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12 high-profile billionaires and millionaires who aren't leaving their fortunes to their children

Published by Business Insider on Tue, 14 Nov 2017

Many high-profile business magnates, billionaires, and celebrities believe that they've worked too hard to simply hand their fortunes over to their kidswhen they die.And with inheritance tax in the UK set at 40% on all values over 325,000 ($425,000), it's clear why many members of the super-rich elite would rather their money went towards more worthwhile causes.Business Insider has compiled a list of 12 high-profile millionaires and billionairessome of whom are the world's biggest business magnateswho won't be signing over their fortunes to their kids in their will.Whether the money's goingto worthy causes or they're simply planning on spending every last penny themselves, scroll on to discover 12 high-profile billionaires and millionaires who aren'tleaving a penny to their childrenranked in ascending order by their net worth.Nigella Lawson ' $15 million (11.5 million).Nigella Lawson is a food writer,TV personality, and journalist. Lawson was one of the pioneers behind the 21st-century "food porn" revolution with her books including "Feast," "Nigella Express," and "How to Be a Domestic Goddess." Lawson is worth an approximate $15 million (11.5 million), according to The Richest.Lawson has two adult children from her first marriage and one step-daughter from her second marriage to advertising mogul Charles Saatchi, which ended in 2013.In an interview with My Weekly in 2008, during her second marriage, Lawson said: "I am determined that my children should have no financial security. It ruins people not having to earn money."I argue with my husband Charles, because he believes that you should be able to leave money to your children. I think well have to agree to disagree."Gordon Ramsay ' $160 million (122.2 million).Owning and operating 40 restaurants around the globe with 16 Michelin stars between them, Gordon Ramsay is one of the biggest names in the British restaurant industry. The well-renowned celebrity chef has a strong TV presence and has made $60 millionso far this year thanks to shows such as "MasterChef USA," "MasterChef Junior" and "Hells Kitchen."The father of four has no intention of leaving his fortune to his children, who still sit in economy on flights while Ramsay and his wife, Tana, peel off for first class: "Its definitely not going to them," Ramsay told the Telegraph."And thats not in a mean way; its to not spoil them. The only thing Ive agreed with Tana is they get 25% deposit on a flat, but not the whole flat."Ive been super lucky, having that career for the last 15 years in the US. Seriously, it has earned a fortune and Ive been very lucky, so I respect everything Ive got," Ramsay said.Sting ' $300 million (229 million).Sting is a musician best known for being the frontman of rock band The Police. The singer has received 16 Grammy Awards, three Brit Awards, a Golden Globe, and an Emmy Award. He has an approximate net worth of $300 million (229 million), according to The Richest.The father of six publicly declared that his children will not inherit a penny of his vast fortune in an interview with the Mail on Sunday in 2014. He said: "I told them there wont be much money left because[my wife and I] are spending it! We have a lot of commitments. What comes in we spend, and there isnt much left."I certainly dont want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate," he said.See the rest of the story at Business Insider
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