X-Factor judge Simon Cowell has just announced that his $350 million fortune will be given to charity, not his children.

The wealthy music judge has just announced that he will leave his $350 million fortune to charity instead of his soon-to-be-born child. – Photo: justjared.com

“I wouldn’t leave my money to someone. Probably a charity, children and dogs,” Cowell told Britain’s Mirror. “I don’t believe in passing it from generation to generation.”

Cowell said he would rather be remembered for helping others succeed than for helping his children maintain wealth.

Simon Cowell is expecting his first child with Lauren Silverman, the ex-wife of real estate tycoon Andrew Silverman. This affair was discussed for a while because Andrew was also a friend of Simon.

Simon Cowell and pregnant girlfriend Lauren Silverman

Maybe Cowell’s plan to leave money to “the kids and the dogs” isn’t being taken seriously. However, this statement brought Cowell into the club of British millionaires, going against the long-standing tradition of leaving inheritance to descendants in England.

Charity accounts for around 1% of UK GDP, about half the US level. Wealthy Americans typically donate at least 3% of their investable assets to charity. In the UK this rate is less than 1%.

However, more and more wealthy Britons are giving to charity. This may be due to the positive influence of the philanthropic activities of American billionaires such as Bill Gates or Warren Buffett.

British billionaire John Caudwell last year interviewed the Guardian newspaper and said that more and more British businessmen are finding that charity work fills the void in their souls and lives.