Why I Won’t Be Leaving My £200m Fortune For My Sons Only- Elton John

The 68-year-old singer, Elton John has revealed why he won’t be leaving his sons every penny of his estimated £200million fortune. Instead the star and his husband, David Furnish, have said the boys, Zachary and Elijah, must stand on their own two feet.

“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.

“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.”

“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,” Sir Elton said.

The couple are currently drafting their wills and David cites US tycoon Warren Buffett, who is leaving half his £53billion fortune to charity and considerably less to his children, as their inspiration.

He says: “We’re still working out the details and it’s about finding the balance. Warren Buffet, the third wealthiest man in America, has a really cool model in that he leaves his children enough money so that they have a house, a car and all their basic needs covered and cared for so they never need worry. But it’s not crazy, silly, go-wild money so that they could be buying Picassos or private jets. Anything beyond the basic, they have to go out and earn it themselves. If they want a Picasso, they have to go out and earn it. I think there’s real sensibility in that. The greatest joys, everything Elton and I have created, have come from hard work and that’s where your self-esteem comes from,” David said.