Paris not to benefit from the Hilton fortune

The 'heiress' tag that comes with Paris Hilton may soon lose its weight, with the socialite's grandfather having decided to give 97 per cent of his multibillion dollar fortune to charity.

Barron Hilton, whose net worth is currently estimated at 2.3 billion dollars, is reported to be unhappy with Paris' lifestyle, and has announced that he would donate most of his wealth to the Conrad N. Hilton Foundation, named after his father who founded the Hilton hotel chain in 1919.

The foundation said that its chairman would place 1.2 billion dollars from the sale of Hilton Hotels Corporation and the pending sale of Harrah's Entertainment into a charitable trust to benefit the organization.

However, the decision is unlikely to hurt Paris financially, because of her own business ventures that are said to be very profitable.

"She is a celebrity in her own right," Times Online quoted Matthew Miller, an editor of Forbes magazine's "rich list", as saying. Forbes estimates the former jailbird earned 7 million dollars last year from The Simple Life TV show, her perfume line, mobile phone games and appearances.