Being the child of one of the world's most famous musicians must be pretty amazing. Growing up in luxurious mansions, driving exotic cars, getting backstage passes to any concert you like, taking private jets to private islands… It doesn't get much better. And, to top it all off, if you play your cards right, someday inherit an amazing fortune. All without having to lift a finger or play a single note of music. In fact, all you have to do is be born and try not to screw thing up too badly as you cruise through life. Sounds incredible, right? Well, maybe not so much if you happen to be one of the six children born to Trudie Styler and Gordon Matthew Thomas Sumner… more commonly known as Sting. In an interview with a British newspaper that was published this weekend, Sting made the startling announcement that that his children will not inherit a single penny of his considerable fortune when he dies. Ouch.
"I told them there won't be much money left because we are spending it! We have a lot of commitments. What comes in we spend, and there isn't much left. I certainly don't want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."
Between lawyers, managers, band members, crew, gardeners, house keepers etc… Sting also claims to have over 100 people on his payroll at any given time. That can't be cheap!
Sting isn't the first high profile wealthy person to cut their children out of a huge fortune. Billionaire investor Warren Buffet does not believe in "generational wealth" that typically allows people who "win the genetic lottery" to accomplish nothing with their lives. Movie star Jackie Chan plans on donating 100% of his $130 million fortune to charity upon his death. That leaves his only son Jaycee to find his own way. The elder Chan explained:
"If he is capable, he can make his own money. If he is not, then he will just be wasting my money."
How would you feel if you were one of Sting's children? Or Jackie Chan's only child? I can't say I would be very happy, but having spent some time around trust fund kids, I kind of understand where they are coming from!