13 Billionaires Who Refuse to Leave Inheritance for Their Children — And Why

Times are changing, and the super-rich are adopting a new parenting paradox. When you think of billionaires, you probably imagine mansions, jets, and “trust fund babies.” But a growing number of the world’s richest individuals are flipping the script – openly declaring they won’t leave their wealth to their children. From Warren Buffett to Jackie Chan, these money moguls believe inheritance can kill ambition, destroy creativity, and weaken character. Instead, they’re giving their fortunes to charity, science, or education – and leaving their kids with something money can’t buy: a sense of purpose.

Warren Buffett – “Enough to Do Anything, But Not Enough to Do Nothing”

Philosophy: Buffett plans to give away over 99% of his wealth. He says: “A very rich person should leave his kids enough to do anything, but not enough to do nothing.” He believes giant inheritances can cripple a child’s drive to achieve. Most of his money will go to the Bill & Melinda Gates Foundation and other charities.

Bill Gates – “Massive Inheritance Is Not a Favour”

Bill Gates

Net Worth: ~$120 billion

Bill and Melinda Gates have made it clear: their children will get only a small portion of their wealth. “Leaving kids massive amounts of money is not a favor to them.” He believes that true success comes from earning your place in the world, not inheriting it.

Mark Zuckerberg & Priscilla Chan — Giving Away 99% of Facebook Shares

REUTERS/Stephen Lam/File Photo

The couple pledged to donate 99% of their Facebook shares to the Chan Zuckerberg Initiative, focusing on education, equality, and health. Their goal? To raise children who are driven by impact, not inheritance.

Elon Musk — “Wealth Should Expand Human Consciousness”

Musk hasn’t made a formal inheritance pledge, but he’s hinted that he won’t hand down his empire. Instead, he’s investing billions in SpaceX and AI research, aiming to expand the future of humanity. He once said his children will get support for education and innovation — not unlimited money.

George Lucas — “Money Is a Tool, Not a Legacy”

When Lucas sold Star Wars to Disney, he donated most of the $4 billion to education through his George Lucas Educational Foundation. “Money is a tool, not a legacy.” He believes the next generation deserves opportunity, not unearned privilege.

Sting — “We’re Spending It!”

The rock legend said his six kids won’t inherit much. “I told them there won’t be much money left because we are spending it!” He wants them to develop independence, not entitlement.

Simon Cowell — “Make Your Own Money”

The America’s Got Talent creator said: “I don’t believe in passing on wealth from one generation to another.” Instead, he’ll donate his money to children’s and animal charities. His son Eric will have to earn his own fame — not ride on dad’s fortune.

Jackie Chan — “If He Can’t Earn It, He Doesn’t Deserve It”

Chan stunned fans when he revealed his son Jaycee won’t inherit a dime. “If he is capable, he can make his own money. If he is not, he will just be wasting mine.” He plans to donate everything to charity instead.

Michael Bloomberg — “Show Them How to Make the World Better”

Bloomberg intends to give nearly all his fortune to causes that improve lives worldwide — via Bloomberg Philanthropies. “If you want to do something for your children, show them how to make the world a better place.”

Daniel Craig — “Inheritance Is Distasteful”

The James Bond actor said bluntly: “Inheritance is quite distasteful. My philosophy is to get rid of it before you go.” He prefers to donate or spend his wealth while alive.

Andrew Lloyd Webber — “They Have to Make Their Own Way”

The Phantom of the Opera composer said his five children will get very little. “They aren’t going to get pots of money. They have to make their own way.”

Nigella Lawson — “Financial Security Ruins People”

The celebrity chef says her children will not inherit her fortune. “I am determined that my children should have no financial security. It ruins people not having to earn money.”

Kevin O’Leary — “They’ll Get Nothing”

The Shark Tank investor says he decided early that his children would inherit nothing. “They’ll get a good education. After that, it’s up to them.” He argues that wealth should be used to create opportunities for others, not entitlement.

The Common Thread: Purpose Over Privilege

Across continents and industries, these billionaires share the same mindset: Wealth is not love — and inheritance is not purpose. They want their children to experience the thrill of struggle, innovation, and independence — not the paralysis of easy money. For these billionaires, legacy isn’t about leaving money behind — it’s about leaving meaning behind. They want to be remembered not for the riches they passed down, but for the change they created.