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’s Family Life
Cowell is the proud father of an 8-year-old boy, Eric, the fruit of his beautiful love affair with Lauren Silverman. She is also the mother of a 17-year-old boy, Adam, from her previous relationship.
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. Silverman first met Cowell in Barbados in 2006.
Their meeting was made possible through the intermediary of her then-husband, Andrew Silverman. After that, Cowell often joined them during the holidays. It was then a few years later that Cowell and Silverman started having an affair. In July 2013, it was announced that Silverman was pregnant with 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 for a baby. 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 is no one like “this guy” while talking about his future son-in-law.While the press spoke to Silverman’s parents, she 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 the birth of 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.”
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 asked to confirm if he’d proposed to Silverman. He smiled and thanked the paparazzi, who congratulated him, and 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 small 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.In a 2018 interview, he gave the media a look into his Beverly Hills home. Cowell sat by a piano with his family of three and watched his son press the keys erratically and admitted he’d “love it” if his son took over his empire.
The idea of Eric taking over was incentive enough for him to ensure things continued running smoothly for years to come. However, he reiterated that he didn’t believe in people having things without doing anything to earn them, adding:
“I would do what my dad did. I would have him start as an intern, learn the job…”
As for the money he has worked for, he plans to leave it to charities that deal with children and dogs. He has four dogs, so, understandably, he is looking out for his furry friends. Despite not leaving money for his children to inherit, he’s going to make sure he leaves a good legacy behind.Cowell’s legacy will be borne out of giving people the opportunity to do well for themselves and his time and teaching them things he knows. Fans have been lucky to see glimpses of the star’s son on outings and interviews.
Cowell Bonds with Eric and Shares His Wedding Plans with Silverman
The press was on hand again on May 3, 2023, when Cowell and his fiancée were spotted on an outing with Eric in Malibu, California. When Eric was much younger, in 2018, he appeared in a “Loose Women” YouTube clip with his father.
The loving father cuddled the boy as they sat on a couch and asked him if he wanted to do the show’s interview with him or if he preferred watching. The cute little boy said he wanted to do the interview with his father, who then asked him what “daddy” had been drinking that day.
Eric hilariously revealed his father had “annoying juice,” which the star explained that it meant he was “really annoying.” The “Australia’s Got Talent” creator tried to focus on the interview, but his son couldn’t sit still and started putting his hand up his father’s shirt.Cowell laughed and stopped the child, revealing he couldn’t be serious when his son was tickling him! Eric cheekily confessed that he was the one being annoying now before his father asked him to leave and return at the end of the interview.
Over two minutes into the interview, the celebrity spotted his son and, once again, halted the interview to ask the boy what he had with him. Eric appeared in view holding two wooden clothing pegs with his doting father telling him he hoped he wasn’t going to put them on his nose.Immediately after saying that, little Eric tried to place one on his father’s nose, leading the parent to laugh and reveal that it hurt. Cowell then asked the boy why he was wearing his shirt before the interviewer noted how that qualified as “annoying juice!”
The media mogul said people usually had disagreements, got drunk, and forgot what they said at such events.
The “Italia’s Got Talent” founder agreed that the boy had been drinking annoying juice. The interview turned to Eric, with Cowell being asked what he thought of the boy getting into the entertainment industry doing hosting and judgments of talent shows.The star said he’d be “100%” okay with it, but he wanted the boy to remain on his side of the desk – as a judge – and not as a performer. The father of one revealed that his son came with him a lot to his work in England and America.He said the boy liked pressing the buzzer on the shows because it was annoying and noisy. The “Red or Black?” game show creator thought his son had good taste and would be good at it before Eric jumped on him, trying to put the pegs on his nose!
That same year he was asked to share the naughty things he’s taught his son, Cowell hilariously confessed to teaching the boy to eat with his mouth open! The star admitted that whenever the boy did it it cracked him up!On April 21, 2022, Cowell addressed his upcoming wedding, an event he once revealed he was planning instead of his significant other. Silverman’s fiancé noted how weddings could be “tricky.”
The media mogul explained how people usually had disagreements, got drunk, and forgot what they said at such events. He also felt the lead-up to the occasion was stressful. Ultimately, only time will reveal what direction Cowell and his fiancée take for their special day.