Elton John Reveals Why He Won’t Let His Sons Inherit His £200million Fortune
Sir Elton John has accumulated an estimated £200million fortune but he has certainly worked hard for the stack of pennies in his bank after spending five decades in the music business.
The superstar once famed for his extravagance has revealed that his sons Zachary, five, and Elijah, three, will only inherit a small portion of this sum when they are older.
The 68-year-old and his husband David Furnish are keen to instill the value of hard work into their offspring by allowing them to stand on their own two feet, rather than taking their luxurious lifestyle for granted.
“Having children changed everything about my life. I’ve learned that the simplest things in life – like having a minute with them – are worth more than any painting, any photograph, any house or any hit record,” Elton revealed to The Mirror last week.
He added: “Before we had the children we just had our lives, and would spend money because we didn’t have anything else to focus on. We have really toned things down because we have enough stuff. There is nothing else we need.”
Copyright [Newspictures / Splash News]
Sir Elton has sold more than 300 million records worldwide and during that time he has worked hard and played even harder by splashing out on properties, yachts, artwork, designer wardrobes, jewellery and – of course – an array of sparkly sunglasses.
Though it would appear that, since becoming a father, the music legend has had a change of heart, shifting his focus away from the materialistic things in life.
He revealed: “Of course I want to leave my boys in a very sound financial state. But it’s terrible to give kids a silver spoon. It ruins their life.
"Listen, the boys live the most incredible lives, they’re not normal kids, and I’m not pretending they are. But you have to have some semblance of normality, some respect for money, some respect for work.
"…They have to do chores in the house – take their plates to be cleaned, help in the kitchen, tidy their rooms and help in the garden, and each time they do they get a little star to put on these charts they’ve made. They understand they need to do these things, and they enjoy it.”
This decision reportedly came as a result of the couple drafting their wills, with David, 53, citing American business magnate Warren Buffett, who is leaving half of his £53billion fortune to charity and considerably less to his children, as an inspiration.
David added: “We’re still working out the details and it’s about finding the balance. Anything beyond the basic, they have to go out and earn it themselves … The greatest joys, everything Elton and I have created, have come from hard work and that’s where your self-esteem comes from.”
Elton and David entered into a civil partnership in 2005 and were legally married in December 2014, later welcoming their sons via a surrogate mother.