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If you had a net worth of over $160 million, would you leave it to your children? Actor Daniel Craig plans to give it away instead of spoiling his offspring.

In an interview with Candis magazine, the Bond actor shared that he plans on spending or giving away his $160 million fortune rather than leaving it to his two kids.

“Isn’t there an old adage that if you die a rich person, you’ve failed?” he asked. “I think Andrew Carnegie gave away what in today’s money would be about 11 billion dollars, which shows how rich he was because I’ll bet he kept some of it, too.”

“I don’t want to leave great sums to the next generation,” he continues. “I think inheritance is quite distasteful. My philosophy is get rid of it or give it away before you go.”

Craig, who is 53, has two daughters, an older daughter Ella with his ex-wife Fiona Loudon and a younger daughter with his second wife, actress Rachel Weisz.

He is not alone in wanting to save his kids from being spoiled.

Celebrity chef Gordon Ramsey plans to do the same, choosing not to giveaway all of his money to his kids, “It’s definitely not going to them, and that’s not in a mean way; it’s to not spoil them,” he spoke to The Telegraph. “The only thing I’ve agreed with [my wife] Tana is they get a 25 percent deposit on a flat, but not the whole flat.”

He’s also not spoiling them rotten either, “They don’t sit with us in first class. They haven’t worked anywhere near hard enough to afford that. At that age, at that size, you’re telling me they need to sit in first class? No, they do not. We’re really strict on that.”

It’s quite nice to know that his kids might be sitting back in economy with the rest of us.

If you had hit the big time, would you spoil your kids or give it away too?

  • I think that’s a bit mean actually. If you have the good fortune to be rich then why notleave it to your children?

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  • I will propable provide my kids with homes and some small allowance just to cover small expense. But that can change when I will be rich…then I will think more about it

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  • I believe in helping my boys if they are struggling even though they are working hard. I know that if I hit the jackpot they wouldn’t accept anything from me unless I agreed to let them pay it back with regular payments. I’ve been told by them to use the money I have to live comfortably.

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  • Everyone has own choice, I really like his philosophy get rid of it or give it away before you go.

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  • I still like the idea of helping our kids out when we die, but if I was in his position to been able to give some of it away to different charities would be a good legacy to be remembered for.

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  • I think it’s a great idea. This will definitely teach his children the idea of helping others as well as earning your own money through their own work not his!

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  • Definitely a great choice so many people in need around the world

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  • We can love on our kids in many different ways !

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  • Ooohhh rough. I get the sentiment behind it, but why wouldn’t you want to help your kids out when you’re gone?

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  • Everyone needs to understand the value of money and forging an independent life.

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  • I’ve heard of this before, possibly Bill Gates, I love this idea of not making children feel entitled by having wealth. I think it’s a great idea to make sure their needs are taken care of and have enough for a house deposit when they’re old enough but not giving them so much that they can be reliant on that and not go out and do something for themselves.


    • A sense of entitlement can indeed be insidious.

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  • It’s good to see some celebrities recognising wealth inequality and their responsibility to not perpetuate it. Their children are born into privilege and will have more opportunities than most can dream of, and I’m sure will not be left out of the will altogether.

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  • I think there’s a middle road – I’d certainly finance their education (pretty expensive at times!) and give them a substantial amount towards their first home. And maybe establish a trust that kicks in if something unexpected happens (eg an accident that impedes their ability to study or work.). Beyond that, yeah, I’d be looking to make some charitable donations.

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  • I’ve seen how windfalls of money can damage people and families so I understand what they are doing. We encourage our son to save and to have goals and work towards those financially. As an only child, he will obviously be entitled to everything we have and that’s okay. We’re not millionaires.

    Reply

  • I think you should still leave an average amount to your kids. An average estate these days is at least 300-400k, split that amount between your kids.

    Reply

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