Bill Gates, the world’s fifth richest man, has revealed he won’t hand his three children all of his staggering £85billion fortune. The Microsoft co-founder believes it’s better for them to find their own success than to inherit his vast fortunes.

The tech tycoon, 69, will leave his children less than 1% of his fortune, claiming he will donate “virtually all of my wealth” to the Gates Foundation. However, his children certainly won’t go without, as although 1% may not seem like a lot, due to Bill’s eyewatering net worth, this relatively small portion still equates to a staggering amount. The billionaire revealed on the Raj Shamani podcast that his children Jennifer, 20, and Phoebe, 22, and son Rory, 26, will inherit “less than 1%” of his wealth when he dies.

Bill said: “In my case, my kids got a great upbringing and education but [will get] less than 1% of the total wealth because I decided it wouldn’t be a favour to them. It’s not a dynasty. I’m not asking them to run Microsoft.

“I wanna give them a chance to have their own earnings and success, be significant and not overshadowed by the incredible luck and good fortune I had.”

According to Bill, he isn’t interested in any of his kids following in the family business. “It’s not a dynasty. I’m not asking them to run Microsoft,” he explained on the podcast.

Bill added that he has long been upfront with his children about their inheritance and has reiterated that the “neediest” in the Gates Foundation requires the money the most.

When questioned if Jennifer, Rory or Phoebe had ever shared their disappointment that the majority of their dad’s massive fortune would not be theirs, Bill said: “You don’t want your kids to ever be confused about your support for them and your love for them.”

“So I do think explaining early on your philosophy, that you’re going to treat them all equally and give them incredible opportunities, but that the highest calling for these resources is to go back to the neediest through the foundation”, Bill said.