Tech billionaire Bill Gates plans to leave less than 1 per cent of his immense fortune to his children, believing they should earn their own success rather than inherit his wealth.

In a recent appearance on the "Figuring Out With Raj Shamani" podcast, Gates shared that the decisions wealthy families make about their legacies are often influenced by their personal values.

"Everybody gets to decide on that," Gates remarked, explaining that while his children have had access to an excellent upbringing and education, they will inherit a fraction of his wealth, less than 1%.

"It's not a dynasty, I'm not asking them to run Microsoft," Gates clarified. "I want them to have the opportunity to achieve their own success and earnings."

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Gates, 69, has three children with his ex-wife, Melinda French: Rory Gates, Jennifer Gates Nassar, and Phoebe Gates. 

He expressed that he didn’t want his children to be "overshadowed by the incredible luck and good fortune [their father] had," but rather to establish their own significance.

He also emphasised that he didn't want his children to feel confused about the difference between his support and love for them. 

For Gates, it was important to set expectations early, offering his children "incredible opportunities" without expecting them to rely on inherited wealth.

According to the Bloomberg Billionaires Index, Gates’ fortune is valued at Sh19.3trillion ($149b), leaving his children with an inheritance of about Sh200.6b.

While his children may not inherit the same wealth as their father, this figure would likely still place them among the wealthiest 1 per cent globally.

Before their 2021 divorce, Bill and Melinda Gates were one of the most powerful philanthropic duos in the world.

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World over, the decision to focus on philanthropy rather than leaving fortunes to family is not new to the billionaire club.

Other tech billionaires, including the late Steve Jobs of Apple and Amazon's Jeff Bezos, have also chosen to prioritise charitable giving over passing down vast wealth.

Laurene Powell Jobs, the widow of Steve Jobs, revealed in 2020 that her three children would not inherit the billions she received from her late husband. 

Despite his $7 billion net worth at the time of his death in 2011, Jobs was reportedly not interested in creating a legacy fortune