He made his final donation of $470 million in cash and property to his Yu Pengnian Foundation, a charity he has been contributing to since its opening in 2003.
The foundation funds cataract surgeries for people in China as well as other monetary support for poverty stricken citizens in the country. Yu started out poor, and suffered from cataracts, which inspired him to start his charitable foundation.
Yu has several children, none of whom will inherit any of his fortunes, a move he says his children agree with.
"If my children are more capable than me, it's not necessary to leave a lot of money to them. If they are incompetent, a lot of money will only be harmful to them."
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Source: tonic.com
Did they say the children agreed to him giving all their inheritance to charity? I need to meet those children...lol
But really, do you think it's fair to these children? I mean it's great to give to charity, but not leaving anything for your 'several' children? Hmmm...tough one!
1 comment:
The man's statement sums it all. If we all bring up our kids to be the best they can be, they will naturally become successful at whatever they do. Leaving behind inheritance oftentimes causes siblings to fight and waste it. If welathy parents told their kids from the start that they won't get any inheritance perhaps they will work harder and not wait to enjoy what they never worked for. The best legacy a parent can give a child is not wealth, because that can be squandered, but a good upbringing and hardwork.
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