Billionaires Who Won’t Give Their Riches to The Kids
Who hasn’t dreamed of being born into a wealthy family? Or fantasized about what it might be like to have an unknown great-uncle or aunt who passes away and leaves behind a fortune?
But being born into massive wealth doesn’t always guarantee that you’ll inherit the mother lode. Some uber-wealthy folks have already made it known they won’t be leaving their huge cash stashes to their kids.
The Giving Pledge is a commitment made by some of the world’s wealthiest people to dedicate the majority of their wealth to giving back. Here are some big earners who’ve either signed the Giving Pledge or stated publicly that they don’t plan to leave all their riches to offspring.
Billionaire investor Warren Buffett is one of the co-founders of the Giving Pledge — along with Bill and Melinda Gates — so it’s to no one’s surprise that the Oracle of Omaha will be giving away most of his riches. On the Giving Pledge site, he writes:
“Were we to use more than 1% of my claim checks (Berkshire Hathaway stock certificates) on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others.”
Bill Gates famously made his fortune with Microsoft. He created the Giving Pledge with his then-wife, Melinda, and the couple’s billionaire investor friend, Warren Buffett. On the Giving Pledge site, he writes:
“This is about building on a wonderful tradition of philanthropy that will ultimately help the world become a much better place.”
Rocker Gene Simmons, bassist for the band Kiss, may want to rock and roll all night and party every day, but he’s sensible when it comes to his millions.
The Financial Post quotes Simmons as saying his children will be well taken care of, “but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own way.”
Martial artist and movie star Jackie Chan may get a kick out of making money, but he’s not going to let it stop his son Jaycee from seeking success. Chan has said he plans to leave his entire fortune to charity.
“If he is capable, he can make his own money. If he is not, then he will just be wasting my money,” Chan said to ChannelNews Asia in 2011, according to Metro UK.
Hit “Like” if you approve of Facebook founder Mark Zuckerberg’s attitude toward his billions. Zuckerberg and his wife, Priscilla Chan, who have two young children, have signed the Giving Pledge.
“We’ve had so much opportunity in our lives, and we feel a deep responsibility to make the world a better place for future generations,” the couple said in 2015.
“Star Wars” creator George Lucas and his wife, Mellody Hobson, have a lot of galactic money credits piled up, thanks to Lucas’ filmmaking galaxy. Lucas says on the Giving Pledge site that his passion is to use his riches to improve opportunities for learning. He writes:
“My pledge is to the process; as long as I have the resources at my disposal, I will seek to raise the bar for future generations of students of all ages. I am dedicating the majority of my wealth to improving education.”
Former New York City Mayor Michael R. Bloomberg — who’s also the founder, CEO and owner of Bloomberg L.P. — writes on the Giving Pledge website:
“The reality of great wealth is that you can’t spend it and you can’t take it with you. For decades, I’ve been committed to giving away the vast majority of my wealth to causes that I’m passionate about — and that my children are passionate about. And so I am enthusiastically taking the Giving Pledge, and nearly all of my net worth will be given away in the years ahead or left to my foundation.”
CNN founder Ted Turner says he was inspired to give by his father, who quietly supported the tuition of two African-American students at his alma mater, Milsaps College, in the late 1950s. Turner writes on the Giving Pledge site:
“I don’t measure success in numbers, but I consider my contributions of more than $1.3 billion to various causes over the years to be one of my proudest accomplishments and the best investment I’ve ever made.”
Sara Blakely, the billionaire founder of Spanx intimate apparel company, has a clear focus for her philanthropy: Helping women. Blakely says on the Giving Pledge site:
“I pledge to invest in women because I believe it offers one of the greatest returns on investment. While many of the world’s natural resources are being depleted, one is waiting to be unleashed — women.”
South Africa native Elon Musk, who founded car company Tesla and rocket company SpaceX, is a Giving Pledge signer as well as chairman of the Musk Foundation, which provides solar-power energy systems in disaster areas.
Andrew Lloyd Webber
To no one’s surprise, the English composer and musical theater impresario’s philanthropy is focused on the arts.
“(A will) is one thing you do start to think about when you get to my age,” the Financial Post quotes Andrew Lloyd Webber as saying. “I don’t think (wealth) should be about having a whole load of rich children and grandchildren. I think it should be used as a way to encourage the arts.”
Richard Branson, the founder of Virgin Group, a multinational venture capital conglomerate, uses much of his Giving Pledge note to give thanks for his close family, and he has a very inspiring perspective on what’s important in life. On the website, Branson writes:
“‘Stuff’ really is not what brings happiness. Family, friends, good health and the satisfaction that comes from making a positive difference are what really matters.”
Oracle Corp. co-founder Larry Ellison likes to keep his giving private, but agreed to go public with the Giving Pledge because of one man. Ellison writes:
“Many years ago, I put virtually all of my assets into a trust with the intent of giving away at least 95% of my wealth to charitable causes. I have already given hundreds of millions of dollars to medical research and education, and I will give billions more over time. … Warren Buffett personally asked me to write this letter because he said I would be ‘setting an example’ and ‘influencing others’ to give. I hope he’s right.”
The chief operating officer of Meta Platforms, the new name of Facebook’s parent organization, is a Giving Pledge signer and also runs the Sheryl Sandberg and Dave Goldberg Foundation, named after her and her late husband.
The foundation splits its interest among two areas: LeanIn.org, named for Sandberg’s famous book, “empowers women to achieve their ambitions.” And OptionB.Org, founded after Goldberg’s sudden death while on vacation in 2015, helps people build resilience and find meaning in the face of adversity.
Airbnb’s 3 co-founders
The founders of lodging service Airbnb — Nathan Blecharczyk, Brian Chesky and Joe Gebbia — have joined the Giving Pledge. Gebbia writes on the Giving Pledge site:
“My philanthropic contributions will aim to build pathways for future creatives and entrepreneurs, no matter what their age, gender, or location, to achieve their dreams.”
Richard and Nancy Marriott
Richard E. Marriott’s father founded Marriott Hotels. Marriott and his wife, Nancy Peery Marriott, wrote on the Giving Pledge site:
“Down through the years we have always supported the schools that have educated and trained us, the institutions that have helped us live healthy lives, and the communities that have supported us in our business endeavors. We will continue to do so during our lives and pledge that the bulk of our estate will go to a charitable foundation that will be run by our four very capable daughters who are already heavily involved in supporting their own communities.”
Judy Faulkner started Human Services Computing, which later became medical-software company Epic Systems. Faulkner writes on the Giving Pledge site:
“Many years ago I asked my young children what two things they needed from their parents. They said ‘food and money.’ I told them ‘roots and wings.’ My goal in pledging 99 percent of my assets to philanthropy is to help others with roots — food, warmth, shelter, healthcare, education — so they too can have wings.”
Dan and Jennifer Gilbert
Ohio mogul Dan Gilbert founded Quicken Loans, but you may know him better for owning several Cleveland sports teams, including co-owning the NBA’s Cleveland Cavaliers. Gilbert and his wife, Jennifer, signed the Giving Pledge, writing:
“Wealth is created. If that wealth is all passed on to another generation, its benefits often are greatly underutilized, as those who inherit the wealth view their mission as one of maintaining it. The better path is one that allows wealth to be activated as a force to make the world a better place through endless avenues.”
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