Simon Cowell is the latest in a trend of wealthy celebrities electing to not pass their money down to their children.
Cowell has one son, nine-year-old Eric. While Cowell’s affection for his son is well-documented — he even joined his father on the season finale of ‘America’s Got Talent’, last year — he doesn’t have any plans to set young Eric “up for life”, electing to trust in his parenting and his child’s ability to make his own way.
“I’m not setting up a trust for them,” Cowell said, in 2018. He is speaking in plural to include potential future children. “We’ll end up giving our money away to charity and to various things. If my kids want to start a business, and they have a good business plan, I’ll invest in it. But they’re not getting trusts.”
“I’m going to leave my money to somebody. A charity, probably — kids and dogs.”
With $600 million at stake, it seems curious that Cowell wouldn’t leave his son any money, at all. He says, however, that it’s a matter of principle.
“I don’t believe in passing on from one generation to another. 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.”