Simon Cowell's decision about son Eric not inheriting $600M fortune sparks debate

Renowned producer and TV personality Simon Cowell recently revealed that he does not plan on passing down his approcixamtely $600 million fortune to his 11-year old son Eric.

Cowell shared that his wealth will go to charities that support children and dogs instead. “I don’t believe in passing down money from one generation to the next,” he added, clarifying that he intends for his son to achieve success by his own means rather than inherit it.

“College will be paid for, and then you’re on your own", Cowell stated, explaining how his parents empowered him in a similar and how he plans to carry that legacy forward.

Prior to his current success, Cowell started his career by sorting mail at EMI Music. 

“Your legacy has to be that you gave enough people an opportunity so they could do well,” he explained. “That you shared your time, taught them what you know, and helped them build something of their own.”

Cowell’s decision regarding his fortune sparked widespread criticism online. One user wrote, "This is worse than not having generational wealth", while another said, " I truly do not understand the boomer mindset".

Others speculated whether Cowell said so for PR purposes and in reality plans on setting up a trust or foundation with his children as beneficiaries to evade tax.