Phones4U billionaire John Caudwell: Why don't I leave my kids all my money

Mobile phone magnet John Caudwell has revealed plans to give away the vast majority of his mega wealth.

The entrepreneur, who made a fortune selling Phones4u, has promised to donate 70% of his wealth to good causes – at least

Caudwell, already one of Britain's largest philanthropists, announced the promise, up from a previous 50% commitment, during our exclusive interview.

The other 30% of his current £ 1,5billion fortune will be split between his five children, Rebekah, 39, Libby, 31, Rufus, 23, Scarlett, 17 and Jacobi, 15.

He says: " I do not want my children to be broken, but if you left your children all the wealth, it does nothing to balance the rich poor split.

"If they are worth billions, how about giving most of it and Just leave a few hundred million for the kids? They are still dirty rich, they can still ruin their lives.

"I don't think kids should get dirty and it will be good for them.

" And if that's good for them, it's probably not good for their kids, sooner or later come the chickens home to roost. "

The sailing lifestyle is quite the norm for John and Modesta

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