Simon Cowell, who has amassed a $600 million fortune from his television career, intends to use it to assist philanthropic causes rather than his son, Eric. Cowell’s parenthood adventure began in 2014, but he is determined to fostering Eric’s independence rather than inheriting his money. Cowell elaborates: “Your legacy has to be that hopefully you gave enough people an opportunity, so that they could do well, and you gave them your time, taught them what you know.”

Cowell prefers to support children’s and animal organizations, though he hasn’t chosen a specific one yet. 

He shares his charitable mentality with other renowned personalities, such as Anderson Cooper, who intends to fund schooling for his child, saying, “You got to get on it.”

Bill Gates stresses philanthropy over inheritance through his foundation.

The consensus among such wealthy folks is unequivocal: instilling a strong work ethic and sense of responsibility in their children is critical. They hope to instill in their children the value of hard effort and societal service, leaving legacies that prioritize making a positive effect over accumulating fortune.