Featured Image Credit: Instagram/@melindafrenchgates
Topics: Celebrity, Technology, US News, Money, Parenting
Rhianna Benson
Topics: Celebrity, Technology, US News, Money, Parenting
You'd think having Bill Gates as a father would ensure your eventual inheritance of vast sums of wealth.
Apparently, however, the Microsoft founder is quite tight when it comes to his purse strings - despite being worth a mind-boggling 12 figures.
That's right - according to the Bloomberg Billionaire Index, 69-year-old Gates has a monetary value of over $101,200,000,000 (or £101.2 billion).
For those in need of a reminder, the father-of-three's extreme wealth comes from a number of different sources - kicking off with his and childhood friend Paul Allen's joint 1975 co-creation of the software company Microsoft.
Advert
In 1987, he became the youngest ever billionaire at age 31, and just 12 years later, the first ever centibillionaire (meaning he was lucky enough to have had multiple hundred-billions sitting in his pocket).
In the years since, he's also amassed further funds through stock and investments, and has forged the reputation of quite the philanthropist.
Such has remained the case ever since, and Gates has long been listed in Forbes Magazine's illustrious list of richest individuals across the globe - including last year, when he was ranked No. 7.
Apparently, however, despite his staggering wealth, the tech boss has no grand plans to share it with his children, even when his judgement day eventually arrives.
Speaking to Raj Shamani on the Indian social media star's titular podcast this week, revealed he only plans on passing 'less than 1 per cent' to each of his three kids.
Gates shares daughters Jennifer, 28, and Phoebe, 22, as well as 25-year-old son Rory with ex-wife Melinda French.
Discussing the supposed 'duty' for Indian parents to 'save everything for their kids' - as explained by Shamani - Gates was asked what he believes to be the 'right mindset' when it comes to inheritance.
"I think everybody gets to decide on that," he responded.
"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."
Explaining his decision, Gates continued: "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."
The business guru was subsequently asked how his children responded to the news that'd only be receiving around 1 per cent each.
(It's probably worth noting at this point that 1 per cent of Gates' wealth is still upwards of $1 billion... so, yeah.)
"You don’t want your kids to ever be confused about your support for them and your love for them," he 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."