First-generation moneymakers more generous than their heirs, Bill Gates says

Bill Gates, the college dropout who started the world's richest charitable fund, said needy people depend on self-made millionaires and billionaires to donate money before passing their wealth on to less-generous heirs.

"Our experience worldwide is that first-generation wealth is actually more generous than dynastic wealth," Gates, the richest American, said Thursday in a news conference in New Delhi. "Both here in India and U.S. and other countries, the biggest givers are those who are receivers of first-generation wealth."