Many of the world’s wealthiest people are also some of the most generous, but not when it comes to their family members.
Billionaires like Michael Bloomberg and Bill Gates have enough money to last for multiple generations, but instead of giving it to their offspring or relatives, they’re choosing to use their fortune for good and put it towards causes that will help make the world a better place.
Here are 5 billionaires who refuse to leave their fortunes to their children:
Michael “Mike” Bloomberg is the founder, CEO and owner of the international company Bloomberg L.P., and former Mayor of New York City.
The Boston-native started his career as a general partner at a Wall Street investment bank called Salomon Brothers. In 1981, when the bank was bought out, Bloomberg was laid off, but had $10 million in equity. That was the beginning of his journey to becoming a billionaire.
He eventually started a company, which became Bloomberg L.P in 1987, and resulted in Bloomberg News, Bloomberg Message, Bloomberg Tradebook, and a radio network. With over 325,000 terminal subscribers worldwide, Bloomberg L.P is one of the largest business information companies in the world.
As of today, Bloomberg is the 8th richest man in the world and is worth around $47.1 billion. However, he’s made it clear that he won’t be leaving much of that fortune with his children, daughters Emma and Georgina.
The businessman is also a philanthropist and lives by the ‘you give what you can’ philosophy.’ His very first charitable donation was a $5 check to his college’s alumni association, and he has since given over $3 billion in lifetime donations through the Bloomberg Foundation, which supports education, health care and environmental causes.
“Nearly all of my net worth will be given away in the years ahead or left to my foundation,” Bloomberg wrote in a letter to The Giving Pledge.
While Bloomberg’s choice is admirable, he’s not the only wealthy person who has made a similar decision concerning their fortune. Here are 4 more:
Australia’s richest woman, Gina Rinehart, had humble beginnings. She had a fairly normal upbringing, and successful reached the usual milestones like graduating high school. She enrolled at the University of Sydney to study economics, but soon realized the program wasn’t for her. In an unexpected move, she dropped out and decided to work with her father and brush up on her knowledge of the Pilabara iron-ore industry.
Using her newfound knowledge, Rinehart rebuilt her father’s bankrupt business and turned it into one of Australia’s most successful companies. After the death of her father in 1992, she took over the role of CEO of Hancock Prospecting Pty Limited (HPPL) and the HPPL group of companies.
Nowadays, the mining magnate’s personal wealth is estimated at $16.5 billion, but since her relationship with some of her family members is a bit rocky, Rinehart has chosen to donate a large chunk of her wealth to charitable causes. At one point, her feud with her son was so bad it had to be settled in court, and as part of the legal settlement, they agreed that half of her estate would be donated.
The richest man in the world also has no plans to share his wealth with his family. Can you guess who?