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With tons of money and now lots of leisure time, Microsoft chairman Bill Gates will retire on Friday as one of the most envied men in the world. But don’t bother envying his three children, the youngest of whom is only 6 years old.Last week, Gates announced he planned to give all his wealth, $58 billion in total, to charity. Speaking about the joint-decision he made with his wife, he said: “We’ve chosen not to pass it on to our children.”Many rich Americans have long given money away to charities, rather than to their children. In a survey by Fortune magazine in 1986, of 30 multimillionaires, six said their children would be better off with only minimal inheritance. Almost half planned to leave at least as much to charity as to their heirs. The trend has continued in recent years. Since 1988, the US has seen a massive decline in the percentage of wealthy individuals who inherited their wealth. A study by the Wall Street Journal in April suggests that 65 percent of today’s multimillionaires made their wealth themselves.
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