Here's Why Simon Cowell's Son Won't Inherit His Multimillion-Dollar Fortune

Simon Cowell, who currently has an estimated net worth of $600 million, won't leave his fortune to his son.

Cowell has built a massive fortune as the owner of multimedia entertainment company Syco Entertainment and judge and creator of successful shows such as "The X Factor" and "America's Got Talent," but none of it will go to his son, Eric Cowell, after he passes away. His son, who was born on Valentine's Day in 2014, is his first child with New York socialite Lauren Silverman.

Prior to the birth of his child, the media mogul said he doesn't believe in passing fortunes down to the next generation. Instead, he plans to donate his wealth to charity.

"I’m going to leave my money to somebody. A charity, probably — kids and dogs," Cowell told Mirror U.K. in 2013. "I don’t believe in passing on from one generation to another."

When asked what he would like his legacy to be, the TV personality explained, "Your legacy has to be that hopefully you gave enough people an opportunity, so that they could do well, and you gave them your time, taught them what you know."

He also said that he still plans to work even well into his 80s or 90s. "A lot of people who retire, they hate their job so much, they just love the idea of not working anymore. That horrifies me," Cowell said.

With a lot of titles under his belt, Cowell currently has a net worth of about $600 million, according to Celebrity Net Worth. The record executive has been one of the highest-paid celebrities in the world for over two decades and typically earns around $50 to $100 million a year, per the outlet.

Cowell isn't the only celebrity who doesn't plan to leave their wealth to their offspring. Ashton Kutcher said his and wife Mila Kunis' children — daughter Wyatt and son Dimitri — won't inherit the money they've made, and instead, they want to leave it to people who actually need it.

"I’m not setting up a trust for them," Kutcher revealed on Dax Shepard’s "Armchair Expert" podcast in 2018. "We’ll end up giving our money away to charity and to various things."

"If my kids want to start a business, and they have a good business plan, I’ll invest in it. But they’re not getting trusts," he explained.