The four children of a Russian-Jewish oligarch worth more than $14.6 billion had bad news last week: they’re not getting a penny.

Mikhail Fridman’s four kids, the youngest of which is ten years old, will have to earn their own way, after he announced on Friday that he would be giving his entire fortune to good causes.

“I am going to transfer all my money to charity,” said the 52-year old Ukrainian-born co-owner of Alfa Group, Russia’s largest industrial and financial investment group. “I don’t plan to transfer any money to my children.”

According to Russia Today, Fridman said he wanted his children to create something of their own, and didn’t want his eldest daughter Laura, 22, to be the subject of insincere affection.

He said his business partners – presumably long-time associates Len Blavatnik and Viktor Vekselberg, both Jewish billionaires of Ukrainian origin – felt the same way about their own children.

Russia’s second richest man, Fridman is the driving force behind the Genesis Philanthropy Group, which funds the $1 million Genesis Prize, recognising service to the Jewish people and Israel.