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The Apple co-founder amassed a billion-dollar fortune, but decided that three of his children would not inherit any of it. Only his wife and one daughter received part of the money. And it was no accident! Find out why Steve Jobs made this decision and how other billionaires, such as Bill Gates and Warren Buffett, are doing the same.
When Steve Jobs died in 2011, many people imagined that his children would become billionaires overnight. But the reality was quite different. Of the four children of the technology genius, three did not receive a single cent of inheritance.
The reason? Jobs and his wife, Laurene Powell Jobs, believed that a huge fortune could do more harm than good. They didn't want their children to live under a mountain of money. The result? Most of the money went to Laurene, who has since managed the money strategically, investing it in social projects.
And this choice was not isolated! Other billionaires, such as Bill Gates, Warren Buffett and even Mick Jagger, are adopting the same philosophy. But does this really make sense?
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Steve Jobs' decision and its impact on his family
Many expected Jobs' $10 billion fortune to be split among his children. But that wasn't the case. Reed, Erin and Eve—the three children he had with Laurene Powell Jobs—didn't receive anything directly.
The only exception was Lisa Brennan-Jobs, her daughter from a previous relationship, who inherited $20 million. That may seem like a lot of money, but compared to her total wealth, it was just a tiny fraction.
And you know what's even more curious? Steve Jobs denied Lisa's paternity for years, even though a DNA test confirmed otherwise. Only after a while did he officially acknowledge his daughter. Maybe the legacy was a belated apology?
Laurene Powell Jobs and her billionaire mission
Laurene Powell Jobs, who inherited more than $14 billion, made it clear that she does not intend to keep the fortune in the family. In an interview, she said that neither she nor Jobs believed in huge inheritances.
She manages her money with a clear goal: to use the money to fund social projects. Laurene created the Emerson Collective and the Waverley Street Foundation, which focus on education, fighting inequality and climate change.
His plan? To give it all away before he dies. In his words: “If I live long enough, this fortune will end up with me.”
Billionaires who follow the same path
Steve Jobs was not the the only one to make that decision. Other billionaires are increasingly rejecting the idea of huge inheritances.
Warren Buffett: “I want my kids to do something, but not so much that they do nothing”
Investor Warren Buffett, who is worth over $120 billion, has already warned that his children will not inherit the majority of his fortune. He wants them to be independent and build their own lives.
In his words: “I want my children to have enough to do something, but not so much that they do nothing.”
Bill Gates and his “modest” inheritance for his children
Bill Gates thinks the same way. Instead of leaving billions to his children, he created the Bill & Melinda Gates Foundation, which donates money to education, health and poverty alleviation.
Gates has already stated that his children will only inherit enough money to provide them with a good education and a secure future, but not so much that they won't need to work.
Sting and Mick Jagger also got in on the act
In the music world, the logic is the same. Sting, who is worth more than $400 million, has said he does not intend to leave a fortune to his children because he wants them to be able to fight for themselves.
Mick Jagger, from the Rolling Stones, has also stated that much of his money will be donated to social causes, not to the heirs.
We must leave a legacy of work, respect for others, empathy and the need to reinvent ourselves in this contemporary and futuristic world and our children will be the seed that will blossom the new future of humanity.