John Roberts, 40, has decided not to give his five kids – aged from two years old to 17 – inheritance because he wants them to earn everything themselves.
‘My dad’s philosophy was: “I’ll give you the best start in life I can afford and what you do with it is up to you”, and mine’s the same,’ he told the Sunday Times.
‘[My wife and I have] been really conscious not to change anything. The kids are getting nothing.’
Mr Roberts earned his fortune when he floated AO.com – a domestic appliance sales company he co-founded – on the stock market.
His company was worth a staggering £1.2billion when he sold it in February.