While billionaire philanthropists like Bill Gates and Warren Buffett have made well-publicized pledges to donate most of their wealth, U.S. millionaires largely plan to bequeath the vast majority of their money to their children and devote less than 10 percent to philanthropy, according to CNBC survey of high-net-worth people.
Among 750 millionaires polled for the network by the Spectrem Group, 59 percent said there is "no such thing as too much" when it comes to how much they bequeath to their children.
Of respondents with assets of at least $5 million, 88 percent plan to leave each of their kids $1 million or more. Two-thirds of respondents said they would leave less than a tenth of their wealth to charitable causes, and one in five plans no philanthropic bequests. "This shows that the very visible people who say they're going to leave it all to charity are not very representative of the mainstream wealthy," Spectrem Group President George Walper said.