In country built on family-run conglomerates, Bill Gates emphasizes 'no inheritance' stance on Korean TV

Bill Gates said he “doesn’t believe in dynasty,” explaining that his children will not inherit the Microsoft fortune he built, on a talk show in Korea — a country where family-run conglomerates, or chaebol, continue to dominate the economy.

Bill Gates, center, talks to comedians Yoo Jae-suk, left, and Jo Se-ho during an appearance on tvN's ″You Quiz on the Block″ (2018-). The episode aired on Aug. 27. [SCREEN CAPTURE]

Bill Gates said he “doesn’t believe in dynasty,” explaining that his children will not inherit the Microsoft fortune he built, on a talk show in Korea — a country where family-run conglomerates, or chaebol, continue to dominate the economy.

The billionaire philanthropist made the remarks in an episode on tvN’s “You Quiz on the Block” (2018-), one of the country’s most highly rated talk shows hosted by comedian Yoo Jae-suk, which aired Wednesday.

“I do spend quite a bit on myself,” Gates said lightheartedly as he explained privileges including a “very nice house, huge garden, people who cook very nice food and [...] a plane.”

The Microsoft founder said he was “super lucky” his ownership of the tech giant became valuable, but emphasized that he was “not gonna spend that money on myself.”

“I don’t believe in dynasty. I think my kids should have a chance to earn their own money and make their own way,” Gates said.

“I knew I would have the rest of the resources to give back to society,” he said.

Gates has pledged to donate 99 percent of his remaining fortune, or around $200 billion, over the next 20 years to the Gates Foundation for philanthropic efforts.

He landed in Korea on Aug. 20 in his first visit to the country in around three years.

During his visit, he met officials from SK bioscience, the biotech arm of SK Group, to expand cooperation between the Gates Foundation for vaccine development and global public health projects, according to the company. He also suggested in a meeting with Korean firms and government officials that Korea increase its development aid spending to 0.5 or 0.7 percent of its economy from its current 0.2 percent.

On the Wednesday episode, Gates also showed off his foldable phone created by Korea’s largest conglomerate, Samsung, to hosts Yoo and Jo Se-ho.

“Actually, JY gave it to me so I didn’t have to pay for that,” he said, referring to Lee Jae-yong, executive chairman of Samsung Electronics.

“I think I am the luckiest person alive in terms of all the great things I’ve gotten to do,” Gates said on the show.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]