Bill Gates, co-founder of the Bill & Melinda Gates Foundation, makes closing remarks to the Fifth Replenishment Conference of the Global Fund to Fight AIDS, Tuberculosis, and Malaria in Montreal, Quebec, Canada September 17, 2016.
Gates said all three were "proud" of his decision.
Many expect, that his children, two daughters and a son would get billion-dollar trust funds, however Gates states that giving them money would affect them negatively, and he wanted them to have their own careers.
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".
This money is dedicated to helping the poorest.
The eldest 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.
Speaking to Holly Willoughby and Ben Shephard, the 60-year-old said: "Well, our kids receive a great education and some money but they will go out and have their own careers". "It distorts anything they might do, creating their own path", he told ITV's This Morning.
Rory and Phoebe live with their parents near Seattle, Washington.
The Bill & Melinda Gates foundation has written the University of Washington a check for $210 million - the largest single donation the university has ever received - to support an initiative to improve population health around the world, according to The Seattle Times.
Gates who's the world's richest man says his wealth would be given away to charity when he dies.
"Think about some of the work that we're doing on climate change right now, you know cleaning up Puget Sound, etc.", she said.
Gates also made his known that his family, including his children, understand and are proud of his decision.
In another interview today, Bill said his children would not take over the foundation's work after him and he expected all the money to be spent soon after his death.