He might be the world's richest man with an envious fortune of $76 billion, but Bill Gates does not plan to leave his wealth for his three children, UK MailOnline reported.

Speaking at a TED conference in Vancouver, Gates and his wife, Melinda, discussed their family life and how they are planning to use their personal fortune.

"We want to strike a balance so they have the freedom to do anything but not sort of a lot of money showered on them so that they can go out and do nothing," Gates said.

The Microsoft founder's billion-dollar trust fund will not particularly be going to the couple's three children. Instead, they plan to motivate their kids to earn their own living and create a comfortable life.

Being able to rely on their own abilities rather than their parents' fortune, Gates said they had given their two daughters and son a good education, according to UK MailOnline.

"You've easily got enough money despite your vast contributions to the foundation to make them all billionaires," conference organizer Chris Anderson said. 

Gates, however, replied by saying, "They won't have anything like that. They need to have a sense that their own work is meaningful and important," according to Wired.

"You've got to make sure they have a sense of their own ability and what they're going to go and do," he added.

"Anderson likened raising three children in the world's richest family "to a social experiment without much prior art" before asking the couple, who run the Bill and Melinda Gates Foundation, how they had decided to raise their family," UK MailOnline reported.

Their charity, which tackles poor health and poverty, will be receiving most of the fortune, Gates said they told their children.

Calling out Warren Buffett, the couple also claimed that their parenting style was inspired him by the philanthropist, UK MailOnline reported.