Bill Gates said his three children understand why he has pledged to leave his £70billion fortune to charity when he dies.

In a revealing insight into his private life, the Microsoft founder, 60, said his children are 'proud' of his decision to dedicate his money to helping the world's poorest.

Gates said that instead of billion-dollar trust funds, his two daughters and son will be given a 'great education' to help kick-start their own careers.

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Revealing insight: Bill Gates, 60, said his three children are 'proud' of his decision to dedicate his money to helping the world's poorest during an interview on This Morning today (pictured)

Private life: Bill and Melinda Gates with their children, Jennifer, now 20, Rory, now 17, and Phoebe, now 14, who will only inherit a small fraction of their parents' £70billion fortune

But the business mogul did say there would still be a financial safety net in place, adding: 'They are never going to be poorly off'.

Speaking on This Morning, Gates said: 'Our kids will receive a great education and some money so they are never going to be poorly off but they'll go out and have their own career.

'It's not a favour to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path.'

Gates and his wife Melinda, 52, have three children together, Jennifer, 20, Rory, 17, and Phoebe, 14.

Family values: In the interview on this morning the business mogul (pictured) said there would still be a financial safety net in place, adding: 'They are never going to be poorly off'

Greatest gift: Gates, pictured, and his wife Melinda said their children are being given a 'great education' but want them to forge their own paths rather than rely on billion-dollar trust funds

Jennifer is in her second year at prestigious Stanford University, California, where her father donated £5million to the construction of a computer science building in his name. She is also an accomplished equestrian, riding in national competitions.

Rory and Phoebe are believed to at school and live at home with their parents outside Seattle, Washington.

The Gates will only pass on a fraction of their vast wealth to their children.

Business leader: Bill Gates with Chancellor Philip Hammond outside Downing Street today

The rest will go to their charity, the Bill And Melinda Gates Foundation, which funds health and education projects around the world.

In a rare insight into family life, Gates told This Morning presenters Holly Willoughby and Ben Shephard his children are behind the decision.