Some philanthropic entrepreneurs and show business stars believe that wealth should not be handed down but earned. Simon Cowell is one of them.
Having billionaire parents can bring huge benefits and great legacies. However, not all billionaires in the world intend to leave their wealth to their children.
Like Simon Cowell, they all love their children but don’t believe they should pass down generational wealth. They would rather teach their children to create their own wealth. Before we get into Cowell’s views on generational wealth, let’s have a look at his love life.
Cowell is the proud father of an 10-year-old boy, Eric, the fruit of his beautiful love affair with Lauren Silverman. She is also the mother of a teenage boy, Adam, from a previous relationship.
Simon and Eric Cowell at the ceremony honoring Simon Cowell with a Star on The Hollywood Walk of Fame on August 22, 2018, in Hollywood | Source: Getty Images
When Cowell and Silverman got together, the news hit the headlines. However, the news came as a surprise because no one expected him to get into a committed relationship.
The pair’s first meeting was in Barbados, made possible through the intermediary of her then-husband, Andrew Silverman. After that, Cowell often joined them during the holidays. A few years later, Cowell and Silverman started having an affair. In July 2013, it was announced that Silverman was pregnant by Simon.
At that time, she was still married, and her ex-husband filed for divorce a few days later. However, although he was devastated by this betrayal, he found it essential to do what he felt was right for their son.
On November 17, 2013, the media came across Cowell and Silverman as they stood outside an establishment where they’d just eaten. The press asked the creator of “America’s Got Talent” what he discussed with his future in-laws since it was the first time they were meeting.
The star joked that they spoke about the weather and revealed they didn’t talk about any future plans. When asked if they’d discussed wedding plans, Cowell diverted the conversation by sharing that they actually spoke about the media.
The “Britain’s Got Talent” creator hugged, kissed, and shook hands with Silverman’s father and mother, with the former stating how he “loves” Cowell and that he is “the best.” Silverman’s father also said there was no one like “this guy” while talking about his future son-in-law.
Silverman also noted how her father and the media mogul looked alike, which her mother agreed with before she and her husband bid the couple farewell. On Valentine’s Day 2014, Silverman and Cowell welcomed their son Eric.
Cowell rushed from London to New York when he learned of her labor and arrived in time to attend the birth of his son. Even though the star never saw himself as a father, his relationship with Silverman changed his perspective. The proud father said:
“He’s the most amazing thing that ever happened to me. I adore him.”
Adam Silverman, Simon Cowell, Lauren Silverman, and Eric Cowell at the ceremony honoring Simon with a star on the Hollywood Walk of Fame on August 22, 2018, in Hollywood, California | Source: Getty Images
When their son first arrived, Cowell confessed that he struggled to bond with the little one, but they’ve become closer since then, and he even tells his little boy his secrets. The couple is not yet clear if their family will increase, but for the moment, they enjoy the relationship they have.
In January 2022, the celebrity was seen outside a Malibu coffee shop, and when asked to confirm if he’d proposed to Silverman, he smiled and thanked the paparazzi, who then congratulated him. A friend believes the couple will marry in Barbados.
There is no doubt that as Cowell has made a name for himself over the years, he has also amassed a fortune for his retirement. But being a hard worker, he has mentioned that the idea of retirement terrifies him.
In April 2022, Cowell joked about retiring, saying that he was still in his 40s and didn’t know what he’d do if he retired because he didn’t play things like golf. He confessed that he’d be bored out of his mind.
The star has an estimated net worth of $600 million from earning about $50-$100 million per year but still plans to work until he’s old and frail. With such earnings, he was listed as the 35th richest celebrity globally on Forbes 2020 list. His financial accolades are all thanks to his business sense and for being a die-hard entrepreneur.
Having gone through tough times to build his wealth, Cowell revealed that there would be no inheritance for his son. The star revealed he does not believe in the philosophy of passing down generational wealth.
He believes that once a child inherits money, they lose the drive and incentive to multiply the money or work hard. Cowell is not willing to take those risks with his son. The star feels everyone should be able to work for their own money.