In recent years, more tycoons of this generation have started to openly declare that they are breaking the tradition of keeping wealth in the family.
Instead, they have announced intentions to donate half or all of their fortunes to philanthropic causes.
Touted as the world's most generous person by Forbes, Microsoft founder and billionaire Bill Gates, who has a reported net worth of US$67 billion (S$85 billion), has openly declared that his three children will not be inheriting his fortune and business empire.
Instead, for many years, Gates and his wife, Melinda, have been donating large amounts of money to many charitable causes through a foundation that they set up in 1994. The Bill & Melinda Gates Foundation even created 'The Giving Pledge' which calls for others of status and wealth to donate half their fortunes to charity.
The initiative, which was made public by Bill Gates and tycoon Warren Buffett, currently has 113 pledges as at July 2013, according to Forbes.
Some of the billionaires who are participating in the pledge includes Facebook founder Mark Zuckerberg, Oracle CEO Larry Ellison and famed movie director/producer George Lucas
Meanwhile, China-born international star Jackie Chan also announced earlier in 2011 that he is also giving away half of his wealth to charity. According to a local news source, Chan said he did not plan to leave any money that he made during his film career to his only son, Jaycee Chan, who is also in the entertainment business. He was quoted saying that if his son is capable, he can make his own money.
If he is not, then 'he will just be wasting my money'. Irish-American billionaire Chuck Feeney, co-founder of the Duty-Free Shoppers Group, decided early on after making his billions that he will be leaving his money to society.
In a video interview, he shared that his mother taught him to give back to the community when he was growing up. The tycoon who is rumoured to not even owning a house or car also went to great lengths to inculcate these values in his children.
According to Daily Mail, his children took up jobs through their university days and had to use the payphones when they wanted to chat with their friends.
Source: AsiaOne Plush