French billionaire asks lawmakers to allow disinheritance of children

French billionaire Pierre-Edouard Sterin told senators on Thursday that he wants to change inheritance rules so he can leave his full estate to philanthropic causes instead of his five children. Sterin said three-quarters of his assets must currently go to his offspring under French succession law. He stated he is in favor of being able to decide what happens to his own property.

French inheritance rules French succession rules include forced heirship provisions that protect children’s claims to assets. The system applies across civil-law countries in Europe but does not exist in the United States or England. Sterin appeared by video link before a committee reviewing private-sector financing and influence on public policy.

The session followed an earlier hearing he missed last year after citing security concerns.

Sterin’s public positions Sterin said he supports directing France toward a more economically liberal and conservative direction. He also expressed support for the re-migration of foreigners who are delinquent, undocumented, or unemployed for more than twelve months.

The 52-year-old, who lives in Belgium, has a net worth of about €1.4 billion according to the Bloomberg Billionaires Index. His wealth originated from the gift-voucher company Smartbox and later expanded through startups and private-equity holdings.

In April his family office Otium announced the sale of a majority stake in Dossier, a U.S. perfume brand sold at Walmart stores.