‘It’s not a favour to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path.’
Gates and his wife Melinda, 52, have three children together, Jennifer, 20, Rory, 17, and Phoebe, 14.
Jennifer is in her second year at prestigious Stanford University, California, where her father donated £5million to the construction of a computer science building in his name. She is also an accomplished equestrian, riding in national competitions.
Rory and Phoebe are believed to at school and live at home with their parents outside Seattle, Washington.
The Gates will only pass on a fraction of their vast wealth to their children.
The rest will go to their charity, the Bill And Melinda Gates Foundation, which funds health and education projects around the world.
In a rare insight into family life, Gates told This Morning presenters Holly Willoughby and Ben Shephard his children are behind the decision.
He said: ‘This money is dedicated to helping the poorest. They know that, they are proud of that, they go on trips with us to see the work that’s being done.’