You may think that all super-rich parents would automatically want to share their wealth with their kids, but that's not always the case. When it comes to money, there's a lesson to be learned there—the value of a dollar—and these celebrities want their children to know all about it.
From Bill Gates to Jackie Chan, these fortune keepers have already decided that they will not leave anything to their offspring. Some of them would prefer to donate their money to more philanthropic causes, while others simply want their young ones to understand what it's like to make something of themselves in this world.
Do you agree with their decisions? Judge for yourself:
1. Bill Gates
$129.6 billion
For years, Bill Gates has dedicated his riches to philanthropic causes that bring positive change to the lives of the less fortunate. Back in 2010, he and his former wife Melinda Gates launched the Giving Pledge, a movement that calls on the world's wealthiest people to spend the majority of their fortunes on important global issues.
While he still supports his three kids financially, Gates is careful not to spoil them with money. His greatest hope is that they find their own way in life in the same way that he did many years ago.
"It’s not a favor to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path," he said in a This Morning interview.
Both Bill and Melinda plan to leave most of their wealth to the Bill and Melinda Gates Foundation, which is wholly dedicated to solving the world's biggest problems such as poverty, hunger, and disease.
2. Jackie Chan
$400 million
He may be goofy on-screen, but Jackie Chan has a strict side. Despite the massive fortune he's accumulated from his decades-long career in film, the Rush Hour star says he will be leaving half of his wealth to charity and absolutely nothing to his only son, Jaycee.
Some may chalk it up to tough love, but previous reports have indicated that Jackie and Jaycee have been on rocky terms for quite some time. It all apparently started when Jaycee got arrested for substance possession in Beijing back in 2014, which was devastating to Jackie since he was China's anti-substance goodwill ambassador at the time.
In an awards ceremony, Jackie had this to say about his decision: "If he is capable, he can make his own money. If he is not, then he will just be wasting my money.”
3. Mark Zuckerberg
$114 billion
Imagine being the child of the founder of Facebook and finding out you aren't getting a single cent of his money. According to Mark Zuckerberg, he and his wife Priscilla Chan have no plans to pass on their wealth to their kids. In fact, right after their first child was born in 2015, the couple announced that they would redirect 99% of the baby's inheritance towards philanthropic causes.
They addressed the situation in a statement on Facebook: "We have a moral responsibility to all children in the next generation. Our initial areas of focus will be personalized learning, curing disease, connecting people, and building strong communities."
On top of signing up for Giving Pledge, the couple has also launched the Chan-Zuckerberg Initiative, which is dedicated to "advancing human potential and promoting equal opportunity."
4. Gene Simmons
$350 million
If there's anyone who would be a likely advocate for the easy life, it's a rock star. But not Gene Simmons—growing up poor, the KISS bassist didn't always "rock and roll all nite." Having experienced both the financial highs and lows of life, he would definitely know what the value of hard work is, and that's a lesson he hopes to pass on to his children.
In a CNBC interview, he said that his kids would "never be rich off of [his] money." He wouldn't completely leave them out to dry, but he also refuses to spoil them with his riches. "Every year, they should be forced to get out of bed and work and make their own way," he added.
Displays of gratitude, no matter how sincere, don't work on Simmons either. Ultimately, he would like his children to be able to stand on their own two feet and say to themselves: "I did that."
5. Warren Buffett
$99.8 billion
If there's anyone we'd expect not to pass on his fortune to his kids, it's Warren Buffett. The legendary investor essentially pioneered the "tough love" movement when he co-created Giving Pledge with Bill and Melinda Gates. Buffett is planning on giving away almost all of his wealth once he passes away, with only a little going to his three children.
The kids themselves don't seem to mind, though—all three of them are doing well in their respective careers, so it doesn't look like they need their father's financial support anyway. His eldest, in particular, has even become a philanthropist herself, so she's likely to understand where he's coming from.
Buffett has pledged to leave $2.1 billion in stock in his company, Berkshire Hathaway, and that fund will be given to his kids' charity organizations. The rest of his money will go to the Bill and Melinda Gates Foundation.
6. Gordon Ramsay
$220 million
Gordon Ramsay is known for being tough on his TV show contestants, but is he tough on his own kids at home? Based on his daughter Tilly's TikTok account, we can see that Ramsay has a great relationship with his kids. However, when it comes to money, Ramsay is definitely giving them the "tough love" treatment.
In fact, it's been widely reported that when the family travels, Ramsay and his wife Tana sit comfortably in first class, while their kids are squished back in economy. That's just one way Ramsay makes sure his kids aren't getting spoiled.
He's willing to compromise on some things, though. In an interview with The Telegraph, Ramsay said he would give each of his kids a 25% deposit to buy their own flats (but he would never dream of buying them in full).
7. Larry Page
$89.5 billion
As the co-founder of Google, Larry Page has more than enough wealth to support his family for generations to come. But he has other plans in mind for his money—not only is he a member of the Giving Pledge, which means he donates regularly to charities, but he's also an advocate of big ideas and radical change.
That's why he plans on giving the majority of his fortune to entrepreneurial visionaries. He hopes that his contribution will help innovative minds come up with novel solutions that will keep society thriving for years to come.
Page believes that the work Elon Musk is doing with SpaceX is exactly what humanity needs right now. He considers Musk's plans to populate Mars a philanthropic effort because it could give us a new place to call home.
8. Sting
$400 million
This one's gonna Sting—the former lead singer of Police is keeping his wealth from his kids in order to force them to work. Sting himself comes from humble beginnings, initially working as a bus conductor, tax officer, and teacher before being a world-famous musician.
He wants his six children to experience the same satisfaction that comes from a job well done, telling The Mail on Sunday that trust funds would only prevent them from seeing their true potential. "They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."
Of course, Sting is willing to help them financially should they absolutely need it, but so far, it looks like they're fine on their own. “Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have the work ethic that makes them want to succeed on their own merit.”
Many of his kids have actually followed in his footsteps and taken up jobs in the entertainment arts.
9. Michael Bloomberg
$59 billion
Who says all billionaires are selfish? Former New York City mayor Michael Bloomberg says he wants to donate his entire fortune to Bloomberg Philanthropies, his own charitable foundation.
Bloomberg believes that the best thing you can do for your kids is not set them up with trust funds, but rather "support organizations that will create a better world for them and their children." He is a member of the Giving Pledge and is committed to doing his part in solving the world's most pressing issues.
His two daughters Georgina and Emma are both on the Bloomberg Philanthropies board and have the same beliefs as their father, so there are probably no hard feelings there.
10. Ashton Kutcher
$200 million
Celebrity couple Ashton Kutcher and Mila Kunis are so careful not to spoil their children that they don't even give them presents at Christmas. Growing up in the entertainment industry, the two know firsthand how having money can ruin lives, and they want their kids to know that too.
Speaking to Dax Shepard on a recent podcast, Kutcher explained his decision: "My kids are living a really privileged life, and they don’t even know it. And they’ll never know it because this is the only one that they’ll know. I’m not setting up a trust for them. We’ll end up giving our money away to charity and to various things."
Of course, Kutcher says he'll be there for them if they ever wanted to start a business or take on a new enterprise, but they must be truly committed to their causes. "If my kids want to start a business, and they have a good business plan, I’ll invest in it," he added.
11. MacKenzie Scott
$53.4 billion
What would you do with billions of dollars in divorce money? Well, after MacKenzie Scott's highly-publicized divorce from Jeff Bezos in 2019, she received a whopping $53 billion, making her one of the richest women in the world. Instead of keeping it all to herself, she plans to donate at least half of it to charity.
That means her four children won't be receiving any large sums of money from her in the future. While Scott has not committed to The Giving Pledge, she is among the many super-rich people who would like to contribute to philanthropic causes.
"My approach to philanthropy will continue to be thoughtful. It will take time and effort and care. But I won’t wait. And I will keep at it until the safe is empty."
12. George Lucas
$6.4 billion
When you're the man who created the Star Wars universe, you're bound to have a lot of money in your bank account. George Lucas became one of the richest people in entertainment when he sold his company, Lucasfilm, along with its Star Wars properties to Disney in 2012. Despite being wealthy beyond belief, he does not have plans to hand his fortune over to his kids.
Instead, he will be investing that money into improving education, stating that academia is "the key to the survival of the human race." Lucas has always been an advocate for higher learning, having founded the George Lucas Educational Foundation back in 1991.
Though they won't be receiving any of their father's money, it looks like the Lucas children are doing well for themselves anyway. The eldest child Amanda went on to become an MMA fighter, while his other kids Katie and Jett ended up working in Hollywood.
13. Kevin O'Leary
$400 million
Known as one of the tough-as-nails investors on the hit show Shark Tank, Kevin O'Leary is no stranger to wealth. Though he is worth hundreds of millions of dollars, he is adamant that his children will not receive any of his money.
In a statement to Chatelaine in 2013, he said: "I am not planning on giving my kids any of my wealth. They know that when their education is over, I’m pushing them out of the nest."
He says giving them the boot is necessary for preparing them to launch their own lives. According to him, if you don't kick your children out of the house and expose them to real-world stresses, they will fail to launch and become "unsuccessful adults."
That said, he is open to giving financial support to his grandchildren for their education...but he says they're on their own after that.
14. Ted Turner
$2.3 billion
Ted Turner rose to the top after he founded some of the biggest media companies in America, including CNN, TBS, and TNT. But perhaps his greater claim to fame is his philanthropic work—over the years, he has donated billions of dollars to charities from his own pocket.
His kids, on the other hand, are not as lucky as the charitable organizations he donates to. Turner once wrote in his letter to the Giving Pledge that "virtually all of [his] wealth will have gone to charity."
Thankfully, there's no bad blood between Turner and his children—in fact, they are very much involved in the Turner Foundation, his humanitarian initiative. Their commitment to philanthropic work is a testament to his admirable parenting.
15. Andrew Lloyd Webber
$1.2 billion
After making an absolute killing writing award-winning songs for musicals and plays like The Phantom of the Opera and Cats, Andrew Lloyd Webber doesn't have to work another day in his life. However, he continues to do so, hoping that he can set an example for his own kids and teach them a valuable lesson about work ethic.
"It is about having a work ethic; I don’t believe in inherited money at all. I am not in favor of children suddenly finding a lot of money coming their way, because then they have no incentive to work," he once told the Daily Mirror.
It looks like not spoiling his kids has paid off, too—his daughter Imogen is now a successful author and former MSNBC media personality, while his son Nicholas is also a composer.
