Last Updated:
Bill Gates will leave just 1% of his $162 billion to his children, stressing the importance of earning their own success. He and other billionaires plan to donate most of their wealth for humanitarian causes
Gates emphasised the importance of working hard and earning one’s success, rather than relying on inherited wealth. (PTI)
Microsoft founder Bill Gates frequently garners attention, whether for his immense wealth, his divorce from Melinda, or his charitable activities. Recently, Gates has made headlines by announcing he will leave only one per cent of his wealth to his children.
Gates believes his children should achieve their own success rather than inherit wealth. Despite this, with Gates’ net worth estimated at $162 billion by Bloomberg, one per cent still amounts to $1.62 billion, ensuring his children remain among the wealthiest individuals.
In a recent appearance on the Figuring Out With Raj Shamani podcast, Gates shared that his children received a strong upbringing and education, but will inherit less than one per cent of his total wealth.
Sixty-nine years ago, Gates explained that he doesn’t believe leaving them a massive fortune would do them any favours, emphasising that it’s not about building a dynasty. Instead, he wants them to create their own paths, achieve their own success, and not live in the shadow of the extraordinary luck and opportunities he experienced.
The Gates Family
Bill Gates and Melinda French Gates, who were married for 27 years, have three children: Jennifer Katherine Gates (28), Rory John Gates (25), and Phoebe Adele Gates (22). They divorced in 2021 after their children had completed their schooling.
Jennifer Gates attended the prestigious Lakeside School in Seattle and holds degrees in public health from Columbia University and human biology from Stanford University. She graduated from the Icahn School of Medicine at Mount Sinai in May 2024 and is now practising medicine.
Jennifer is also a professional equestrian and married fellow equestrian Nayel Nassar in October 2021. They have two daughters, Leila and Mia.
Born on May 3, 1999, Rory John Gates is the second child of Bill and Melinda Gates and the most private of all the Gates children. In 2017, Melinda Gates portrayed Rory as a thoughtful, inquisitive, and well-informed individual who shares his parents’ passion for puzzles. He graduated from the University of Chicago in 2022 with double major and master degrees within 4 years.
The youngest child, Phoebe Adele Gates, graduated from Stanford University in June 2024. Among the siblings, only Phoebe is often seen in public life.
She has a keen interest in fashion and has interned at British Vogue. Phoebe has also co-founded a start-up, Phia, with her college roommate Sophia Kianni, an Iranian-American social entrepreneur and climate activist. Phoebe is actively present on social and political platforms.
Previously, Bill Gates mentioned that he had gifted $100 million each to his children. He emphasised the importance of supporting and loving one’s children while providing them with equal opportunities.
Commitment To Philanthropy And Welfare
In 2014, Gates announced at a TED conference in Canada that he would donate his property to the Bill and Melinda Gates Foundation, the world’s largest private institution. In 2010, Bill and Melinda Gates, along with other wealthy individuals, created the ‘Giving Pledge,’ encouraging affluent people to donate most of their wealth.
Gates wants his children to find their path to success without being defined by his vast wealth. He believes the greatest use of his resources is to support those in need through the foundation.
Similar Commitments By Other Billionaires
Bill Gates is not alone in his philanthropic efforts. Warren Buffett has also stated he will donate 99.5% of his wealth to charity, providing his children with enough to feel empowered but not so much that they do nothing.
Jeff Bezos, founder of Amazon, and Michael Bloomberg also plan to donate most of their wealth to charitable causes.
Laurene Powell Jobs, wife of Apple founder Steve Jobs, has similarly indicated that her husband’s wealth will not be passed on to their children. She is dedicated to using her wealth to support individuals and communities in sustainable ways while preserving her late husband’s legacy.
