Microsoft co-founder Bill Gates said that he’s not leaving his three adult children as much money as some may expect from a tech billionaire father, noting he wants to give them the chance to make their own success.
“My kids got a great upbringing and education, but less than 1% of the total wealth because I decided it wouldn’t be a favor to them,” Gates told Raj Shamni on his podcast, “Figuring Out.” “You know, it’s not a dynasty. I’m not asking them to run Microsoft.”
One percent of Gates’ estimated $101.4 billion net worth would still be more than a billion dollars for his three children, Jennifer Gates, 28; Rory Gates, 25; and Phoebe Gates, 22; whom he shares with his ex-wife, Melinda Gates.
“I wanna give them a chance to have their own earnings and success, be significant and not overshadowed by the incredible luck and good fortune I had,” Gates said.
Gates’ youngest child, Phoebe, talked about having one of the world’s richest dads in a recent episode of her podcast, “The Burnouts.” She told her co-host, climate activist Sophia Kianni, that she was insecure about being a “nepo baby” during her first semester at Stanford University.
“I feel like it’s so hard when you’re a freshman in college because you have no experience. You have nothing,” she said.
Phoebe graduated early with a degree in human biology last year and is currently in the testing phase of Phia, a fashion e-commerce company she started up with Kianni. She said her parents were “really cautious” about her remotely finishing up her degree to start her own business.
“They were very much like, ‘You need to finish your degree, you don’t get to just drop out and do a company,’ which is so funny because my dad literally did that. That’s the reason I’m able to go to Stanford or have my tuition paid,” Phoebe said.
Bill Gates told Shamani he believes people who “made fortunes from technology” are “less dynastic” with their wealth.
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“You don’t want your kids to ever be confused about your support for them and your love for them,” he said. “I do think explaining early on your philosophy that you’re gonna treat them all equally and that you’re gonna give them incredible opportunities, but that the highest calling for these resources is to go back to the neediest through the foundation.”