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Why the World's Richest Parents Are Disinheriting their Children
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Why the World's Richest Parents Are Disinheriting their Children

Celebrities’ lives are typically either rags-to-riches stories or centered on a single, make-or-break decision th...

Why the World's Richest Parents Are Disinheriting their Children

Celebrities’ lives are typically either rags-to-riches stories or centered on a single, make-or-break decision that brings them wealth and fame. It would only seem natural to help their little loved ones down the road in any way they can. Not all Hollywood or Silicon Valley hotshots take it “easy” on their kids, however. They might seem selfish, but is that really the case?

 

In an interview for the Dailymail, famous musician and song-writer Sting said he will not be leaving his £180 million hard-earned wealth for his six kids to inherit. The rock star claims passing on a large fortune to his young ones would do them more harm than good. After growing up in a dysfunctional family in Wallsend on Tyneside in the Northeast of England, where he did not feel he belonged, Sting made his way to London, where he played for a “tenner” in local pubs. Being the frontman for The Police led to Grammy awards, millions of records sold, and eventually a brilliant solo career.

 

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Now 62, Sting can look back on a successful marriage, three daughters and three sons, and an estimated wealth of £180 million. The hard-knock life taught him to be tough, and he believes that's the only way for his children to make their own way in the world. And he's not the only one.

 

Bill and Melinda Gates have had three children since their marriage in 1994. Microsoft and other business ventures have allowed the Gates’ to accumulate an estimated $76 billion. While the Gates offspring are rumoured to receive a relatively modest $10 million inheritance (each), Bill says his kids won't be seeing that money any time soon. The Gates’ want their children to have a sense of meaningful work, and to find their own self-worth.

 

Hotel and real estate entrepreneur Yu Panglin shares a similar view. Panglin says he doesn't want to leave his money to his two sons because he doesn't want to corrupt them. Panglin grew up in poverty, and he believes his sons could handle life without his money.

 

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Former New York City Mayor Michael Bloomberg might leave his two daughters to inherit his debts rather than his money. Bloomberg is, however, a keen philanthropist, giving millions in donations to universities and nonprofits.

 

The list of hard-luck heirs could go on and on, and it's no wonder. The more you have, the more you want, and “want” is the key word here. These smart and brilliant people got out of bed and made money through hard work, and that’s those are the values they’re teaching their children. Hopefully, these kids will learn to appreciate what they've got.

 

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