latest to reveal that his children will not be inheriting his wealth when he dies as he believes it is important for them to make their own way in the world.
The star, who is worth an estimated £180m, has dedicated many years of his life to good causes such as looking after the environment. He told the Mail on Sunday’s Event magazine: “I told them there won’t be much money left because we are spending it. We have a lot of commitments. What comes in we spend, and there isn’t much left.”
He believes that leaving such vast amounts of money for his children would be like an albatross around their necks.
He continued: “They have to work. All my kids know that and they rarely ask me for anything, which I appreciate. Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have this work ethic that makes them want to succeed on their own merit.”
Many other people in the public eye have decided that their children will not inherit their money.
Bill Gates famously intends to leave the majority of his $76bn estate to charity. He said of his children: “They need to have a sense that their own work is meaningful and important.”
X-Factor creator Simon Cowell has also intends to leave his £225m fortune to charity saying: “I don’t believe in passing on from one generation to another.”
Celebrity chef Nigella Lawson has also said: “It ruins people not having to earn money.”
One thing that unites all these celebrities is that they didn’t inherit their fortunes; they started with very little and amassed wealth through their own efforts. Having worked hard, they feel that is the best way to achieve satisfaction in life so that is what they want for their children.