Rich parents, poor kids: 5 billionaires who are leaving nothing to their kids

Rich parents, poor kids: 5 billionaires who are leaving nothing to their kids

Some of the wealthiest families in the world have big plans for their families and leave their children with millions if not billions.

However, some wealthy families, such as the ones on our list, are leaving very little or nothing to their kids.

1. Michael Bloomberg

Michael Bloomberg is the founder of Bloomberg L.P, an international company which he started in 1987. The parent company has since spawned media giants such a Bloomberg News, Bloomberg Message, Bloomberg Tradebook, and a radio network.

Currently, Michael Bloomberg is worth $47.1 billion (Ghc213.9 billion), and he has made it clear that his two daughters will see very little of his fortune.

2. Gina Rinehart

Gina Rinehart is Australia's richest woman, she had humble beginnings and even dropped out if university deciding those economics was not the subject for her.

She started working with her dad in the iron-ore industry, with her newly acquired knowledge she rebuilt her father's failed business and took over the company in 1992.5

She started working with her dad in the iron-ore industry, with her newly acquired knowledge she rebuilt her father's failed business and took over the company in 1992.

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Today she has a net worth of $16.5 billion (Ghc75.9 billion) and has decided to donate a sizable chunk to charity, which started a feud with her family over her wealth. Eventually, her son took her to court and reached a settlement where only half of her estate would go to charity.

3. Bill Gates

Bill Gates is the co-founder of one of the largest computer companies in the world, his love of technology got him involved in computers when the technology was still in its early days.

Gates and his business partner Paul Allen started their own company in 1975 and in 1976 Microsoft was launched after Allen dropped out of Harvard.

The rest is history, Microsoft soon became one of the largest software companies in the world and has dominated the global market since. Today Bill Gates is worth $89.6 billion (Ghc404 billion).

His immense wealth has already been earmarked for philanthropic causes and he has no plans of giving any to his kids.

"I knew I didn't think it was a good idea to give money to my kids. That wouldn't be good either for my kids or society," Gates told The Sun in 2010.

4. Warren Buffett

Warren Buffett rose to prominence and wealth through his company Berkshire Hathaway which he formed with his friend Charlie Munger. Buffet became the chairman of the company in 1970 and has remained in that position since.

Buffet is worth $78.9 billion (Ghc357.7 billion) and plans to donate 99% of it to charity.

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"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," the business tycoon wrote in a letter to the Gates Foundation. They must be in the same WhatsApp group.

5. Pierre Omidyar

Pierre Omidyar is only 50 making him our youngest billionaire on the list. The Paris-born Iranian-American is the co-founder and owner of the giant internet auction company eBay.

Like Gates, Omidyar was interested in computers at a young age and earned a degree in computer science from Tufts University. His first business was a pen-based computer company called Ink Development.

The company transformed over time into eShop which focussed on eCommerce. At 28-years-old Omidyar wrote a programme which became the prototype of an internet auction site which would eventually become eBay.

It took only three years for Omidyar to become a billionaire and he is currently worth $10 billion (Ghc45.2 billion) of which very little will go to his family.

"Our view is fairly simple. We have more money than our family will ever need. There's no need to hold onto it when it can be put to use today, to help solve some of the world's most intractable problems."

Source: Yen.com.gh

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