15 Tycoons Who Won't Leave Their Fortunes to Their Kids

MEGAN WILLETTAUG. 20, 2013

REUTERS/Ray Stubblebine

Michael Bloomberg and daughter Georgina

Not all of the world's billionaires are dedicated to beingextraordinarily altruistic— many decide to spend their money indulging in fancy cars, planes, and yachts.

But others want to spread as much of their wealth as possible before they die. A select few even want that last check to only cover the cost of their funeral.

Of course, not everyone stands to gain from such selflessness — namely, the children of these generous donors.

Though they will still have untold opportunities, advantages, and connections, to help them succeed, the children of these 15 tycoons won't be living large off their inheritances.

Eric Goldschein also contributed to this story.

Business magnate Warren Buffett

As an incredibly wealthy investor and philanthropist, Buffett has pledged to give away99% of his wealth, either during his life or when he dies. He started by promising83% of it to the Gates Foundation,according to FORTUNE Magazine.

The Oracle of Omaha isn't worried about his children not getting their fair share. Echoing a common sentiment on this list,Buffett said in his letter to the Gates Foundation:"I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing."

EBay founder Pierre Omidyar

REUTERS/Tim Shaffer

Ever since Omidyar became a billionaire when he was 31 years old, the eBay founder has made it his life's work to donate the majority of his money to those less fortunate instead of to his three children,according to Forbes.

He signed the Gates and Buffett Giving Pledge in 2010, and continuously gives eBay sharesto the Omidyar Network, his philanthropic investment firm.

He and his wife Pam are also the single biggest private donors to the fight against the human trafficking industry.

New York City Mayor Michael Bloomberg

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Bloomberg gets paid $1 a year for his government duties because with a net worth of$19.5 billion, he's pretty much set financially.

But Bloomberg is also an avid philanthropist, having donated millions toJohns Hopkins University, theCarnegie Corporation, andthousands of other non-profits.

In his letter toThe Giving Pledge, Bloomberg wrote that "nearly all of my net worth will be given away in the years ahead or left to my foundation."

Bloomberg's two daughters, however, may be left to foot the bill upon his death.Bloomberg once said"the best financial planning ends with bouncing the check to the undertaker."

Rockstar Gene Simmons

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The bassist for KISS, one of thebest-selling American bands of all time, is a self-made man. He was born in Israel, moved to Queens with his mother, and started a group that would end up compiling 28 gold records over the years.

Simmons wants the same path for his two kids, Nick and Sophie. Hetold CNBC several years ago: "...in terms of an inheritance and stuff, they're gonna be taken care of, but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own way."

So the$300 million bucksthat belong to Simmons will be headed somewhere else upon his death.

Australian iron magnate Gina Rinehart

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Rinehart — the richest woman in Australia —wants to cut her children out of their inheritance.

She herself inherited her company and fortunefrom her father, Lang Hancock, and her children were also named in his estate.

Butcourt documents in the Australian mediashow that Rinehart doesn't believe her four kids are fit to manage the family fortune.

“None of the plaintiffs has the requisite capacity or skill, nor the knowledge, experience, judgment or responsible work ethic to administer a trust in the nature of the trust in particular as part of the growing HPPL Group,” she once claimed in court papers.

Microsoft founder and CEO Bill Gates

Bill Gates is one of the richest people in the world. But he and his wife Melinda aren't interested in keeping their money for themselves, or for their three children.

"I knew I didn't think it was a good idea to give the money to my kids. That wouldn't be good either for my kids or society," he toldThe Sun in 2010.

Instead, theBill & Melinda Gates Foundation was founded in 1994, and today has assets of over$37 billion dollars. The Foundation even started "The Giving Pledge," which invites other wealthy individuals to join the Gates' lead and donate half their money to charity.

Actor Jackie Chan

Mike Clarke/AFP/File

The movie star announced in 2011 that he had decided to give away half his money to charity when he dies. Chan added thathe was not planning on leaving his son Jayceeany of the millions of dollars he has made during his film career.

"If he is capable, he can make his own money. If he is not, then he will just be wasting my money,"Channel NewsAsia quoted Chan as saying.

Home Depot co-founder Bernard Marcus

Forbes

Marcus grew up in Newark, New Jersey to Russian immigrant parents, and went on to start Home Depot. His retail success helped him accumulate$1.5 billionin net worth. His philanthropic efforts include funding the Georgia Aquarium and starting the Marcus Foundation.

Not wanting his kids to inherit large sums of money — for their own good,he told Forbes— Marcus plans on giving themajority of his Home Depot stockto his foundation, which benefits the handicapped and education.

Businessman Chuck Feeney

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Chuck Feeney is the the co-founder of Duty-Free Shoppers Group (those airport shops), and was one of the world's billionaires in the late 1980s until he transferred all his wealth to his foundation, Atlantic Philanthropies,according to Forbes.

Before giving away their inheritance, he also went to great lengths to teach his children the value of saving money, including making his kids chat with their friends on payphones, work during their vacations, andwork through college, according to The Daily Mail.

Today, it's rumored Feeney doesn't even own a house or a car. He once famouslytold The New York Times, "I want the last check I write to bounce."

British Chef Nigella Lawson

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Lawson is a best-selling author and TV personality, which made her a millionaire even before she married (and then later divorced) wealthy advertising tycoon and art collector Charles Saatchi.

Though Lawson herself comes from a wealthy background, she seems to be a firm believer in not giving her two children that same advantage. She came under firefor saying"I am determined that my children should have no financial security. It ruins people not having to earn money."

She followed up that statement by saying she didn't plan on leaving her kids "destitute," but stood by the idea that they would have to support themselves after school ended.

Media mogul Ted Turner

Turner is such a prominent philanthropist that he is as famous for giving away money as he is for making it.

After accumulating his wealth through the founding of media outlets like CNN and TBS, Turner has gone on to give literally billions of dollars to causes like theUnited Nations Foundation.

Turner has five children from three marriages, but they shouldn't expect a large endowment once he passes. Whether jokingly or not, Turner wasquoted in 2010as saying he was "almost to the edge of poverty" and just wants enough money to cover funeral expenses when he dies.

Hedge fund manager John Arnold

Laura and John Arnold Foundation

John Arnold may only be 40 years old, but last October heclosed his hedge fund, Centaurus Energy, and retired after amassing an estimated wealth of $4 billion over the last 10 years.

Now, Arnold and his wife Laura have dedicated the rest of their lives to giving away that wealth throughtheir foundationto support innovative ideas, instead of to their three children.

"Because of our backgrounds and because of our own experiences, we just don't believe in dynastic wealth," said Laura Arnold in aninterview posted on givesmart.org.

British composer Andrew Lloyd Webber

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Having racked uphundreds of millions of dollarsand becoming a knight thanks to his work as a theater composer, Webber wants to use that money to encourage teaching the arts.

Webberonce said that"(A will) is one thing you do start to think about when you get to my age. I don't think it should be about having a whole load of rich children and grandchildren. I think it should be used as a way to encourage the arts."

His five children will be "taken care of," but the majority of the estate will go towards arts programs.

Director and producer George Lucas

StarWars / YouTube screencap

Lucas signed on toBill GatesandWarren Buffett's Giving Pledge back in July of 2010, promising to giveat least half of his wealth awayby the time of his death.

“I am dedicating the majority of my wealth to improving education,” Lucas wrotein his pledge letter.

The father of four also said in a statement that he would donate the$4 billion+ Disney paid him to acquire Lucas Filmsto charity as well.

Texas oil and gas magnate T. Boone Pickens

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Pickens spent his whole life — from delivering newspapers to taking over Gulf Oil — making money via acquisition. The corporate raider now has a net worth of$1.4 billionbecause of it.

So it's no surprise that Pickens isn't in favor of handing his money over for free, even to his children. Pickens is one of America's billionaires to take The Giving Pledge, donating at leasthalf of his moneyto charity.

And when asked about leaving money for his kids, he hadthis to say: "I've long stated that I enjoy making money, and I enjoy giving it away...I'm not a big fan of inherited wealth. It generally does more harm than good."