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Considering something like 70% of rich families already spend away their inherited wealth by the second generation (and I think ~90% by third generation) this s
by Jach 9y ago
Considering something like 70% of rich families already spend away their inherited wealth by the second generation (and I think ~90% by third generation) this seems like a small issue to be concerned about...
- thewopr 9y agoHmmm, interesting. Any citation for that number? I've heard numbers like that thrown around, but I don't know where they come from.
- astura 9y agoApparently the numbers are from a wealth consultancy, so not exactly free of bias. http://amp.timeinc.net/time/money/3925308/rich-families-lose-wealth http://amp.timeinc.net/time/money/3925308/rich-families-lose... >Indeed, 70% of wealthy families lose their wealth by the second generation, and a stunning 90% by the third, according to the Williams Group wealth consultancy. I love this "factoid" though: >“It takes the average recipient of an inheritance 19 days until they buy a new car.” Anecdotally, I personally have two friends who got inhertences, both immediately spent it on cosmetic surgery.