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He is one of the world's wealthiest men with an estimated fortune of more than $44 billion.

But the children of Bill Gates should not expect a lifetime of luxury, with the Microsoft founder planning to give most of his money away.

The Sun reports Mr Gates - who has three children - wants to spend his billions defeating poverty.

"I knew I didn't think it was a good idea to give the money to my kids," he told The Sun.

"That wouldn't be good either for my kids or society. So the question was, 'Can I find something that had incredible impact?' I knew I wanted to do that."

But Mr Gates, now 54, said his kids will not miss out on their inheritance entirely.

"I will give the kids some money but not a meaningful percentage," he told The Sun.
http://www.theage.com.au/technology/...921-15k83.html
 

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I'll bet those 3 kids will still get more money than I'll EVER make in a lifetime. I'm glad to see that Mr. Gates is planning on doing something good with his fortune
.
 

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I think this is good of him to do. It won't be much, but it helps. I mean, why have more rich people in this world, when others need it more?

I remember reading something like this a few years ago in a magazine.
 

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Nice, why not give it all away if their all doing well though? (if i remember correctly their all sucessful in the business world and they don't really need the support)
 

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Its not just Gates. Warren Buffett and a few other billionaires have made a pledge to give at least half of their fortune to charity when they die. Some will give more than half, but all will give at least half. Gates is trying to popularize the idea with as many billionaires he can. It's a pretty good idea. Theres absolutely no reason to leave your children billions of dollars.
 

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Awesome news. Its their hard earned money and they can do whatever they want. From my viewpoint, that's a good thing what Gates and Buffett has pledged.
 

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Originally Posted by Beefcake18 View Post
Its not just Gates. Warren Buffett and a few other billionaires have made a pledge to give at least half of their fortune to charity when they die. Some will give more than half, but all will give at least half. Gates is trying to popularize the idea with as many billionaires he can. It's a pretty good idea. Theres absolutely no reason to leave your children billions of dollars.
Yes. Most of the money will just sit there unused. Merely by getting the money out of the bank and into the hands of people who spend it and then it gets spent again, they're helping everyone.
 

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I may not think much of a lot of his products, but you can't fault the man for being a decent person. He cares a lot about spending his money well, and I think this shows that he cares about his children too: giving your kids more money than they can ever spend is going to be bad for them.
 

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If I were him, I wouldn't knwo exactly who to donate xxx amount of money to, but I know I would donate to Extreme Home Makeover
 

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I'm pretty sure this is old news. I remember my mother telling me that he was going to give 20 million each to his kids, a significant amount, but only a small fraction of his total wealth. What he is doing with getting people to promise to give alteast 50% of their wealth away could be one of the most generous actions of any person on this world.
But only if the money is spent in the most productive way, which raises different questions about deciding who is going to get the money.
 

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Originally Posted by Coma View Post
Yes. Most of the money will just sit there unused. Merely by getting the money out of the bank and into the hands of people who spend it and then it gets spent again, they're helping everyone.
I could spend $44 billion very quickly.
 

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It's been well known for many years now that his Will states that his children will get 1% of his wealth split in 3, and the rest will go to charities, etc.
 

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Originally Posted by Psyren View Post
It's been well known for many years now that his Will states that his children will get 1% of his wealth split in 3, and the rest will go to charities, etc.
440million split 3 ways... its like they all hit the lotto....twice
 

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Quote:

Originally Posted by Beefcake18 View Post
Its not just Gates. Warren Buffett and a few other billionaires have made a pledge to give at least half of their fortune to charity when they die. Some will give more than half, but all will give at least half. Gates is trying to popularize the idea with as many billionaires he can. It's a pretty good idea. Theres absolutely no reason to leave your children billions of dollars.
Warren Buffett explicitly said that he does people should work hard on their own to make money and does not believe that people should be rich just because they happen to be a family member.

Good for him.

Side note... the US gov't is allowing perpetual trust funds. When someone dies, they can hide their money in a fund forever and set rules to distribute it indefinitely at little or no tax. That's a bad thing.
 
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