Some philanthropic entrepreneurs and show business stars believe that wealth should not be handed down but earned. Simon Cowell is one of them.
Having billionaire parents can bring huge benefits and great legacies. But not all billionaires in the world intend to leave their wealth to their children.
Like Cowell, they all love their children but don't believe they should pass down generational wealth. They would rather teach their children to create their own wealth.
ABOUT SIMON COWELL
Despite his bad temper when growing up, he managed to enter the musical world in the mid-seventies, thanks to his father's influence, an EMI executive.
He quit the EMI group in the early eighties. After a series of somewhat successful attempts, he moved to BMG in the late eighties, where he signed artists such as Westlife, Teletubbies, and more.
In 2001, after pitching the show's idea to ITV, he became one of the judges of the British talent show "Pop Idol," followed by the US version "American idol."
Gifted with an out-of-the-ordinary intuition, he created "The X Factor" talent competition show in the early 2000s. Cowell then cemented his place at the judges' table together with Sharon Osbourne and Louis Walsh in 2004.
The show's success in the UK was immediate. It became one of the longest-running television series ever, capable of giving birth to talents known worldwide, such as Leona Lewis.
However, one of the biggest achievements of "X Factor" is the 2010 creation of One Direction, which, having finished third in the competition, became one of the most successful boy bands of the 2000s.
Their success happened under the supervision and guidance of Cowell himself, who followed them from start to finish.
The group climbed the world rankings by establishing itself as a phenomenon, especially among the teen world, until 2016, when the members decided to disband.
The successful format of "X Factor" is extraordinary and led to its expansion into other markets, such as the United States, Australia, Israel, and more.
However, in July 2021, they announced that there were no newly planned series for the UK version of the "X Factor." This news comes after 17 years of discovering great talents.
Cowell has created other talent shows like: "America's Got Talent," "Britain's Got Talent," "Australia's Got Talent," "Italia's Got Talent," and the game show "Red or Black?"
In 2005, the business mogul formed his company called Syco and divided the brand into music, TV, and film. In 2010, he made his official exit from "American Idol."
Cowell knows how to overcome obstacles brilliantly. Even though he lost everything at some point in his life, he knew he wasn't going to stay down for long.
COWELL'S FAMILY LIFE
Cowell is the proud father of an 8-year-old boy, Eric, the fruit of his beautiful love affair with Lauren Silverman. She is also the mother of a 16-year-old boy, Adam, from her previous relationship.
When Cowell and Silverman got together, the news hit the headlines. However, the news came as a surprise because no one expected him to get into a committed relationship.
Simon and Eric Cowell at the ceremony honoring Simon Cowell with a Star on The Hollywood Walk of Fame on August 22, 2018, in Hollywood | Photo: Getty Images
Silverman first met Cowell in Barbados in 2006. Their meeting was made possible through the intermediary of her then-husband Andrew Silverman.
After that, Cowell often joined them during the holidays. It was then a few years later that Cowell and Silverman started having an affair. In July 2013, it was announced that Silverman was pregnant for Simon.
At that time, she was still married, and her ex-husband filed for divorce a few days later. However, although he was devastated by this betrayal, he found it essential to do what he felt was right for their son.
On Valentine's Day 2014, Silverman and Cowell welcomed the birth of their son Eric. Simon rushed from London to New York when he learned of her labor and arrived in time to attend the birth of his son.
Even though Cowell never saw himself as a father, his relationship with Silverman changed his perspective. The proud dad said:
"He's the most amazing thing that ever happened to me. I adore him."
When their son first arrived, Cowell confessed that he struggled bonding with the little one, but they've become closer since then, and he even tells his little boy his secrets.
They are not yet clear if the family will increase, but for the moment, they enjoy the relationship they have and remember as an anecdote everything they live to be together.
There is no doubt that as Cowell has made a name for himself over the years, he has also amassed a small fortune for his retirement. But being a hard worker, he has mentioned that the idea of retirement terrifies him.
He has an estimated net worth of $600 million from earning about $50-$100 million per year but still plans to work until he's old and frail.
With such earnings, he was listed as the 35th richest celebrity globally on Forbes 2020 list. His financial accolades are all thanks to his business sense and for being a die-hard entrepreneur.
Having gone through tough times to build his wealth, Cowell revealed that there would be no inheritance for his son. He revealed he does not believe in the philosophy of passing down generational wealth.
He believes that once a child inherits money, they lose the drive and incentive to multiply the money or work hard. He is not willing to take those risks with his son.
He believes everyone should be able to work for their own money. As for the money he has worked for, he plans to leave it to charities that deal with children and dogs.
He has two dogs, so, understandably, he is looking out for his furry friends. Despite not leaving money for his children to inherit, he's going to make sure he leaves a good legacy behind.
His legacy will be borne out of giving people the opportunity to do well for themselves, his time, and teaching them things he knows.
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