BOSTON (CBS) – Bill Gates regained his crown as the richest man in the world earlier this year. He’s held that title for 15 of the last 20 years.
The man is worth $76 billion, according to Forbes.
But he’s no Daddy Warbucks.
Gates and his wife Melinda spoke this week about their decision against leaving a big inheritance to their three kids during an appearance at the TED conference in Vancouver. It’s a gathering of some of the richest people on earth who are doing good things with their money.
The couple, who have become two of the world’s biggest philanthropists through the Bill and Melinda Gates Foundation, say they decided before they had kids that they would not pass along a big inheritance. They say they wanted their two daughters and only son to make their own way in the world. And to have a sense of their own ability.
They say the only thing they wanted to make sure their kids got was a great education. The rest is up to them.
Though I think we can assume that none of the Gates kids would be left to starve.
And to be clear, Bill Gates is not the only billionaire planning to leave nothing to his heirs.
In fact, he says he and Melinda were inspired by Warren Buffet who wrote about his decision against leaving a big inheritance to his children even before he and the Gates became friends. Buffett and Gates believe leaving all that cash would actually be a disservice to their children because they won’t have a sense that their own work is meaningful and important.
Wired magazine calls it the “anti-Paris Hilton approach” to parenting – leaving the Gates kids to say little more than, “thanks….Dad.”
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