Laurene Powell Jobs does not intend to pass down fortune to children

According to Powell, mass accumulation of wealth is dangerous for a society.

Melanie Lim | March 10, 2020, 06:25 PM

Laurene Powell Jobs, the widow of late Apple CEO Steve Jobs, does not intend to pass her fortune down to her children.

Not interested in legacy wealth buildings

In an interview with The New York Times, Powell said that she's "not interested in legacy wealth buildings," and that her wealth will end with her.

She mentioned that "it’s not right for individuals to accumulate a massive amount of wealth that’s equivalent to millions and millions of other people combined."

In 2011, Powell had inherited much of her US$22.6 billion (S$31.4 billion) networth from Jobs, who had passed away from cancer.

According to Powell, her husband "didn't care about the accumulation of wealth" and added that "that kind of accumulation of wealth is dangerous for a society."

Spent time after Jobs' death distributing his wealth to good causes

After Jobs' death, Powell has spent much of her time distributing her husband's wealth "effectively, in ways that lift up individuals and communities in a sustainable way".

For instance, Powell launched the Emerson Collective Foundation during the second half of 2016 with a gift of US$1.2 billion, according to Forbes.

The Emerson Collective Foundation is part of Emerson Collective, a social change organisation that uses philanthropy, impact investing, advocacy, and community engagement to create positive impact on issues like education, immigration reform, the environment, media and journalism, and health.

In 2018, Powell financed a documentary movie studio and was the executive producer of a film examining child slavery and human traffickers.

Currently, she is working on causes like reducing gun violence in Chicago with former education secretary Arne Duncan, The New York Times reports, and has also contributed millions to political campaigns.

Top image via Getty Images