"Money won't make success; the freedom to make it will," said Nelson Mandela.
asserted
Mandela → make → it
For numerous billionaires across the world, money was not a given; they began with nothing and worked hard enough to now own everything.
asserted
they → give → everything
For their families and friends, they have made sure money is never a factor to consider when living life.
asserted
money → make → life
But as important as financial stability is to a person, so is the will to do something on their own, create something of their own.
asserted
will → create → own
And that is one thing the wealthy seem to understand, since they seem to be implementing it in their own children as well.
asserted
they → seem → children
In the next two decades, the heirs of the world's richest are set to become even richer.
asserted
heirs → set → richest
An estimated $84 trillion is expected to be passed down in what has been deemed the largest-ever transfer of intergenerational wealth.
asserted
what → expect → wealth
However, not all billionaires seem to be on board.
asserted
billionaires → seem → board
to Patagonia founder Yvon Chouinard, some have decided against leaving their fortunes to their children, according to a recent report by Observer.
uncertain
some → decide → Observer
Here's a look at the who's and who's of the world that decided not to offer their wealth to their kids.
asserted
that → decide → kids
Mark Zuckerberg started Facebook, now Meta Platforms, from a dorm room at Harvard University.
asserted
Zuckerberg → start → University
The 42-year-old's $199 billion fortune is connected to his 13% ownership of the company's stock.
asserted
fortune → connect → stock
However, he and his wife Priscilla Chan intend to give away 99% of their Meta shares.
asserted
he → intend → shares
Shortly after the birth of their first child in 2015, the couple announced their plans to use the funds to promote equality, medical innovations and education through the Chan Zuckerberg Initiative, which has committed more than $7.2 billion in grants since beginning in 2015.
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which → announce → 2015
“Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here,” said Zuckerberg at the time.
asserted
Zuckerberg → have → time
After the death of the famous founder, she inherited a fortune worth $14.9 billion but is not planning on giving it away to her three children
Laurene Powell Jobs is the wife of late Apple co-founder Steve Jobs.
asserted
Jobs → inherit → Jobs
After the death of the famous founder, she inherited a fortune worth $14.9 billion but is not planning on giving it away to her three children.
asserted
she → inherit → children
“I’m not interested in legacy wealth buildings, and my children know that,” she told The New York Times in 2020.
asserted
she → ’m → 2020
If I live long enough, it ends with me.”
asserted
it → live → me
Powell Jobs instead plans to distribute her money "in ways that uplift individuals and communities in a sustainable way."
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that → plan → way
Much of this has taken place through her umbrella organisation Emerson Collective, an organisation focused on impact investing, philanthropy and advocacy around environmental justice, health, immigration and education.
asserted
Much → take → justice
It is estimated that Powell Jobs has already donated more than $2 billion to charitable causes through this fund.
asserted
Jobs → estimate → fund
She has also reportedly been selling roughly 10% of her Disney shares each year since 2011.
uncertain
She → sell → 2011
In addition, she pledged in 2021 to donate $3.5 billion over 10 years to organizations developing innovative solutions to climate change, a commitment she is fulfilling through the Waverley Street Foundation.
asserted
she → pledge → Foundation
Michael Bloomberg is the founder of Bloomberg L.P., an empire that constitutes his eponymous media businesses and the Bloomberg Terminal, a financial data service.
asserted
that → constitute → businesses
Despite owning a fortune worth $109 billion, he doesn't intend to pass on his wealth to his two children.
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he → own → children
Instead in 2025, he announced that his company will eventually be given to a trust intended to finance Bloomberg Philanthropies, his charitable foundation.
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company → announce → Philanthropies
“When I die, the foundation inherits the company,” said Bloomberg during a summit in September 2023.
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Bloomberg → die → September
“They, because of the tax laws, will have to get rid of it, sell it someplace or other over the first five years,” he added.
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he → have → years
The billionaire has also previously advocated against wealthy families hiring their own children, stating in 2016 that he would never let his daughters work for his company as it would be unfair to other employees.
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it → advocate → employees
Bill Gates
Bill Gates and Paul Allen founded Microsoft in 1975 after Gates dropped out of Harvard University.
asserted
Gates → found → University
Through years of effort, the now 70-years-old has amassed an estimated fortune of $108.5 billion.
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old → amass → billion
This is despite him having given away most of his Microsoft stakes to fund his philanthropic Gates Foundation.
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him → give → Foundation
Still, his three children do not expect to receive much of it.
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children → expect → it
The billionaire has long maintained that his kids will be receiving only a "miniscule portion" of his wealth and will "have to find their own way."
asserted
kids → maintain → way
In a 2017 Reddit AMA, Gates reportedly noted that “leaving kids massive amounts of money is not a favor to them” and revealed he became inspired to not leave an inheritance to his children after reading about
Warren Buffett’s thoughts on the topic in a 1986 Fortune article.
uncertain
he → note → article
Alongside Buffett and his former wife Melinda French Gates, the Microsoft co-founder helped establish the Giving Pledge in 2010, a campaign urging the wealthy to give away the majority of their wealth during their lifetime.
asserted
founder → establish → lifetime
Passing down mass amounts of money "just because they came out of the right womb" is an "antisocial act," he said.
asserted
he → pass → womb
Warren Buffet has an estimated net worth of $144.6 billion.
asserted
Buffet → have → billion
The 96-year-old Berkshire Hathaway founder has long maintained that his children will not be inheriting his wealth.
asserted
children → maintain → wealth
…and 13 more, not listed.
The Aporia
