James Bond actor, Daniel Craig has revealed that he won’t be giving his fortune to his children because he finds inheritance “distasteful.”

Speaking to UK’s Candis Magazine, the award-winning English actor, who has a net worth of $160 million, said that he did not want “to leave great sums to the next generation” and plans to give his riches away instead.

“My philosophy is get rid of it or give it away before you go.”

Mr. Craig also made reference to Andrew Carnegie, the Scottish-born US industrialist and one of the wealthiest men in history.

“Isn’t there an old adage that if you die a rich person, you’ve failed?”

“I think Andrew Carnegie gave away what in today’s money would be about $11 billion, which shows how rich he was because I’ll bet he kept some of it too.

“But I don’t want to leave great sums to the next generation. I think inheritance is quite distasteful. My philosophy is: get rid of it or give it away before you go.”

The 007 star has two children, daughter Ella with his ex-wife Fiona Loudon, as well as a daughter with wife Rachel Weisz. He also has a teenage stepson, Henry, through Weisz’s previous relationship.