Sting: No Trust Funds for My Kids

Sting may be worth more than $306 million, but his six children will have to make their own way, he tells the Daily Mail's Sunday magazine. First of all, "I told them there won’t be much money left because we are spending it!" he explains. "We have a lot of commitments. What comes in, we spend, and there isn’t much left." But beyond that, he says, "I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."

He adds that he would help them if they were in trouble, but so far he hasn't really had to. "They have this work ethic that makes them want to succeed on their own merit," he says. "People make assumptions, that they were born with a silver spoon in their mouth, but they have not been given a lot." The revelation came as a new survey revealed that many of the ultra-wealthy worry that if they give their kids too much, it will ruin their ambition, the Mail notes. Anderson Cooper said earlier this year that's the reason he won't be inheriting any of his mom's $200 million fortune. (More Sting stories.)