James Bond actor Daniel Craig has revealed he won't be passing on his millions to his children and he plans to "get rid of it" before he dies.

The British actor, who is fifty-three years old, has a net worth of around £116 million ($160 million), however, he has shared that his children won't be inheriting his vast fortune as he believes inheriting money is "distasteful." He is hoping to "give away" most of his millions.

He recently reflected on his departure from the role of 007 in the upcoming film No Time To Die. Speaking to Candis Magazine, Craig said: "Isn't there an old adage that if you die a rich person, you've failed?

"I think Andrew Carnegie [an American industrialist] gave away what in today's money would be about 11billion dollars, 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."

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Craig has 3 daughters; one with his current wife Rachel Weisz and another with his ex Fiona Lourdon.

While Craig has previously said he wouldn't film any more Bond movies and backtracked on it, it has been confirmed that No Time To Die will be his final turn in the franchise. New Bond boss Barbara Broccoli said: "There's a few lines that are in the script that Bond fans will love from the books and some wonderful locations that are described in the books.

"We consider this film to be a classic Bond film but with a modern twist. It's also vitally important because it is the fifth and final one that Daniel Craig is going to be doing, so it's a culmination of everything his portrayal of the character has been through and it ties up all the storylines," she added.

"It's a pretty epic film, I have to say."

Daniel, who is stepping down following No Time To Die, went on to tell how he wants to play characters who openly express their emotions.

He said: "I don't want to play characters who don't feel. I'm as emotional as anyone and can cry at anything.

"A good commercial can get me going if I'm in the mood," he added.

What do you think about the actor's decision to not allow his children to inherit his fortune?