Wealthy parents in the UK are modelling themselves on Bill Gates by refusing to pass on the bulk of their wealth to their children. But unlike Gates, instead of giving it to charity, they are spending it on themselves. Over 70% of wealthy parents are not prepared to make any sacrifice in their standard of living in order to provide their children with an inheritance, according to a new study commissioned by boutique wealth manager Heartwood Wealth. They defined 'wealthy' as middle class and upper middle class, although did not attach any figures in terms of net wealth or income.

Although three quarters of the 1,041 respondents want to leave their children better off than they were, most will avoid making personal sacrifices along the way to achieve this. Four per cent of parents plan not to leave any inheritance, expecting their children to support themselves fully.