Businessman Bounces His Kids And Donates $14M Fortune To Charity, Says They Have Enough To Live On
- Businessman Loh Kiong Poot will leave his $14 million fortune to 10 charities once he dies
- The successful entrepreneur grew up in a humble home and was forced to start working odd jobs at the age of 14
- He retired at age 47 after figuring he had "earned enough money" to live on for the rest of his life.
PAY ATTENTION: Be the first to follow YEN.com.gh on Threads! Click here!
Singaporean businessman Loh Kiong Poot is a wealthy 79-year-old retiree, but one of his life's mantra is that no one is born with money and takes it with them when they die.
Source: UGC
That explains why he pledged his fortune worth $14 million to 10 charities after he dies.
The entrepreneur who retired when he was 47 made the pledge when he drafted his Will during his 50s.
Asia One records that, at the moment, the billions are invested in bonds and will only be released upon his demise.
On why he chose charity instead of family, Loh explained that he believes his three children have enough money to live on independently.
"Of course, I will also leave some of my properties for them. My wife too," he said.
Humble beginnings
Loh may be stinking rich now, but he was not born into wealth, had a difficult life growing up, ran away from home at 14, and worked odd jobs to make ends meet.
Life started changing for him in 1974 when he got into business at 30 years old, one that saw him travel to and fro Papua New Guinea for many years.
By 47, the successful entrepreneur figured he had "earned enough money" and retired from active business.
"I had no successor. It's not worth it to overwork myself," he said, as reported by Mothership.
Those who know Loh closely disclosed that he has remained humble despite the extravagant trappings of wealth.
Loh is philanthropist extraordinaire
He mainly uses his money to help people in need, arguably because of his beginnings.
His journey into charity started when he was 50 years old after a friend informed him that funds were needed to build a temple in Bangkok.
He not only donated towards the projects but has since travelled to Thailand, Vietnam and Cambodia to help locals build temples and schools and donate money and food to them.
Over the years, he has donated so much that he has lost track of the money he's spent on charity.
No inheritance for Elon Musk's kids
In an almost similar case, billionaire Elon Musk revealed that his 10 children will not control nor inherit his companies.
Musk said he had already identified and selected particular people to take over if something happened to him.
The US businessman stepped down as the CEO of Twitter and will now take on a supervisory role.
New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!
Source: TUKO.co.ke
