Wealthy individuals are following in the footsteps of some entrepreneurs who have withheld large sums of their legacies in an attempt to instill a work ethic in their children.

Research by Richard Harris, founder of online will writing service, totallyFREEwills.co.uk, found 62 per cent of people with liquid assets of more than £250,000 are planning to spend their money or sink their wealth into charitable organisations.

Harris said: “Wealthy philanthropists, in particular self made multi-millionaires, are adamant their children are given the incentive to work hard by limiting their inheritance. Parents don’t want to take away their children’s ambition and instead are passing on the majority of their fortune to charitable causes they feel passionate about.

"They are placing more emphasis on leaving a legacy that will benefit society. Only ten years ago, seventy five per cent of The Sunday Times Rich List was inherited wealth, today that figure is completely reversed.”