This billionaire is capping his kids' inheritance at 8 figures—like Bill Gates, he thinks generational wealth is bad for society

Dylan Taylor achieved his first million by the age of 27 and became a billionaire at 53 after taking his space-holding company, Voyager Technologies, public on the New York Stock Exchange. However, he is not planning to pass on all of his wealth to his children.

“I’m not a huge believer in generational wealth transfer,” the founder and philanthropist states in an interview with Fortune. “I don’t think that’s good for the kids. And I don’t think it’s good for society, frankly.”

In line with the principles shared by Microsoft co-founder Bill Gates, Taylor has established a firm limit on the inheritance his children will receive: “It’s a lot, but it’s eight figures, not nine,” he explains when asked about the specific amount they can expect.

Why cap the inheritance?

For someone with Taylor’s net worth, the ability to spend lavishly is limited, prompting a reevaluation of what remains.

“At some point, once you have a couple hundred million dollars, you can’t really spend what you have,” Taylor elaborates. “So it then becomes, how much do you want to give to your kids?”

His response ensures that his children will have a financial safety net without eliminating their motivation to forge their own paths.

Thus far, this approach appears effective. His children, now capable of accessing those resources, have chosen not to utilize them. “They want to do things on their own,” Taylor notes. “Which is exactly what you want. That’s what you hope for.”

The inheritance above the eight-figure cap—potentially amounting to hundreds of millions or more—is directed toward philanthropic endeavors that align with his values, including Space for Humanity, his nonprofit organization that facilitates space travel for individuals.

This billionaire would rather fund philanthropy

The increasing number of billionaires worldwide has prompted Taylor to observe, often with concern, how his contemporaries handle the challenge of substantial wealth.

“I’ve been in rooms where people are obsessing about deductions and trusts, and how do I get more to my kids,” Taylor indicates. “It just doesn’t resonate with me.”

“I don’t obsess over those kinds of deductions,” he continues. “If you’ve been very fortunate, you should pay your taxes, and you should contribute to society… To me, it’s more like: what are the unmet needs in society, and how do we help?”

He admits that if he had “an extra dollar,” he would prefer to donate it to charity rather than lend it to the government, as he has more faith it will reach those in need. Yet, his philosophy on philanthropy remains clear: he advocates for assistance in the present rather than accumulating wealth for future generations he may never meet.

“For it to go into some trust that’s going to go to my fifth generation in the year 2200, I don’t think that’s in the spirit of making the world a better place.”

A growing trend among the ultra-wealthy

Taylor is part of a rising trend among the ultra-wealthy that questions the appropriateness of passing on substantial fortunes as a means of responsible parenting.

Bill Gates has remarked that he plans to leave his children less than 1% of his wealth, believing they will benefit more from achieving their success independently.

After the death of Apple founder Steve Jobs, his widow, Laurene Powell Jobs, stated that she would not pass on the billions she inherited to their three children. Jobs, who was valued at approximately $7 billion at the time of his passing in 2011, “wasn’t interested” in building legacy wealth, as she remarked in a New York Times interview in 2020. “If I live long enough, it ends with me.”

Similarly, Jeff Bezos has indicated that the vast majority of his wealth will be directed to charitable causes rather than his four children.

Other affluent individuals and celebrities are also establishing stringent guidelines to manage their wealth, such as requiring their children to obtain two degrees before gaining access to significant funds.

Even middle-class Americans are opting out of wealth transfers

However, this trend is not confined to billionaires. Even those with moderate wealth are opting against passing their financial resources to their children. A recent survey conducted by Northwestern Mutual revealed that only one in five baby boomers anticipates leaving an inheritance, despite over half of Gen Z-ers and nearly 60% of millennials indicating they rely on such support for financial stability.

This trend is not merely reflective of procrastination regarding estate planning; in fact, 60% of this demographic has already established a will. However, their children and grandchildren are more likely to encounter funeral instructions within these documents rather than financial assets or property, as many are actively planning not to leave any inheritance behind, with only 11% prioritizing this goal financially.