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Tycoons who won't leave their fortunes to their kids

August 22, 2013 11:19 IST

Tycoons who won't leave their fortunes to their kids

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While, there are many wealthy people who leave a large part of their fortune to their family, there are some who believe in donating much of it.

Let's take a look at some business tycoons who plan not to leave much of their wealth to their children.

Source: Business Insider

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Image: Tristan Robertson Jeyes, 2, drives a 250 pounds Sterling (383 US dollar) pink Cadillac next to Jayla Silva, 3, on a 160 pounds Sterling (244 US dollars) mini dodgem in Hamleys toy store.
Photographs: Paul Hackett/Reuters
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Warren Buffett

Company: Berkshire Hathaway

Net worth: $53.5 billion

Children: Three

He has pledged to give away 99 per cent of his wealth, either while alive or after he dies. "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," he said in a letter to the Gates Foundation.

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Image: Warren Buffett with his wife Astrid Menks in Washington, DC.
Photographs: Benjamin Myers/Reuters

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Pierre Omidyar

Company: eBay

Net worth: $8.7 billion

Children: Three

Omidyar, who became a billionaire at 31, regularly donates his shares to his philanthropic investment company, Omidyar Network. He and his wife also give huge amount of money to fight human trafficking.

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Image: Pierre Omidyar in Georgetown, Delaware.
Photographs: Tim Shaffer/Reuters

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Michael Bloomberg

Company: Bloomberg

Net worth: $27 billion

Children: Two

He regularly donates to Johns Hopkins University, Carnegie Corporation and thousands of non-governmental organisations. In a letter to The Giving Pledge, Bloomberg wrote: "Nearly all of my net worth will be given away in the years ahead or left to my foundation," according to Business Insider.

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Image: Michael Bloomberg with his partner Diana Taylor in Sun Valley, Idaho.
Photographs: Jim Urquhart/Reuters

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Gina Rinehart

Company: Australian mining tycoon

Net worth: AUS$22 billion

Children: Four

Although she inherited her wealth from her father, she doesn't want to leave any of it to her four children. According to court documents, Rinehart claims her children are not fit to manage the fortune.

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Image: Gina Rinehart, right, adjusts a cap on the head of Australia's Minister for Resources, Energy and Tourism, Martin Ferguson in the Galilee Basin about 800km northwest of Brisbane.
Photographs: Queensland Resources Council/Handout/Reuters

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Bill Gates

Company: Microsoft

Net worth: $72.7 billion

Children: Three

Bill & Melinda Gates Foundation, the philanthropic organisation launched by Bill and his wife, Melinda, today has $37 billion in assets.

"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 told The Sun newspaper in 2010, according to Business Insider.

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Image: Bill and Melinda Gates in Seattle, Washington.
Photographs: Marcus Donner/Reuters

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Bernard Marcus

Company: Home Depot

Net worth: $2.3 billion

Children: Three

He has said that he doesn't want his children to inherit large sums of money as it might spoil them. Instead of giving his children the wealth, he plans to donate most of it to help the handicapped and education sector.

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Image: Homepage of Home Depot. Inset, Bernard Marcus.
Photographs: Source, homedepot.com

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Chuck Feeney

Company: The Atlantic Philanthropies

Net worth: $7.5 billion

Children: Five

He has given away all his fortune to his foundation, Atlantic Philanthropies, according to Forbes. To teach his children the value of money, he has made them work during holidays and college. It is said that today he doesn't even own a home or a car, according to Business Insider.

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Image: Homepage of Atlantic Philanthropies. Inset, Chuck Feeney.
Photographs: Source, atlanticphilanthropies.org

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Nigella Lawson

Company: British businesswomen

Net worth: 15 million pounds

Children: Two

Lawson, a well-known TV personality and author, comes from a wealthy family but doesn't believe in leaving much of it to her two children. "I am determined that my children should have no financial security. It ruins people not having to earn money," she has reportedly said.

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Image: Nigella Lawson in London.
Photographs: Toby Melville/Reuters

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Ted Turner

Company: Media mogul

Net worth: $2 billion

Children: Five

Turner, who made his fortune through CNN and TBS TV channels, has donated billions to several charity organisations. He has said that he wants just enough money to cover his funeral cost.

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Image: Ted Turner with girlfriend Cynthia MacDonald in New York.
Photographs: Allison Joyce/Reuters
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T Boone Pickens

Company: BP Capital Management

Net worth: $1.4 billion

Children: Four

Pickens, who made his fortune through acquisitions, has already donated half of his money to charity. When asked about inheritance, he said: 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."

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Image: T Boone Pickens in Beverly Hills, California.
Photographs: David McNew/Reuters

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George Lucas

Company: Lucasfilm Limited

Net worth: $3.9 billion

Children: Four

Lucas, an American film producer and director, has pledged to donate half of his wealth before his death. He also plans to give away more than $4 billion to non-governmental organisations.

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Image: George Lucas with his partner Mellody Hobson in West Hollywood, California.
Photographs: Danny Moloshok/Reuters

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John Arnold

Company: Arnold Foundation

Net worth: $2.8 billion

Children: Three

Arnold, who is only 40, and his wife, Laura, have dedicated their lives to supporting innovative ideas. "Because of our backgrounds and because of our own experiences, we just don't believe in dynastic wealth," said Laura in an interview posted on givesmart.org.


Image: Homepage of Arnold Foundation. Inset, John Arnold
Photographs: Source, arnoldfoundation.org

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