US country singer Marie Osmond has reignited the debate about so-called 'nepo babies' by vowing that her children will receive no inheritance. Osmond, estimated to be worth $20m (£16.28m), told a magazine her decision was not malicious but aimed at ensuring her children cultivate their own passions and success.
Osmond is not alone. British actor Daniel Craig, whose fortune is estimated at $125m, has said he finds the concept of inheritance 'distasteful' and his two children will not inherit his wealth. 'My philosophy is to get rid of it or give it away before you go,' the James Bond star said in 2020. Despite this, his eldest daughter Ella, 31, has already made a name for herself in modelling and acting.
Gordon Ramsay, worth £63m, has five children who rarely enjoy his wealth. They do not dine at his Michelin-starred restaurants or sit in first class on holiday. 'They haven't worked anywhere near hard enough to afford that,' Ramsay told the Telegraph in 2017. He added that he has no intention of leaving his money to them. His eldest daughter Megan studied psychology, son Jack joined the Royal Marines, and daughter Matilda has become a TV personality with a large social media following.
Rock legend Sting, with a net worth of $400m, has also stated his children will receive little. He told the Daily Mail in 2014: 'What comes in we spend, and there isn't much left… They have to work.' His children have pursued careers in acting and music, with his son Joe even opening for Sting on tour.
These celebrities echo the philosophy of billionaire Warren Buffett, who intends to donate over 99% of his fortune. He wrote in 2021: 'Leave the children enough so that they can do anything but not enough that they can do nothing.'
