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Sir Elton John won't let sons inherit his £200million fortune

There is no doubt that Sir Elton John is utterly devoted to his sons, Zachary, five, and three-year-old Elijah, but the star has revealed that he will only be leaving them a small portion of his £200million fortune. The 68-year-old and his husband David Furnish are keen to instill the value of hard work in their boys, and don't want them to take anything for granted."Having children changed everything about my life. I've learned that the simplest things in life, like having a minute with them, are worth more than any painting, any photograph, any house or hit record," Elton told the Mirror this week.

elton family © Photo: Getty Images

Sir Elton John will only leave a portion of his fortune to Zachary and Elijah

"Before we had the children we just had our lives and we would spend money because we didn't have anything else to focus on. We have really toned things down because we have enough stuff. There is nothing else we need."He continued: "Of course I want to leave my boys in a very sound financial state. But it's terrible to give kids a silver spoon. It ruins their life."Listen, the boys live the most incredible lives, they're not normal kids, and I'm not pretending they are. But you have to have some semblance of normality, some respect for money, some respect for work."… They have to do chores in the house – take their plates to be cleaned, help in the kitchen, tidy their rooms and help in the garden, and each time they do they get a little star to put on these charts they've made. They understand they need to do these things, and they enjoy it."

elton © Photo: Instagram

Elton and David are keen to instill the value of hard work in their boys

David, meanwhile, revealed that the couple have been inspired by American business magnate Warren Buffett, who is leaving half his £53billion fortune to charity."Warren Buffet, the third wealthiest man in America, has a really cool model in that he leaves his children enough money so that they have a house, a car and all their basic needs covered and cared for so they never need worry. But it's not crazy, silly, go-wild money so that they could be buying Picassos or private jets," he explained. "Anything beyond the basic, they have to go out and earn it themselves."If they want a Picasso, they have to go out and earn it. I think there's real sensibility in that."The greatest joys, everything Elton and I have created, have come from hard work and that's where your self-esteem comes from."

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