Bill Gates, the Microsoft founder and one of the wealthiest individuals in the world, has decided to leave his children a massive inheritance, surprising many.
Despite his previous statements about leaving them a “minuscule” portion of his fortune, Gates is now set to bequeath $500 million to each of his three children: Jennifer, 28, Rory, 25, and Phoebe, 22.
A Change of Heart on Inheritance
In a conversation with Raj Shamani on his podcast, Gates explained his previous position on inheritance, saying he wanted to avoid making his children reliant on his wealth.
“My kids got a great upbringing and education, but less than one percent of the total wealth because I decided it wouldn’t be a favor to them,” Gates explained.
He emphasized that he did not want his children to feel burdened by a legacy that would force them into specific roles, such as running Microsoft.
Instead, he expressed a desire for them to build their own success and earnings.
What Does Less Than One Percent Mean?
While Gates’ wealth is estimated at $149 billion according to Bloomberg, the “less than one percent” of his fortune that he refers to still amounts to a staggering $500 million for each of his children.
Although it’s a fraction of his total wealth, it’s still an enormous sum, one that would set each of them up for life without making them dependent on their father’s legacy.
A Shift from 2011 Plans
Looking back, Gates had previously told DailyMail.com in 2011 that he planned to leave his children around $10 million each.
At that time, his fortune was valued at $56 billion, and he made it clear that he wanted his children to work hard and not rely on inherited wealth.
“It will be a minuscule portion of my wealth,” he said then, adding that they would need to “be their own way.”
Now, Gates, who ranks as the sixth richest man in the world, has expressed a significant change in his approach, choosing to leave his children a more substantial inheritance while still prioritizing charitable giving.
Commitment to Philanthropy
Gates and his ex-wife, Melinda French, have been vocal about their commitment to philanthropy, and this is a key part of their parenting philosophy.
“You don’t want your kids to ever be confused about your support for them and your love for them,” Gates shared on the podcast.
He also noted that his children are fully aware of his philosophy, which revolves around giving back to those in need through the Gates Foundation.
His approach is grounded in the belief that while his children will have incredible opportunities, the greater calling for the family wealth lies in helping others through charitable work.
Phoebe’s Struggles with ‘Nepo Baby’ Insecurity
Gates’ youngest daughter, Phoebe, recently spoke about the pressure of growing up as the daughter of a billionaire, describing her struggles with “nepo baby” insecurity.
On her podcast The Burnouts, she opened up about the intense pressure she felt during her time at Stanford University.
“I had so much insecurity and such a desire to prove myself,” Phoebe admitted, reflecting on her early college years.
She acknowledged how difficult it was to navigate this pressure, feeling like she had to constantly prove herself despite the immense privilege of her upbringing.
Phoebe also shared the story of her first entrepreneurial venture, a product concept for Bluetooth tampons designed to give women health status updates during their periods.
Unfortunately, her idea was rejected by a business class at Stanford, leaving her feeling disappointed but determined.
“This was our first big failure of many, many, many,” Phoebe joked, revealing the challenges she faced as she tried to carve out her own identity outside of her father’s shadow.
Rory and Jennifer’s Paths in Life
Bill Gates’ only son, Rory, is reportedly working as a congressional analyst while pursuing a doctorate.
His older sister, Jennifer, has pursued a medical career, currently completing her residency in New York.
She recently welcomed her second child with her husband, Nayel Nassar.
Their daughter, Mia, was born on their third wedding anniversary, joining their first child, Leila.
The Future of Gates’ Grandchildren
While Gates has disclosed his plans for his children’s inheritance, he has not revealed whether his grandchildren will receive any inheritance, or how much it might be.
As his wealth continues to grow, it’s clear that Gates’ approach to wealth and legacy will continue to evolve, always balancing between supporting his children and his commitment to philanthropic efforts.