Wednesday, 2 March 2016
Elton John reveals why he won't leave his entire £200m fortune to his sons [READ]
Elton John has revealed he is not leaving his estimated £200million fortune to his two son.
Instead the star and his husband, David Furnish , insist the boys, Zachary and Elijah, must stand on their own two feet.
Sir Elton tells UK Mirror
Of course I want to leave my boys in a very sound financial state.But it’s terrible to give kids a silver spoon. It ruins their life.
“Listen, the boys live the most incredible lives, they’re not normal kids, and I’m not pretending they are. But you have to have some semblance of normality, some respect for money, some
respect for work.”
The couple are currently drafting their wills and David cites US tycoon Warren Buffett , who is leaving half his £53billion fortune to charity and considerably less to his children, as their inspiration.
“We’re still working out the details and it’s about finding the balance.
“Warren Buffet, the third wealthiest man in America, has a really cool model in that he leaves his children enough money so that they have a house, a car and all their basic needs covered and cared for so they never need worry. But it’s not crazy, silly, go-wild money so that they could be buying Picassos or private jets.
“Anything beyond the basic, they have to go out and earn it themselves.
“If they want a Picasso, they have to go out and earn it. I think there’s real sensibility in that.
The couple also agree with comments made in 2014 by Sting, who said his children will not inherit his £180million fortune. Instead, the musician likened his wealth to “albatrosses round their necks”.
“I think what Sting said is very right, it’s a good idea. I came from a very working class family and was born in a council estate house. I earned everything I did from hard work and that’s the way they’ve got to do it as well.
“They have to do chores in the house – take their plates to be cleaned, help in the kitchen, tidy their rooms and help in the garden, and each time they do they get a little star to put on these charts they’ve made. They understand they need to do these things, and they enjoy it.”