Sir Elton John, renowned music superstar, has made it clear that he will not be leaving his vast fortune to his sons.
Despite being one of the biggest names in the industry, John believes that an excessive inheritance would do more harm than good for his children.
John’s Rise to Musical Stardom
During the 1970s, John catapulted to fame with chart-topping hits such as “Rocket Man,” “Tiny Dancer,” “Your Song,” and “Bennie And The Jets.”
With over 300 million records sold and more than 50 Top 40 hits, he is undeniably one of the best-selling artists of all time.
His albums, “Goodbye Yellow Brick Road” released in 1973 and “Greatest Hits” in 1974, have garnered immense success and are among the best-selling albums globally.
As a result, John has accumulated significant wealth throughout his career.
Elton John’s Impressive Financial Status
According to Celebrity Net Worth, John’s current net worth stands at $500 million.
When he embarks on tours, the singer earns a staggering $80 million per year.
Additionally, his art collection alone is estimated to be worth $200 million, while his real estate holdings amount to $50 million.
Elton John’s Family Life with David Furnish
In 2005, John and his longtime partner, David Furnish, publicly acknowledged their relationship when civil partnerships were legalized in the U.K. Later, in 2014, the couple celebrated their wedding on the ninth anniversary of their civil partnership ceremony, coinciding with the legalization of same-s** marriage.
They have two children together, Zachary, aged 12, and Elijah, aged 9, both born through the same surrogate.
Although many assume that John intends to leave his substantial fortune to his sons, the musician has different plans in mind.
John’s Concerns About Inherited Wealth
In an interview with The Mirror, John expressed his desire to leave his children in a financially secure state.
However, he firmly believes that handing them a “silver spoon” would ultimately ruin their lives.
Acknowledging that his sons live extraordinary lives, John emphasized the importance of instilling values such as respect for money and work.
He wants to ensure that they have some semblance of normality despite their privileged upbringing.
Elton John’s Philanthropic Approach
Taking inspiration from billionaire Warren Buffett and fellow musician Sting, John intends to follow their lead by donating the majority of his fortune to charitable causes.
He admires Buffett’s approach, which provides enough financial support for his children to cover their basic needs such as housing and transportation, while leaving them responsible for anything beyond those essentials.
Furnish also chimed in, supporting this perspective.
He believes that going out and earning what they desire beyond the basics is crucial for their personal growth and development.
Highlighting his own working-class background and the value of hard work, John emphasized that his greatest achievements were a result of dedicated effort.
He wants his children to experience the same sense of accomplishment and self-esteem that comes from earning their own success.
Encouraging Responsibility and Normalcy
John shared that his sons are actively involved in household chores, including cleaning their plates, assisting in the kitchen, tidying their rooms, and helping in the garden.
To incentivize their participation, they receive stars that they proudly display on charts they’ve created.
This approach ensures that his children understand the importance of contributing to the family unit while also enjoying the process.
In Conclusion
Elton John’s decision to withhold a massive inheritance from his sons reflects his belief in fostering a sense of responsibility, work ethic, and normalcy in their lives.
Taking inspiration from philanthropic figures like Warren Buffett and Sting, John plans
