Webber’s children won’t inherit his fortuneOctober 6th, 2008 - 11:52 pm ICT by IANS
London, Oct 6 (IANS) British composer Andrew Lloyd Webber has revealed that his five children won’t own his Really Useful Group company and will receive only a small portion of his 750 million pounds fortune.In a bid to avoid his children growing up like other celebrity offsprings who regularly feature in the tabloids partying and drinking with their parents’ money, Webber wants his kids to learn how to earn a living, reports dailymail.co.uk.
Since turning 60 March this year, Webber has been thinking about the future of his company and has drawn up a will as he wants to put his money back into the community to help struggling singers and composers.
“They aren’t bothered. They don’t think that way. It is about having a work ethic - I don’t believe in inherited money at all. I am not in favour of children suddenly finding a lot of money coming their way because then they have no incentive to work,” he told the Daily Mirror.
“So I will give them a start in life but they aren’t going to end up owning the Really Useful Group (company),” he added.
Webber is father of Imogen, 31, Nicholas, 29, Alastair, 16, William, 15, and Isabella, 12.