It is not always about beautiful homes, lush holidays, and expensive educations. When sons and daughters of wealthy families inherit their entitled fortunes, there are often dramatic side effects. And this is causing many-a-billionaire to re-think what they leave behind.
The Real Rich Kids Imagine being given everything you could ever want from a young age. The best education, holidays and homes, then told you never really need to work because your family has more than enough money. A dreamy scenario for some. But there is normally a side effect: wealth robs children of motivation. The more money that is given to children from a young age, the less passion and motivation they have, say wealth advisors. “I’ve worked with next-generation family members who say ‘why go to university, what’s the point?
No one’s going to be impressed with what I do, because my entrepreneurial parents have nailed life,’” says Lucy Birtwistle, a relationship manager at Stonehage Fleming, a multi-family office. Her work often involves meeting with these disenfranchised children and trying to find their purpose and vision. “Each individual needs a purpose, a reason to get up in the morning”.