Photographs: Paul Hackett/Reuters
While, there are many wealthy people who leave a large part of their fortune to their family, there are some who believe in donating much of it.
Let's take a look at some business tycoons who plan not to leave much of their wealth to their children.
Source: Business Insider
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Tycoons who won't leave their fortunes to their kids
Photographs: Benjamin Myers/Reuters
Warren Buffett
Company: Berkshire Hathaway
Net worth: $53.5 billion
Children: Three
He has pledged to give away 99 per cent of his wealth, either while alive or after he dies. "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing," he said in a letter to the Gates Foundation.
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Tycoons who won't leave their fortunes to their kids
Photographs: Tim Shaffer/Reuters
Pierre Omidyar
Company: eBay
Net worth: $8.7 billion
Children: Three
Omidyar, who became a billionaire at 31, regularly donates his shares to his philanthropic investment company, Omidyar Network. He and his wife also give huge amount of money to fight human trafficking.
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Tycoons who won't leave their fortunes to their kids
Photographs: Jim Urquhart/Reuters
Michael Bloomberg
Company: Bloomberg
Net worth: $27 billion
Children: Two
He regularly donates to Johns Hopkins University, Carnegie Corporation and thousands of non-governmental organisations. In a letter to The Giving Pledge, Bloomberg wrote: "Nearly all of my net worth will be given away in the years ahead or left to my foundation," according to Business Insider.
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Tycoons who won't leave their fortunes to their kids
Photographs: Queensland Resources Council/Handout/Reuters
Gina Rinehart
Company: Australian mining tycoon
Net worth: AUS$22 billion
Children: Four
Although she inherited her wealth from her father, she doesn't want to leave any of it to her four children. According to court documents, Rinehart claims her children are not fit to manage the fortune.
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Tycoons who won't leave their fortunes to their kids
Photographs: Marcus Donner/Reuters
Bill Gates
Company: Microsoft
Net worth: $72.7 billion
Children: Three
Bill & Melinda Gates Foundation, the philanthropic organisation launched by Bill and his wife, Melinda, today has $37 billion in assets.
"I knew I didn't think it was a good idea to give the money to my kids. That wouldn't be good either for my kids or society," he told The Sun newspaper in 2010, according to Business Insider.
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Tycoons who won't leave their fortunes to their kids
Photographs: Source, homedepot.com
Bernard Marcus
Company: Home Depot
Net worth: $2.3 billion
Children: Three
He has said that he doesn't want his children to inherit large sums of money as it might spoil them. Instead of giving his children the wealth, he plans to donate most of it to help the handicapped and education sector.
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Tycoons who won't leave their fortunes to their kids
Photographs: Source, atlanticphilanthropies.org
Chuck Feeney
Company: The Atlantic Philanthropies
Net worth: $7.5 billion
Children: Five
He has given away all his fortune to his foundation, Atlantic Philanthropies, according to Forbes. To teach his children the value of money, he has made them work during holidays and college. It is said that today he doesn't even own a home or a car, according to Business Insider.
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Tycoons who won't leave their fortunes to their kids
Photographs: Toby Melville/Reuters
Nigella Lawson
Company: British businesswomen
Net worth: 15 million pounds
Children: Two
Lawson, a well-known TV personality and author, comes from a wealthy family but doesn't believe in leaving much of it to her two children. "I am determined that my children should have no financial security. It ruins people not having to earn money," she has reportedly said.
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Tycoons who won't leave their fortunes to their kids
Photographs: Allison Joyce/Reuters
Ted Turner
Company: Media mogul
Net worth: $2 billion
Children: Five
Turner, who made his fortune through CNN and TBS TV channels, has donated billions to several charity organisations. He has said that he wants just enough money to cover his funeral cost.
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Tycoons who won't leave their fortunes to their kids
Photographs: David McNew/Reuters
T Boone Pickens
Company: BP Capital Management
Net worth: $1.4 billion
Children: Four
Pickens, who made his fortune through acquisitions, has already donated half of his money to charity. When asked about inheritance, he said: I've long stated that I enjoy making money, and I enjoy giving it away... I'm not a big fan of inherited wealth. It generally does more harm than good."
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Tycoons who won't leave their fortunes to their kids
Photographs: Danny Moloshok/Reuters
George Lucas
Company: Lucasfilm Limited
Net worth: $3.9 billion
Children: Four
Lucas, an American film producer and director, has pledged to donate half of his wealth before his death. He also plans to give away more than $4 billion to non-governmental organisations.
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Tycoons who won't leave their fortunes to their kids
Photographs: Source, arnoldfoundation.org
John Arnold
Company: Arnold Foundation
Net worth: $2.8 billion
Children: Three
Arnold, who is only 40, and his wife, Laura, have dedicated their lives to supporting innovative ideas. "Because of our backgrounds and because of our own experiences, we just don't believe in dynastic wealth," said Laura in an interview posted on givesmart.org.
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