Simon Cowell is Following the Philanthropic Trend in the U.K.

As I have previously discussed, according toreports, Simon Cowell has already been saying that he does not plan to leavehis wealth to his unborn son.  Although he claims that he will leave somemoney to his son, Cowell does not believe in passing on his wealth to thenext generation. Cowell explains,” I’m going to leave my money to somebody. Acharity, probably – kids and dogs. I do not believe in passing on from onegeneration to another. Your legacy has to be that hopefully you gave enoughpeople an opportunity, so that they could do well, and you gave them your time,taught them what you know.” Cowell stated that he would prefer to be rememberedfor helping people instead of helping his children stay wealthy. 

Giving in the U.K is about half of what the U.S.gives percentage wise when looking at GDP. However, many other Britons haveadopted the American-style philanthropy and the percentage of charitablecontributions in the U.K. is on the rise. Some people claim that the trend can be attributed to the fact that business is just not as rewarding as philanthropy. If Cowell follows through, he will be joiningthe philanthropic  trend in the U.K who are opting to help the less fortunate.

See Robert Frank Simon Cowell Says He Won’t Leave His Fortune to His Son, CNBC,  Sep. 6, 2013.

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.