Bill and Melinda Gates Aren’t Leaving Their Kids Billions

03-20-2014 • http://www.wired.com, By Marcus Wohlsen

Last night, however, they opened up about what it was like to raise kids in the world’s richest family.

Speaking at the TED ideas confab in Vancouver with conference organizer Chris Anderson, the couple said that their two daughters and son would not be living a trust-funded life of leisure.

“Bringing up three children when you’re the world’s richest family seems like a social experiment without much prior art. How have you managed it in your approach?” Anderson asked the Microsoft co-founder and his wife.

Bill Gates replied that they wanted to make sure their kids received a great education. “You’ve got to make sure they have a sense of their own ability and what they’re going to go and do,” he said.

But Gates also said that, as parents, they have been very clear with their children about their philosophy that most of their money would go to the family’s charitable foundation. “We want to strike a balance so they have the freedom to do anything,” Gates said, “but not sort of a lot of money showered on them so that they can go out and do nothing.”