Bill Gates & Melinda Gates' 3 children won't inherit family wealth, here's the reason why

The children of Bill and Melinda Gates, who announced their divorce on Tuesday, will not inherit their parents' entire vast fortune that as per Forbes is estimated to be worth $130.5 billion. The couple, who were married for over 27 years, has three children, Jennifer Katharine Gates (25), Rory John Gates (21), Phoebe Adele Gates (18). The couple said in a statement, “We have raised three incredible children and built a foundation that works all over the world to enable all people to lead healthy, productive lives...We ask for space and privacy for our family as we begin to navigate this new life.” 

Why won’t the Gates children be inheriting their parents’ fortune?

It has been long known that the Gates children will not be inheriting the entire wealth of their parents; Gates in 2014 had also announced at a TED Conference in Canada that most of his fortune would be given to the family’s foundation.

After announcing the donation of a major chunk of his wealth to Gates Foundation in 2014, three years later, the Microsoft co-founder said that his three children would inherit US$10 million each. At the time, he had reportedly said, “I definitely think leaving kids massive amounts of money is not a favour to them. Warren Buffett was part of an article in Fortune talking about this in 1986 before I met him and it made me think about it and decide he was right.”

It was in 2017 on a Reddit Ask Me Anything segment on the social network, that the Microsoft co-founder added that his children will get less than 1% of his fortune, that includes properties in five states, a private jet, an art collection and a fleet of luxury cars.

Who are Bill Gates' Children?

The former couple’s three children include Jennifer, Rory, and Phoebe, with their dad being the fourth richest person in the world. The Gates family was based in Seattle when the children were younger and reportedly all three were not allowed to have a phone until the age of 14. As per reports and their social media accounts, Jennifer is a horse lover and has competed professionally in equestrian. 

Presently, the eldest daughter of Bill and Melinda Gates is now a medical student in New York City after she graduated with a degree in human biology from Standford University in 2018. Jennifer is also engaged to Nayel Nassar, who is a professional Egyptian equestrian rider and also a Stanford graduate.

Meanwhile, Melinda has described her son Rory as ‘compassionate, curious, intelligent, well-read and deeply informed’. As per her article for Time magazine on her son’s 18th birthday, Rory has also incorporated the family’s inclination to solve puzzles. Melinda also said that the 21-year-old is a feminist and a great son and brother. Phoebe has studied at The School of American Ballet.

Meanwhile, the 25-year-old asked her followers on Instagram for privacy as the family navigates the “challenging” time. In an Instagram story, that expires in 24 hours, Jennifer said that she is still learning how to best support her own process and emotions and that she is grateful for having the space to do the same. However, the 25-year-old denied commenting any further on “anything around separation” of her parents but noted her followers’ kind words and support “mean the world” to her.

Image credits: @Jenniferkgates/Instagram