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Laurene Powell Jobs on Family Wealth: 'It Ends With Me'

Steve Job's widow says she wants her $24B to be spread around
By Neal Colgrass,  Newser Staff
Posted Feb 29, 2020 12:00 PM CST

(Newser) – The world's 35-richest person says her children aren't likely to inherit very much, Business Insider reports. Laurene Powell Jobs, widow of the late Steve Jobs, says she wants to distribute the former Apple CEO's money "in ways that lift up individuals and communities in a sustainable way." As she tells the New York Times, "I'm not interested in legacy wealth buildings, and my children know that. Steve wasn't interested in that. If I live long enough, it ends with me." Powell Jobs, who is worth $24 billion after inheriting her husband's Disney and Apple shares, says huge wealth accumulation is "dangerous for society," and points to families like the Carnegies and Rockefellers as examples.

"It's not right for individuals to accumulate a massive amount of wealth that's equivalent to millions and millions of other people combined," she adds. "There's nothing fair about that." Her philanthropy and investments are wide-ranging, from the Emerson Collective—which she founded in 2004 to focus on the environment, immigration, education, and other causes—to investing in the NBA's Washington Wizards and a documentary studio. She's no stranger to the perks of wealth, however, owning multiple Bay Area homes, a mega-yacht, and a personal art collection. She and Steve had three children—son Reed, and daughters Erin and Eve—and Powell Jobs has a step-daughter, Lisa Brennan-Jobs, from her husband's previous marriage. (Read more inheritance stories.)

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