Simon Cowell announced that his son will not inherit his $350 million fortune as he plans on donating his money to charity.
CNBC reports that the Britain’s Got Talent judge does not believe in passing the money from one generation to another so he will probably donate his fortune to ‘kids and dogs.’ Cowell doesn’t have kids yet but he is expecting a son with Lauren Silverman.
British families have a long tradition of passing on their assets to the next generation, but Cowell is looking to change that and leave a legacy of giving behind. Charitable donations only make up 1% of the U.K.’s GDP which is about half of what Americans give to charity.
Simon Cowell is perhaps best known for judging American Idol but he has also judged other talent shows including Pop Idol and The X Factor.