The world’s richest man Bill Gates has admitted he will not be leaving his £70billion fortune to his three children instead giving it away to charity when he dies.
Appearing on ITV’s This Morning the Microsoft creator, who has an estimated net worth of $81.7 billion, says his kids understand his decision.
Speaking to Holly Willoughby and Ben Shephard, the 60-year-old said: “Well, our kids receive a great education and some money but they will go out and have their own careers.”
He reasoned that by allowing his children – two daughters and a son – to inherit his fortune “distorts anything” they might try to do. Gates said all three were “proud” of his decision.
The businessman-turned-philanthropist said instead of billion-dollar trust funds, the children would have their own careers.
Laughing, he added they would never go short saying “They are never going to be poorly off’.
Gates said: “It’s not a favour to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path.”
The billionaire and his wife Melinda, 52, have three children together, Jennifer, 20, Rory, 17, and Phoebe, 14.
The eldest is in her second year at prestigious Stanford University, California, where her father donated £5million to the construction of a computer science building in his name.
She is also a highly regarded show jumper competing nationally throughout the States.
Rory and Phoebe are understood to live at home with their parents outside Seattle, Washington.
Gates has vowed to pass on a fraction of their vast wealth to their children while the rest will go to the couple’s charity.
The Bill And Melinda Gates Foundation was set up to fund health and education projects around the world.
He said the decision to give away his money to good causes had made his children proud.
Gates added: “This money is dedicated to helping the poorest. They know that, they are proud of that, they go on trips with us to see the work that’s being done.”