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First of all, Sting has six children. We didn’t know that. Their names are Eliot Paulina, Joe, Mickey, Jake, Fuchsia and Giacomo.
Second of all, some of them have dog names. But, that’s neither here nor there.
All of them are adults now, and pursuing careers mostly in music and arts. However, they won’t be inheriting any of his millions. Reportedly, the famous musician has an estimated wealth of $306 million (£180million), and he says that his kids won’t get any of it.
He said, ”I told them there won’t be much money left because we are spending it! We have a lot of commitments. What comes in, we spend, and there isn’t much left. I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate.”
“Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have the work ethic that makes them want to succeed on their own merit.”
According to a study led by law firm Withersworldwide, parent’s fears over children’s ambition come above worries about investments failing, or the inability to provide for the family, and even divorce.
Among those with less than $10million the fear still ranked highly, but came in fourth place, behind health troubles and worries over income.
The study also found that rich families have the most to fear from third generation family members when it comes to losing their millions.
Sara Cormack, a partner at Wither’s, said, “If the first generation are wealth creators then the second generation tend to be wealth preservers, but it is the third generation that families are most worried about.”