Why Elton John won't let his two sons inherit his $400 million fortune
Elton John's sons, Zachary, 5, and three-year-old Elijah are the apples of his eye, but the star has revealed that when it comes time to divide up his estimated $400 million fortune, the boys will only inherit a small portion of the wealth. Elton and his husband David Furnish want to ensure that their sons know the value of hard work and don't want them to take anything for granted.
Speaking with the Mirror, the singer stated, "Having children changed everything about my life. I've learned that the simplest things in life, like having a minute with them, are worth more than any painting, any photograph, any house or hit record."
Sir Elton John will only leave a portion of his fortune to Zachary and Elijah
"Before we had the children we just had our lives and we would spend money because we didn't have anything else to focus on. We have really toned things down because we have enough stuff. There is nothing else we need."
He continued: "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.
"… 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."
Elton and David are keen to instill the value of hard work in their boys
David, meanwhile, revealed that the couple have been inspired by American business magnate Warren Buffett, who is leaving half his $100 billion fortune to charity.
"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," he explained. "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 greatest joys, everything Elton and I have created, have come from hard work and that's where your self-esteem comes from."
