Six of World’s Richest Billionaires Rethink Inheritance: Wealth to Be Directed Elsewhere

In the coming two decades, an estimated $84 trillion will transfer between generations in what is projected to be the largest-ever intergenerational wealth shift. However, not all billionaires plan to leave their fortunes to their heirs. Some, like Laurene Powell Jobs, have chosen to distribute their wealth in other ways. Powell Jobs, whose multibillion-dollar net worth largely comes from Apple and Disney shares inherited from her late husband Steve Jobs, has previously expressed her belief that individuals should not accumulate vast amounts of wealth. Similarly, Buffett structured his will so that his children would inherit a charitable trust that would be distributed within a decade rather than receiving large sums outright.

One of the most prominent examples of this philosophy was Chuck Feeney, who passed away in October 2023. Despite once having a net worth close to $8 billion from his success in duty-free retail, Feeney gave nearly all his wealth away through his Atlantic Philanthropies foundations, leaving just $2 million at the time of his death. In a 2007 interview, one of his five children explained that Feeney’s decision allowed the family to lead a more grounded life, avoiding the distortions of wealth.

1. Mark Zuckerberg
   Mark Zuckerberg, the founder of Meta Platforms, is another notable billionaire choosing to limit his children’s inheritance. With a fortune tied to his 13% stake in Meta, he and his wife, Priscilla Chan, have pledged to give away 99% of their shares. After the birth of their first child in 2015, the couple announced that their wealth would fund initiatives in education, health, and equality through the Chan Zuckerberg Initiative (CZI). Since its establishment, CZI has allocated over $6.9 billion in grants. Operating as a limited liability corporation, CZI has the flexibility to lobby and make investments, with any returns reinvested into its projects.
2. Laurene Powell Jobs
   Powell Jobs, with a net worth of approximately $14.9 billion, has also decided against leaving her wealth to her three children. She has emphasized that her focus is not on building legacy wealth, a sentiment shared by her late husband, Steve Jobs. Instead, she aims to use her fortune to uplift individuals and communities through sustainable initiatives, largely carried out under her philanthropic organization, Emerson Collective. The collective supports causes such as education, immigration, and environmental sustainability.
3. Yvon Chouinard
   Yvon Chouinard, founder of Patagonia, relinquished his billionaire status in 2022 when he transferred ownership of his company to a trust and a nonprofit focused on environmental causes. Chouinard’s children were involved in this decision, expressing a preference not to inherit the business. Now, the Holdfast Collective, a nonprofit, uses Patagonia’s profits to contribute $100 million annually to climate initiatives. According to Patagonia’s CEO, Chouinard’s family embraced the idea that extreme wealth reflects societal failures.
4. Michael Bloomberg
   Michael Bloomberg, with a fortune of $104.7 billion, also plans to direct his wealth toward philanthropy. He has announced that his company, Bloomberg L.P., will eventually be transferred to a trust that will fund Bloomberg Philanthropies. This arrangement will require the trust to sell the company within five years of his passing. Bloomberg has long advocated against nepotism, asserting in 2016 that his daughters would not work for his company to ensure fairness among employees.
5. Bill Gates
   Bill Gates, who has donated most of his Microsoft shares to the Gates Foundation, retains a net worth of $105.3 billion but has long stated that his three children will inherit only a small portion. Gates believes that leaving massive wealth to children is not a favor to them, an opinion shaped by Warren Buffett’s writings. In 2010, Gates co-founded the Giving Pledge with Buffett and Melinda French Gates, encouraging the world’s wealthiest to donate the majority of their fortunes during their lifetimes.
6. Warren Buffett
   With a net worth of $142.5 billion, Buffett has consistently opposed the idea of large inheritances. He believes in leaving his children enough to pursue their passions but not so much that they become idle. In 2006, Buffett pledged all his Berkshire Hathaway shares to charity, including several foundations managed by his children. Upon his death, his wealth will go into a charitable trust overseen by his heirs, who will have a decade to decide where to allocate the funds.

Have you read?
The Top 100 Highest-paid CEOs in America.
Countries With Lowest Rate of Economic Growth in 5 Years.
Countries Most in Debt to China.
Most Attractive Cities for Global Talent.
Largest economies in the world by Share of Global GDP.