Home Blog Celebrities who say their children will get no inheritance – BBC.com

Celebrities who say their children will get no inheritance – BBC.com


US country singer Marie Osmond's recent vow that her children will receive no inheritance has reignited a debate about so-called nepo babies.
Osmond, estimated net worth $20m (£16.28m), told a magazine her refusal to share her wealth was not malicious.
Rather, she said she wanted to make sure her children cultivate their own passions and find their own success.
Nepo (nepotism) babies are those who use their parents' wealth and popularity to build their own careers.
"I don't know anybody who becomes anything if they're just handed money," Osmond told Us Weekly magazine.
The I'm Leaving It (All) Up To You singer is not the only one with an interesting take on celebrity parenting.
Other household names have also said they plan to opt out from passing down their fortunes. Though in some cases a lack of inheritance has not stopped their children from capitalising on their parents' success.
Here is a list of some of those celebrities, and how a few of their children have fared:
British actor Daniel Craig has previously said he finds the idea of inheritance "distasteful", and that his two children will not be getting his $125m fortune.
"My philosophy is to get rid of it or give it away before you go," the James Bond star said in 2020.
But even without an inheritance, Craig's oldest daughter, 31-year-old Ella, has already made a name for herself.
She is represented by Ford Models, one of the largest catwalk agencies in the world, and appeared on the cover of L'Officiel, a French fashion magazine, earlier this year. She has also followed in her father's footsteps and tried her hand at acting, starring in a handful of plays with the theatre troupe Shakespeare & Company, as well as films.
Ella has spoken publicly about her interest in the family business, and has said she ultimately hopes to be respected "as a quality actress and do really good quality work".
Despite being born to one of the most well-known chefs in the world, Gordon Ramsay's five children do not often get to enjoy their father's wealth.
His children rarely eat at his Michelin-starred restaurants, Ramsay said. They also do not sit with their parents in first class when they are flying on holiday.
"They haven't worked anywhere near hard enough to afford that," Ramsay, who is worth £63m, told the Telegraph in 2017.
He added he has no intention of leaving his money to his children should he die, saying that he wants to avoid spoiling them.
Ramsay's children so far appear to have carved their own paths. His oldest daughter, 24-year-old Megan, studied psychology in university, while his oldest son, 23-year-old Jack, has joined the Royal Marines.
His 21-year-old daughter, Matilda, however, has become a television personality just like her father. She presented her own cooking show, Matilda and the Ramsay Bunch, on CBBC, the children's television channel, and has appeared on MasterChef Junior.
She has also amassed more than one million followers on Instagram and another 10 million on TikTok, where she often shares videos of her father – some of which have gone viral.
British new wave rock legend Sting is one of the world's most successful musicians, with an estimated net worth of $400m. But he says his children will be getting almost nothing when he is gone.
"What comes in we spend, and there isn't much left," the father-of-six told the Daily Mail in 2014, adding: "I certainly don't want to leave them trust funds that are albatrosses round their necks. They have to work."
Of course, that hasn't stopped Sting's children from embarking on notable careers in show business. His daughter, Mickey Sumner, is an actress who appeared in Greta Gerwig's 2012 movie Frances Ha, while two of his other children – Eliot and Joe – are musicians.
Sting has also brought on Joe as an opening act on his most recent My Songs world tour in 2022.
Some of these celebrities appear to have taken a leaf out of Warren Buffett's book.
The American multi-billionaire business magnate said he intends to donate more than 99% of his fortune, and that his children will not be left with much.
Buffett wrote in 2021 that "after much observation of super-wealthy families, here's my recommendation: Leave the children enough so that they can do anything but not enough that they can do nothing".
His adult children have all embarked on careers from philanthropy and music to politics and environmental conservation.
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