Being born to parents with multi-million dollar assets may be every child's fantasy. Imagine what having a huge inheritance could mean for the future. For children of some of these high-earning celebrities, however, having rich parents is not exactly a guarantee to a life of luxury especially when their moms or dads legally stated in their wills that their kids will not be entitled to their millions, or billions.
In September 2013, music mogul Simon Cowell revealed that he's not passing his money to his children. "I'm going to leave my money to somebody. A charity, probably - kids and dogs. I don't believe in passing on from one generation to another," Cowell said, as reported in US Weekly. He said that it is more important to teach the children to do well and discern from the opportunities they get. At the time Cowell said this, however, he was still awaiting the birth of his son. That may all change today.
Microsoft billionaire and philanthropist Bill Gates, who is one of the richest men in the world, also decided that his children will not receive all of his billion-dollar fortune. Speaking at a TED conference back in 2014, Gates said in reference to his children's money, "You've got to make sure they have a sense of their own ability and what they're going to go and do," as reported in Hollywood Life. The press speculated that all four of the Gates kids may only receive about less than $10 million each.
"We want to strike a balance so they have the freedom to do anything but not sort of a lot of money showered on them so that they can go out and do nothing," Gates added, clearly hoping that when the time comes, his children will have accomplished something meaningful, just like their parents.
Famous international action star Jackie Chan enjoys a $130 million fortune but none of it will go to his son, Jaycee, as reported on Investor Place. Instead, the actor vows to donate it all to charity. "If he (Jaycee) is capable, he can make his own money. If he is not, then he will just be wasting my money," the actor reasoned.
One privileged son who knows what it's like not to expect any inheritance is CNN anchor Anderson Cooper. His mother, Gloria Vanderbilt, a New York elite, has made it clear to him early on that there is no trust fund, as reported on ABC News. "Who's inherited a lot of money that has gone on to do things in their own life? From the time I was growing up, if I felt that there was some pot of gold waiting for me, I don't know that I would've been so motivated," Cooper said. He still considers his mother as the "coolest person" he knows.
