These Millionaire Celebrities Won’t Leave Their Fortune To Their Kids

these-millionaire-celebrities-won’t-leave-their-fortune-to-their-kids

KEY POINTS

  • A growing number of celebrities are choosing not to leave their wealth to their kids
  • Composer Andrew Lloyd Webber does not believe in inherited money
  • Celebrity chef Nigella Lawson wants her children to learn the value of money and will let them carve their own path

While children inheriting the wealth of their parents is still viewed as the norm, there is a growing number of millionaires and billionaires who are choosing to use their fortunes to make the world a better place rather than let the money accumulate within their families. But who among the big names in the entertainment industry are not planning to leave their wealth to their kids?

Composer Andrew Lloyd Webber, 73, is one of them, CNBC reported. He currently has an estimated net worth of $1.2 billion, according to Celebrity Net Worth, but none of it will go to his children.

“I don’t believe in inherited money at all. I am not in favor of children suddenly finding a lot of money coming their way because then they have no incentive to work. So I will give them a start in life but they ain’t going to end up owning [my company],” Webber said in a 2008 interview with Mirror U.K. 

The British theater legend rose to fame with the success of his musicals “Phantom of the Opera” and “Cats.” He and frequent collaborator Tim Rice are also behind productions “The Likes of Us,” “Joseph and the Amazing Technicolor Dreamcoat” and “Jesus Christ Superstar.” Webber is also the sole owner of his international company The Really Useful Group and has seven West End Theaters under his belt.

Another British personality who also believes that their offspring needs to learn the value of hard work and to carve their own path is celebrity chef Nigella Lawson, whose net worth is currently valued at $20 million, as per Celebrity Net Worth.

The food journalist and TV personality, known for her bestselling books “How to Eat” and “How to Be a Domestic Goddess” and her shows “Nigella Feasts” and “Nigella Express,” previously revealed that she believes giving her kids a substantial inheritance will ruin them.

“I am determined that my children should have no financial security. It ruins people not having to earn money,” she said in 2008, The Telegraph reported.

Joining them is English musician Sting, who confirmed in 2014 that most of his $300 million fortune won’t go to his six children.

“I certainly don’t want to leave them trust funds that are albatrosses round their necks,” the 69-year-old rocker told the Daily Mail at the time. “They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate.”

The man behind “Star Wars” also doesn’t see the need to leave his children a huge fortune. George Lucas, whose net worth is at $6.4 billion, plans to use the money he made from the “Star Wars” franchise and other endeavors for educational philanthropy projects, according to The Hollywood Reporter.

Lucas founded the George Lucas Educational Foundation, also known as Edutopia, which is centered on studying and finding ways to improve educational strategies in order for children to maximize their time in school.

The list doesn’t end with these famous personalities. They are joined by actor/investor Ashton Kutcher, celebrity chef Gordon Ramsay and Sir Elton John, among others, according to Business Insider.

Nigella Lawson Nigella Lawson attends the press night after party for “Nigel Slater’s Toast” at The Other Palace on April 9, 2019 in London. Photo: David M. Benett/Dave Benett/Getty Images

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