What you might not know about the American author
When it comes to millionaire and billionaire celebrities, many of us imagine that their children will inherit their fortune. Indeed, this is the way wealth has traditionally been handled and it continues to be a popular way of keeping the wealth among the already rich and famous. However, there are some famous people who, for one reason or another, have pledged or plan to pledge the majority of their fortune to charitable causes, rather than handing it down to their children.
Of course, in many cases these celebrities' children will still receive a tidy sum: many of the individuals on this list have a net worth so high that a lot of cash will be left over even after the majority is given away.
However, it nonetheless says something about these stars' values that they are choosing to divert the majority of their wealth in a direction other than their family's.
Check out this gallery to find out which celebs won't leave their fortunes to their offspring.
The will of legendary actor Gene Hackman has been made public following his passing in February, naming his late wife of 33 years, Betsy Arakawa, as the sole beneficiary. Of course, Arakawa was found dead alongside Hackman and their dog. Hackman’s three children—Christopher, Elizabeth, and Leslie—were not included in the inheritance. According to reports, the decision was made in 1995, long before his death at 95.
The country singer said she wants her seven children to make their own fortunes because she believes simply handing them money would "breed laziness and entitlement." Osmond told Us Weekly, "Honestly, why would you enable your child to not try to be something? I don't know anybody who becomes anything if they're just handed money." She added, "To me, the greatest gift you can give your child is a passion to search out who they are inside and to work. I mean, I've done so many things from designing dolls [and much more]. I love trying [and] I wanna try everything. I'm a finisher." Instead, she plans to spend the money she's made with her husband Stephen Craig.
Anderson Cooper revealed that he won't be leaving his wealth to his son, Wyatt, whom he welcomed in 2020. “I don’t believe in passing on huge amounts of money,” the CNN anchor explained on Air Mail’s September 25 episode of their 'Morning Meeting' podcast. “I don’t know what I’ll have,” Cooper said of his fortune, which is estimated to be around US$200 million. “I’m not that interested in money, but I don’t intend to have some sort of pot of gold for my son. I’ll go with what my parents said … ‘College will be paid for, and then you gotta get on it.’”
Cooper was said to have inherited less than US$1.5 million from late mother Gloria Vanderbilt’s estate after she passed in 2019, which is only considered "a little" if you're born a member of the famed Vanderbilt family of New York.
Nigella Lawson made her fortune being a celebrity chef and TV personality. She has two children from her first marriage and a stepdaughter from her second.
In 2008 Lawson suggested she would not pass her fortune on. She told My Weekly: "I am determined that my children should have no financial security. It ruins people not having to earn money."
Celebrity chef Gordon Ramsay owns 40 restaurants around the world with 16 Michelin stars between them. He and his wife Cayetana also have five children.
In 2017 Ramsay told the Telegraph that his fortune definitely won't go to his kids. He said that he doesn't want to spoil them; they also fly economy while their parents sit in first class.
The former front man of The Police is obviously quite well off, but he doesn't plan to pass on his money to his children when his time eventually comes.
In 2014 Sting told the Mail on Sunday that, firstly, he and his wife were spending a lot and, secondly, he didn't want to leave his children trust funds that are "albatrosses around their necks."
Over the course of his career Elton John has amassed a tidy sum. But he and husband David Furnish do not intend ever to spoil their two sons with the money.
In 2016 the singer told the Mirror: "It's terrible to give kids a silver spoon." He suggested that his kids would always have enough money to cover their basic needs, but never to go wild.
The man behind such programs as 'The X Factor' and 'America's Got Talent' has done pretty well for himself. In a 2013 interview he suggested he wouldn't pass his money on to his offspring.
In 2013 Cowell told Esquire: "I don't believe in passing on from one generation to another." He added that he would probably leave his money to either a kids or dogs charity.
Power couple Ashton Kutcher and Mila Kunis are raising their children frugally and have decided that their kids will not receive any of their parents’ fortune.
In a 2018 episode of the podcast ‘Armchair Expert with Dax Shepard,’ Kutcher said: When the time is right, we will donate everything we have to charity.”
Andrew Lloyd Weber is the genius behind such shows as 'Cats' and 'The Phantom of the Opera.' He is the owner of a wealthy sum, but he doesn't believe in inherited money.
In 2008 he told the Daily Mirror: "I am not in favor of children suddenly finding a lot of money coming their way because then they have no incentive to work."
TV and film producer George Lucas made a killing when he sold both the 'Star Wars' franchise and his production company to The Walt Disney Company in 2012.
Although Lucas has four children, a spokesperson told the Hollywood Reporter that most of the proceeds from the deal would go towards educational philanthropy projects.
In 2010 the founder of eBay and his wife signed the Giving Pledge, a campaign that encourages the super-rich to donate their fortunes to charitable causes.
Regarding his decision not to leave his children an inheritance, Craig told UK's Candis Magazine, "Isn't there an old adage that if you die a rich person, you've failed?" per Daily Mail. According to Celebrity Net Worth, Craig has an estimated net worth of US$160 million. "But I don't want to leave great sums to the next generation," the James Bond star explained. "I think inheritance is quite distasteful. My philosophy is get rid of it or give it away before you go." Craig has two daughters, one with actress Rachel Weisz, and one from his previous marriage to Fiona London.
The Omidyars' pledge read: "Our view is fairly simple. We have more money than our family will ever need. There's no need to hold onto it when it can be put to use today."
MacKenzie Bezos joined the Omidyars and signed the Giving Pledge after her divorce from Jeff, which left her with an enormous stake in Amazon.
Even after the divorce, in January 2021 the Amazon founder was still the second-richest man in the world and hadn't yet signed the pledge. He finally signed in 2022.
Google co-founder Larry Page and his wife, unlike the other Google co-founder Sergey Brin, have also signed the Giving Pledge, thereby promising to give away the majority of their riches.
The Page children, born in 2009 and 2011, will never see the majority of their parents' fortune. Their father is among the 10 richest people in the world, however, so they'll probably never be badly off.
Michael Bloomberg is a business mogul and former mayor of New York City. He has previously stated that he wants to offload his entire fortune before he dies.
The majority of his fortune will go to the philanthropic initiative Bloomberg Philanthropies. His two daughters are also both philanthropists.
When Mark Zuckerberg's first daughter was born, he posted to Facebook saying that he and his wife would be donating 99% of the baby's inheritance to charity.
Zuckerberg and his wife Priscilla Chan have also started the Chan-Zuckerberg Initiative (CZI), which, according to Inside Philanthropy, aims to "advance human potential and promote equal opportunity."
Warren Buffett has been described by Forbes as "one of the most successful investors of all time." He plans to pledge his whole fortune to charities, leaving nothing to his three kids.
He has promised, however, that some of the money will go towards his children's charities, in recognition of the success they have achieved. He will also donate to the Bill and Melinda Gates Foundation.
The multi-billionaire founder of Microsoft is also a keen philanthropist who plans to donate most of his fortune to charitable causes when he dies.
In 2013, Gates told Reddit AMA: "I definitely think leaving kids massive amounts of money is not a favor to them." He cited Warren Buffett as having imparted this wisdom.
Sources: (Insider) (The Hollywood Reporter)
Famous celebrities who won’t leave their fortunes to their children
These celeb kids won't inherit their parents' wealth
CELEBRITY Money
When it comes to millionaire and billionaire celebrities, many of us imagine that their children will inherit their fortune. Indeed, this is the way wealth has traditionally been handled and it continues to be a popular way of keeping the wealth among the already rich and famous. However, there are some famous people who, for one reason or another, have pledged or plan to pledge the majority of their fortune to charitable causes, rather than handing it down to their children.
Of course, in many cases these celebrities' children will still receive a tidy sum: many of the individuals on this list have a net worth so high that a lot of cash will be left over even after the majority is given away.
However, it nonetheless says something about these stars' values that they are choosing to divert the majority of their wealth in a direction other than their family's.
Check out this gallery to find out which celebs won't leave their fortunes to their offspring.