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How Much Are Warren Buffett, Bill Gates And Richard Branson Leaving To Their Children?

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How Much Are Warren Buffett, Bill Gates And Richard Branson Leaving To Their Children?

A recent Wealth-X report estimated that millionaires worth $30 million or more will leave an astounding $3.9 billion in inheritance money over the next decade. However, some of these parents are worried about how this money will impact their children’s lives.

So, where is the balance?

Well, two of the richest men on earth, Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B)’s Warren Buffett and Microsoft Corporation (NASDAQ: MSFT)’s Bill Gates, seem to believe it is situated toward the lower end of the span.

A few years ago, Bill and Melinda Gates told the Daily Mail they were only leaving a “miniscule” part of their fortune to their three descendants. "It will mean they have to find their own way," Bill Gates explicated.

Related Link: Richard Branson Shocks Chicago Crowd: Smoke Weed With Your Kids

A few years later, Buffett made a similar decision, the Washington Post reported. "Buffett's three kids each have a $2 billion foundation funded by Dear Old Dad. The rest of his money? Going to charity,” the article read.

In a more recent article, CNBC’s Kathleen Elkins added, “To be fair, a fraction of Buffett and Gates' fortunes will still put their kids among the wealthiest individuals, but it doesn't compare to their parents' billions.”

The Giving Pledge

Back in 2010, Bill and Melinda Gates, Buffett and some other billionaires came up with the Giving Pledge, an initiative aimed at getting high net-worth people to leave most of their money to philanthropy once they pass on. Among those that have already joined the Pledge are Virgin America Inc (NASDAQ: VA)’s super-cool dad Richard Branson and David Rockefeller, among roughly 150 other millionaires, CNBC’s note said.

But, how much is enough? Three decades ago, Buffett proposed a solution: Leave your kids “enough money so that they would feel they could do anything, but not so much that they could do nothing.”

Worried already? Start pulling some numbers!

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Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.

 

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